NuScale Power faces mounting trader skepticism around near-term bankruptcy odds due to its elevated cash burn, lack of binding customer contracts, and analyst warnings that long build timelines could leave it trailing rivals in the small modular reactor race. The company reported roughly $1.9 billion in cash, equivalents, and investments with zero debt as of Q2 2026, yet UBS recently downgraded the stock to Sell citing over $700 million in projected negative free cash flow through 2028 and only one potential project breaking ground that year. Recent engineering progress, including successful fabrication of boron-oxide pellets for passive cooling systems, and NRC design approval provide some buffer, while ongoing non-binding discussions with the Tennessee Valley Authority via partner ENTRA1 and the delayed Romania project represent key near-term catalysts that could either stabilize finances or accelerate dilution risks.