NuScale Power (SMR) 10-Q 9 May 24 2024 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2024	May 03, 2024
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity File Number	001-04321
Entity Registrant Name	NUSCALE POWER CORPORATION
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	98-1588588
Entity Address, Address Line One	12725 SW 66th Ave Suite 107
Entity Address, City or Town	Portland
Entity Address, State or Province	OR
Entity Address, Postal Zip Code	97223
City Area Code	971)
Local Phone Number	371-1592
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Central Index Key	0001822966
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Amendment Flag	false
Common Class A
Entity Information [Line Items]
Title of 12(b) Security	Class A common stock, $0.0001 par value per share
Trading Symbol	SMR
Security Exchange Name	NYSE
Entity Common Stock, Shares Outstanding		88,538,809
Warrants, each whole warrant exercisable for one share of Class A common stock at an exercise price of $11.50 per share
Entity Information [Line Items]
Title of 12(b) Security	Warrants, each whole warrant exercisable for one share of Class A common stock at an exercise price of $11.50 per share
Trading Symbol	SMR.WS
Security Exchange Name	NYSE
Common Class B
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		154,473,395

Condensed Consolidated Balance

Condensed Consolidated Balance Sheet - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Current assets
Cash and cash equivalents	$ 131,990	$ 120,265
Restricted cash	5,100	5,100
Prepaid expenses	14,576	19,054
Accounts and other receivables	5,103	10,127
Total current assets	156,769	154,546
Property, plant and equipment, net	3,553	4,116
In-process research and development	16,900	16,900
Intangible assets, net	837	882
Goodwill	8,255	8,255
Long-lead material work in process	40,317	36,361
Other assets	3,185	3,798
Total Assets	229,816	224,858
Current liabilities
Accounts payable and accrued expenses	45,851	44,925
Accrued compensation	5,412	8,546
Long-lead material liability	32,323	32,323
Other accrued liabilities	1,518	1,664
Total current liabilities	85,104	87,458
Warrant liabilities	14,767	5,722
Noncurrent liabilities	1,048	1,442
Deferred revenue	206	898
Total Liabilities	101,125	95,520
Stockholders’ Equity
Additional paid-in capital	382,068	333,888
Accumulated deficit	(257,026)	(240,454)
Total Stockholders’ Equity Excluding Noncontrolling Interests	125,066	93,457
Noncontrolling interests	3,625	35,881
Total Stockholders' Equity	128,691	129,338
Total Liabilities and Stockholders' Equity	229,816	224,858
Common Class A
Stockholders’ Equity
Common stock, value	9	8
Common Class B
Stockholders’ Equity
Common stock, value	$ 15	$ 15

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheet (Parenthetical) - $ / shares	Mar. 31, 2024	Dec. 31, 2023
Common Class A
Common stock, par value (in usd per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	332,000,000	332,000,000
Common stock, shares outstanding (in shares)	86,760,243	76,895,166
Common Class B
Common stock, par value (in usd per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	179,000,000	179,000,000
Common stock, shares outstanding (in shares)	154,473,395	154,477,032

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Statement [Abstract]
Revenue	$ 1,379,000	$ 5,505,000
Cost of sales	(735,000)	(3,416,000)
Gross Margin	644,000	2,089,000
Research and development expenses	13,155,000	27,570,000
General and administrative expenses	19,359,000	14,695,000
Other expenses	12,103,000	15,296,000
Loss from Operations	(43,973,000)	(55,472,000)
Sponsored cost share	3,396,000	17,873,000
Change in fair value of warrant liabilities	(9,045,000)	(1,108,000)
Interest income	1,542,000	3,097,000
Loss before Income Taxes	(48,080,000)	(35,610,000)
Provision (benefit) for income taxes	0	0
Net Loss	(48,080,000)	(35,610,000)
Net loss attributable to noncontrolling interests	(31,508,000)	(24,648,000)
Net Loss Attributable to Class A Common Stockholders	$ (16,572,000)	$ (10,962,000)
Loss Per Share of Class A Common Stock:
Basic (in usd per share)	$ (0.21)	$ (0.16)
Diluted (in usd per share)	$ (0.21)	$ (0.16)
Weighted-Average Shares of Class A Common Stock Outstanding:
Basic (in shares)	79,585,062	69,684,268
Diluted (in shares)	79,585,062	69,684,268

