The Unfolding of NuScale: A Liquidation

by

February the thirteenth, 2026. A date that will, perhaps, be remembered not for any grand societal shift, but for the quiet, methodical unraveling of an investment. Fluor Corporation, a behemoth of engineering, has begun to shed its holdings in NuScale Power, a venture promising modular nuclear dreams. Seventy-one million shares, cast into the market like pebbles dropped into an abyss. A sum—$1.35 billion—that speaks not of confidence, but of a calculated retreat. One wonders, is it a pragmatic shedding of weight, or a subtle confession of doubt regarding the very future of small-scale nuclear ambitions?

The Arithmetic of Disillusionment

Metric Value
Shares Sold 71 million
Transaction Value $1.35 billion
Remaining Indirect Shares 40,400,219

The numbers themselves are sterile, devoid of the anxieties that birthed them. A reduction of holdings from approximately 111 million shares to a mere 40 million…a diminution of 63.73%. A surgical excision. One feels a certain…emptiness. It is not merely a portfolio adjustment, but a visible erosion of faith. And through what intermediary shadows did this transaction unfold? Through Fluor Enterprises, Inc. and NuScale Holdings Corp, entities controlled by the parent, a labyrinthine structure designed to obscure, perhaps, the true depth of this strategic withdrawal.

The Lingering Question of Interest

Fluor retains, it is true, some 40,400,219 shares, convertible, they assure us. A lifeline, perhaps, to a future yet unwritten. But is it a genuine commitment, or merely a polite fiction, a gesture to maintain appearances? The market, that fickle judge, will decide. One cannot help but observe the irony: a company built on the tangible, on concrete and steel, now dealing in the intangible—future potential, speculative growth, the very hope that powers the dreams of NuScale.

A Company Profile: Shadows and Light

Metric Value
Employees 330
Revenue (TTM) $63.9 million
Net Income (TTM) -$380 million
1-year Price Change -42.10%

NuScale, the object of this complex dance. A company offering modular nuclear reactors—a vision of decentralized power, of clean energy. But the numbers…they whisper a different tale. A company generating a mere $63.9 million in revenue, yet burdened by a staggering $380 million loss. A share price plummeting by 42.10% in a single year. Is this a harbinger of innovation, or a testament to the inherent risks of chasing a utopian dream?

The NuScale Promise: A Fragile Hope

They speak of advanced reactor systems, of scalable power plant configurations. They target utilities, governments, industrial customers. They offer a solution to the world’s energy woes. But the market, that cynical observer, demands more than promises. It demands results. And results, as yet, remain elusive.

What Does This Mean for the Believers?

Do not panic, they say. Fluor has been an early investor. They have plans to monetize. A soothing balm for anxious shareholders. But beneath the carefully crafted pronouncements, one detects a tremor of…resignation. The sale of $605 million in 2025, followed by another $1.35 billion in the first quarter of 2026. And more to come, they confess. A complete liquidation by the end of the second quarter. A methodical dismantling of a once-cherished investment.

Fluor still partners with NuScale, they insist. But partnership, like faith, can be a fragile thing. The CFO speaks of enhanced financial flexibility, of organic growth, of M&A opportunities. A corporate euphemism for…what? A strategic retreat? A calculated exit? The truth, as always, lies hidden beneath layers of carefully constructed rhetoric.

Another 40 million shares will be shed, and then, perhaps, NuScale shareholders can refocus on the “long-term strategy.” But one wonders, what long-term strategy can survive the loss of its most significant investor? The market, that relentless judge, will deliver its verdict. And in that verdict, we may glimpse not only the fate of NuScale, but a reflection of our own collective hopes and anxieties regarding the future of energy itself.

Read More

2026-02-23 21:34