NuScale Power maintains a robust liquidity position with approximately $1.9 billion in cash, equivalents, and investments and zero debt as of June 30, 2026, following nearly $1 billion in equity raises during the first half of the year. This capital buffer, combined with its status as the only U.S. SMR developer holding full NRC design approval, underpins trader consensus against near-term bankruptcy despite ongoing cash burn of roughly $50 million per quarter and minimal revenue. Recent milestones include successful fabrication of boron-oxide pellets for the passive emergency cooling system and advancing non-binding discussions for a potential multi-gigawatt TVA deployment via partner ENTRA1 Energy. Key swing factors include execution on firm customer commitments, competitive pressure from peers nearing construction, and dilution from further ATM sales, with Q3 results and any TVA progress serving as near-term catalysts.