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Changes in Stockholders’ Equity - USD ($) $ in Thousands	Total	Common Class A	Common Class B	Common Stock Common Class A	Common Stock Common Class B	Additional Paid-in Capital	Accumulated Deficit	Noncontrolling Interests
Beginning balance (in shares) at Dec. 31, 2022				69,353,000	157,091,000
Beginning balance at Dec. 31, 2022	$ 277,087			$ 7	$ 16	$ 296,748	$ (182,092)	$ 162,408
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Equity-based compensation expense	3,637					3,637
Exercise of common share options and warrants and vested RSUs (in shares)				708,000
Exercise of common share options and warrants and vested RSUs	1,617					1,617
Issuance of Class A common stock	0
Conversion of combined interests into Class A common stock	0
Rebalancing of ownership percentage for conversion of combined interest into Class A shares	0					485		(485)
Net loss	(35,610)						(10,962)	(24,648)
Ending balance (in shares) at Mar. 31, 2023				70,061,000	157,091,000
Ending balance at Mar. 31, 2023	246,731			$ 7	$ 16	302,487	(193,054)	137,275
Beginning balance (in shares) at Dec. 31, 2023		76,895,166	154,477,032	76,895,000	154,477,000
Beginning balance at Dec. 31, 2023	129,338			$ 8	$ 15	333,888	(240,454)	35,881
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Equity-based compensation expense	2,218					2,218
Exercise of common share options and warrants and vested RSUs (in shares)				1,692,000
Exercise of common share options and warrants and vested RSUs	3,600					3,600
Issuance of Class A common stock (in shares)				8,169,000
Issuance of Class A common stock	41,615			$ 1		41,614
Conversion of combined interests into Class A common stock (in shares)				4,000	(4,000)
Conversion of combined interests into Class A common stock	0
Rebalancing of ownership percentage for conversion of combined interest into Class A shares	0					748		(748)
Net loss	(48,080)						(16,572)	(31,508)
Ending balance (in shares) at Mar. 31, 2024		86,760,243	154,473,395	86,760,000	154,473,000
Ending balance at Mar. 31, 2024	$ 128,691			$ 9	$ 15	$ 382,068	$ (257,026)	$ 3,625

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
OPERATING CASH FLOW
Net loss	$ (48,080)	$ (35,610)
Adjustments to reconcile net loss to operating cash flow:
Depreciation	490	615
Amortization of intangibles	44	44
Equity-based compensation expense	2,218	3,637
Impairment of intangible asset	71	0
Loss on disposal of property, plant and equipment	73	0
Change in the fair value of warrant liabilities	9,045	1,108
Net noncash change in right of use assets and lease liabilities	(90)	(345)
Changes in assets and liabilities:
Prepaid expenses and other assets	4,721	(99)
Accounts receivable	5,024	(9,793)
Long-lead material work in process	(3,956)	0
Accounts payable and accrued expenses	1,343	(170)
Lease liability	(398)	(150)
Deferred revenue	(861)	222
Accrued compensation	(3,133)	(2,596)
Net Cash Used In Operating Activities	(33,489)	(43,137)
INVESTING CASH FLOW
Sale of short-term investments	0	50,000
Purchases of property, plant and equipment	0	(351)
Net Cash Provided By Investing Activities	0	49,649
FINANCING CASH FLOW
Proceeds from the issuance of common stock, net of issuance fees	41,614	0
Proceeds from exercise of warrants and common share options	3,600	1,617
Net Cash Provided By Financing Activities	45,214	1,617
Net Increase in Cash, Cash Equivalents and Restricted Cash	11,725	8,129
Cash, cash equivalents and restricted cash:
Beginning of period	125,365	244,217
End of period	$ 137,090	$ 252,346

Nature of Business

Nature of Business	3 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Business	Nature of Business Organization NuScale Corp (“NuScale”, the “Company”, “us”, “we” or “our”) is incorporated under the laws of the state of Delaware. The Company is the primary beneficiary of NuScale LLC, a variable interest entity, and all activity of NuScale LLC and the Company are consolidated herein. NuScale LLC is a limited liability company organized in the State of Oregon in 2011. The Company is majority owned by Fluor Enterprises, Inc., a subsidiary of Fluor Corporation. Operations The Company is commercializing a modular, scalable 77 megawatt (gross) electric Light Water Reactor nuclear power plant using exclusive rights to a nuclear power plant design obtained from Oregon State University (“OSU”). The following represents key milestones in the development of this technology: • December 2016: DCA completed • January 2017: DCA submitted to the NRC • March 2017: DCA accepted for review by the NRC • August 2020: NRC issued the Final Safety Evaluation Report ("FSER") • July 2023: SDA Application and associated licensing topical reports accepted for formal review by the NRC The FSER represents the NRC’s completion of its technical review and approval of the NuScale SMR design. With this final phase of NuScale’s DCA now complete, customers may proceed with plans to develop NuScale power plants with the understanding that the NRC has approved the safety aspects of the NuScale design. Based on the NRC’s published schedule for SDA Application review, we expect the NRC will complete its review and SDA approval to be received by July 31, 2025. The majority of the Company’s operations and long-lived assets were attributable to operations in the United States other than the long-lead material work in process being manufactured in South Korea during the 2023 and 2024 fiscal years. The Company’s activities are subject to significant risks and uncertainties, including failing to secure funding to sustain operations until we reach commercialization and secure customers. On January 5, 2024, NuScale announced a plan to reduce the Company’s workforce by 154 full time employees, or 28%, in order to continue our transition from a R&D-based company to a commercial company. This resulted in a one-time charge of $3,236 during the three months ended March 31, 2024. Liquidity In accordance with Accounting Standards Codification (“ASC”) 205-40, management evaluated whether there are conditions and events, considered in the aggregate, that raise substantial doubt about our ability to continue as a going concern within one year after the date that the consolidated financial statements are issued. This evaluation initially does not take into consideration the potential mitigating effect of our plans that have not been fully implemented as of the date the financial statements are issued. When substantial doubt exists under this methodology, we evaluate whether the mitigating effect of our plans sufficiently alleviates substantial doubt about our ability to continue as a going concern. The mitigating effect of our plans, however, is only considered if both (i) it is probable that the plans will be effectively implemented within one year after the date that the financial statements are issued, and (ii) it is probable that the plans, when implemented, will mitigate the relevant conditions or events that raise substantial doubt about our ability to continue as a going concern within one year after the date that the financial statements are issued. We had $131,990 in cash and cash equivalents and $5,100 in restricted cash as of March 31, 2024 compared to $120,265 and $5,100, respectively as of December 31, 2023 and no debt at either period. Since NuScale’s inception, we have incurred significant operating losses, have had negative operating cash flow and we have an accumulated deficit of $257,026 as of March 31, 2024. For the three months ended March 31, 2024, we used $33,489 of cash in operations. Historically, our primary sources of cash included investment capital and DOE and other government sponsored cost share agreements to support the advancement of the Company’s SMR technology both domestically and abroad. As we transition from a focus on research and development to commercialization of our technology, the Company is focusing on revenue producing commercial contracts. These factors combined with the execution of the Release Agreement with CFPP LLC have impacted our cash flow from operations during the period and our forecasted cash flow from operations during the remainder of the 2024 fiscal year. In January 2024, management implemented cost reduction measures which included a workforce reduction of 154 full-time employees. Management is currently in active negotiations with potential customers to secure revenue producing contracts. Should the execution of customer contracts or capital raising activities be delayed, management plans to implement a phased cost reduction program, within our control, to reduce cash outflows, as needed. As a result of these plans, we believe we will have sufficient funds available to cover required R&D activities and operating cash needs for the next twelve months.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation The Company’s unaudited condensed consolidated financial statements and related notes do not include notes and certain financial information normally presented annually under GAAP, and therefore should be read in conjunction with our 2023 Annual Report on Form 10-K. Accounting measures at interim dates inherently involve greater reliance on estimates than at year-end. Although such estimates are based on management’s most recent assessment of the underlying facts and circumstances utilizing the most current information available, our reported results of operations may not necessarily be indicative of results that we expect for the full year. These financial statements are unaudited. In management’s opinion, they contain all adjustments of a normal recurring nature which are necessary to present fairly our financial position and our operating results as of and for the interim periods presented. Principles of Consolidation As part of the Transaction, NuScale Corp has been determined to be the primary beneficiary of NuScale LLC, a variable interest entity (“VIE”). As the sole managing member of NuScale LLC, NuScale Corp has both the power to direct the activities, and direct ownership to share in the revenues and expenses of NuScale LLC. As such, all the activity of NuScale LLC has been consolidated in the accompanying condensed consolidated financial statements. All assets and liabilities included in the balance sheet are that of NuScale LLC, other than the NuScale Corp Warrants and certain prepaid assets. All significant intercompany transactions have been eliminated upon consolidation. Changes in Presentation For the three months ended March 31, 2023 , amounts totaling $1,855 were reclassified out of Other expenses and into R&D expenses to conform to the current year presentation. Cash, Cash Equivalents and Restricted Cash Cash equivalents represent short-term, highly liquid investments, which are readily convertible to cash and have maturities of three months or less at time of purchase. Cash equivalents with an initial maturity of between three and twelve months at time of purchase are presented as short-term investments on the accompanying condensed consolidated balance sheet. The Company’s cash equivalents consist of certificates of deposit, are classified as held-to-maturity, and the estimated fair value of the investment approximates its amortized cost. Cash in the amount of $5,100 is restricted as collateral for the letter of credit associated with the Release Agreement with CFPP LLC at March 31, 2024 and December 31, 2023, and is identified as Restricted cash in the condensed consolidated balance sheet. The restricted cash balance plus cash and cash equivalents on the condensed consolidated balance sheet equals cash, cash equivalents and restricted cash, as reflected in the condensed consolidated statements of cash flows. Sales and Marketing Agreements The Company has entered into sales and marketing agreements pursuant to which it prepaid certain expenses to the counterparty. As of March 31, 2024 and December 31, 2023, the balance of $11,250 and $15,000, respectively, is included in Prepaid expenses on the accompanying condensed consolidated balance sheet and will be amortized monthly on a straight-line basis through December 31, 2024. Warrant Liability The Company accounts for the Warrants in accordance with the guidance contained in Accounting Standards Codification (“ASC”) 815, “Derivatives and Hedging”, under which the Warrants do not meet the criteria for equity treatment and must be recorded as liabilities. Accordingly, the Company classifies the Warrants as liabilities at their fair value and adjusts the warrants to fair value at each reporting period. This liability is subject to re-measurement at each balance sheet date until exercised, and any change in fair value is recognized in the Company’s condensed consolidated statements of operations. The fair value of the Public and Private Placement Warrants has been estimated using the Public Warrants’ quoted market price. See note 4 for further discussion of the terms of the Warrants and note 5 for further discussion of the methodology used to determine the value of the Warrants. Sponsored cost share As our commercialization activities advance, we have continued to enter into cost share agreements with various entities, including both governmental and private, under which the Company is reimbursed for specific R&D activities. As of March 31, 2024 , these entities include the United States Department of State and United States Trade and Development Agency (combined as “USG”), RoPower Nuclear S.A, DOE and CFPP LLC. Beginning in 2021, the Company partnered with USG to develop SMRs in foreign markets. Under USG’s technical assistance grant programs, we receive cost share commitments to support licensing work in these foreign markets, one of which is additionally supported by RoPower Nuclear S.A. During the three months ended March 31, 2024 and 2023, USG cost share totaled $2,795 and $2,415, respectively. Since 2014, the DOE has provided critical funding to the Company through a series of cooperative agreements that support ongoing commercialization activities. During the three months ended March 31, 2024 and 2023, DOE cost share totaled $336 and $12,354, respectively. Finally, we receive cost share from CFPP, LLC as a subrecipient under a contract between the DOE and UAMPS for R&D performed with the goal of developing our first SMR. Under this agreement we received cost share of $265 and $2,939 during the three months ended March 31, 2024 and 2023, respectively. Recent Accounting Pronouncements Management believes there is no new accounting guidance issued but not yet effective that would have a material impact to the Company’s current financial statements.

Noncontrolling Interests and Lo

Noncontrolling Interests and Loss Per Share	3 Months Ended
	Mar. 31, 2024
Noncontrolling Interest And Earnings Per Share [Abstract]
Noncontrolling Interests and Loss Per Share	Noncontrolling Interests and Loss Per Share Noncontrolling Interests Following the Transaction, holders of Class A common stock own direct controlling interest in the results of the combined entity, while the Legacy NuScale Equityholders own an economic interest in NuScale LLC, shown as noncontrolling interests (“NCI”) in equity in NuScale Corp’s condensed consolidated financial statements. The indirect economic interests are held by Legacy NuScale Equityholders in the form of NuScale LLC Class B Units. The following table summarizes the economic interests of NuScale Corp between the holders of Class A common stock and indirect economic interests held by NuScale LLC Class B unitholders. As Of and For The Three Months Ended March 31, Noncontrolling Interest 2024 2023 NuScale Corp Class A common stock Beginning of period 76,895,166 69,353,019 Conversion of combined interests into Class A common stock 3,637 — Issuance of Class A common stock 8,498,930 — Exercise of options and warrants and vested RSUs 1,362,510 708,036 End of period 86,760,243 70,061,055 NuScale LLC Class B Units (NCI) Beginning of period 154,477,032 157,090,820 Conversion of combined interests into Class A common stock (3,637) — End of period 154,473,395 157,090,820 Total Beginning of period 231,372,198 226,443,839 Issuance of Class A common stock 8,498,930 — Exercise of options and warrants and vested RSUs 1,362,510 708,036 End of period 241,233,638 227,151,875 Ownership Percentage NuScale Corp Class A common stock Beginning of period 33.2 % 30.6 % End of period 36.0 % 30.8 % NuScale LLC Class B Units (NCI) Beginning of period 66.8 % 69.4 % End of period 64.0 % 69.2 % The NCI may decrease according to the number of shares of Class B common stock and NuScale LLC Class B units that are exchanged for shares of Class A common stock or, in certain circumstances including at the election of NuScale Corp, cash in an amount equal to the fair value of Class A common stock received in a contemporaneous equity issuance. After each exchange, NuScale LLC equity attributable to NuScale Corp is rebalanced to reflect the change in ownership percentage, which is calculated above based on Class B units and Class A shares, as a percentage of Combined interests. Loss Per Share Basic loss per share is based on the average number of shares of Class A common stock outstanding during the period. Diluted loss per share is based on the average number of shares of Class A common stock used for the basic earnings per share calculation, adjusted for the dilutive effect of RSUs, Stock Options and Warrants using the “treasury stock” method and for all other interests that convert into potential shares of Class A common stock, if any, using the “if converted” method. Net loss attributable to Class A common stockholders for diluted loss per share is adjusted for the Company’s share of NuScale LLC’s net loss, net of NuScale Corp taxes, after giving effect to all other interests that convert into potential shares of Class A common stock, to the extent it is dilutive. In addition, net loss attributable to Class A common stockholders for diluted loss per share is adjusted for the after-tax impact of changes to the fair value of derivative liabilities, to the extent the Company’s Warrants are dilutive. The following table sets forth the computation of basic and diluted net loss per share of Class A common stock and represents the three months ended March 31, 2024 and 2023, the periods for which the Company had Class A and Class B common stock outstanding. Class B common stock represents a right to cast one vote per share at the NuScale Corp level, and carry no economic rights, including rights to dividends or distributions upon liquidation, and as a result, is not considered a participating security for basic and diluted loss per share. As such, basic and diluted loss per share of Class B common stock has not been presented. As Of and For The Three Months Ended March 31, (in thousands, except share and per share amounts) 2024 2023 Net loss attributable to Class A common stockholders $ (16,572) $ (10,962) Weighted-average shares of Class A common stock for basic and diluted loss per share 79,585,062 69,684,268 Basic and Diluted loss per share of Class A common stock $ (0.21) $ (0.16) Anti-dilutive securities excluded from shares outstanding: Shares of Class B common stock 154,473,395 157,090,820 Stock options 11,225,023 11,447,940 Warrants 18,458,701 18,458,701 Time-based RSUs 6,721,231 3,910,760 Total 190,878,350 190,908,221 On August 9, 2023, NuScale entered into a Sales Agreement with Cowen and Company, LLC, B. Riley Securities, Inc. and Canaccord Genuity LLC as sales agents under which the Company may offer and sell shares of the Company’s Class A common stock, having an aggregate sales price of up to $150,000 from time to time through the sales agents (“ATM Program”). During the three months ended March 31, 2024, the Company issued and sold 8,498,930 shares of Class A common stock at a weighted average price of $5.02 per share, generating gross and net proceeds of $42,681 and $41,614, respectively, with no such sales during the same period in the prior year. As of March 31, 2024, we have 9,763,692 shares of Class A common stock authorized and available under the ATM program at an aggregate sales price of up to $96,963. Subsequent to March 31, 2024, the Company issued and sold 1,761,256 shares of Class A common stock for the gross and net proceeds of $9,605 and $9,365, respectively.

Warrant Liabilities

Warrant Liabilities	3 Months Ended
	Mar. 31, 2024
Warrants and Rights Note Disclosure [Abstract]
Warrant Liabilities	Warrant Liabilities As of March 31, 2024 and December 31, 2023, the Company had 9,558,701 Public Warrants and 8,900,000 Private Placement Warrants outstanding. Warrants may only be exercised for a whole number of shares. No fractional shares will be issued upon exercise of the Warrants. The Warrants are currently exercisable and will expire five years from the date of the Transaction or earlier upon redemption or liquidation. Redemption of Warrants when the price per share of Class A common stock equals or exceeds $18.00 . The Company may redeem the outstanding Warrants (except as described with respect to the Private Placement Warrants): • in whole and not in part; • at a price of $0.01 per Warrant; • upon a minimum of 30 days’ prior written notice of redemption to each Warrant holder; and • if the closing price of the Class A common stock equals or exceeds $18.00 per share (as adjusted) for any 20 trading days within a 30-trading day period ending three trading days before the Company sends the notice of redemption to the Warrant holders. If and when the Warrants become redeemable by the Company, the Company may exercise its redemption right even if it is unable to register or qualify the underlying securities for sale under all applicable state securities laws. Redemption of Warrants when the price per share of Class A common stock equals or exceeds $10.00 . The Company may redeem the outstanding warrants: • in whole and not in part; • at $0.10 per Warrant upon a minimum of 30 days’ prior written notice of redemption provided that holders will be able to exercise their Warrants on a cashless basis prior to redemption and receive that number of shares determined based on the redemption date and the fair market value of the Class A common stock; • if, and only if, the closing price of the Class A common stock equals or exceeds $10.00 per public share (as adjusted) for any 20 trading days within the 30-trading day period ending three trading days before the Company sends the notice of redemption to the Warrant holders; and • if the closing price of the Class A common stock for any 20 trading days within a 30-trading day period ending on the third trading day prior to the date on which the Company sends the notice of redemption to the Warrant holders is less than $18.00 per share (as adjusted), the Private Placement Warrants must also be concurrently called for redemption on the same terms as the outstanding Public Warrants. If the Company calls the Public Warrants for redemption, as described above, the exercise price and number of ordinary shares issuable upon exercise of the Public Warrants may be adjusted in certain circumstances including in the event of a share dividend, extraordinary dividend or recapitalization, reorganization, merger, or consolidation. Beginning on the 30th day following the Transaction, the Private Placement Warrants became almost identical to the Public Warrants sold in the Spring Valley Initial Public Offering. Additionally, the Private Placement Warrants are exercisable on a cashless basis and are non-redeemable, except as described above, so long as they are held by the initial purchasers or their permitted transferees. If the Private Placement Warrants are held by someone other than the initial purchasers or their permitted transferees, the Private Placement Warrants will be redeemable by the Company and exercisable by such holders on the same basis as the Public Warrants.

Fair Value Measurement

Fair Value Measurement	3 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurement	Fair Value Measurement The Company measures certain financial assets and liabilities at fair value. Fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, the Company uses a three-level hierarchy, which prioritizes fair value measurements based on the types of inputs used for the various valuation techniques (market approach, income approach and cost approach). The levels of hierarchy are described below: Level 1 Quoted prices in active markets for identical instruments; Level 2 Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets; and Level 3 Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. Financial assets and liabilities are classified in their entirety based on the most stringent level of input that is significant to the fair value measurement. The carrying amount of certain financial instruments, including deposits, accounts payable and accrued expenses approximates fair value due to their short maturities. Our Warrants are accounted for as liabilities pursuant to ASC 815-40 and are measured at fair value as of each reporting period. Changes in fair value of the Warrants are recorded in the condensed consolidated statements of operations each period. Due to the similarity of the features of the Public and Private Warrants, management has concluded that the price of the Public Warrants would be used in the valuation of the Private Placement Warrants. However, since the two types of Warrants are not identical and the Private Warrants are not actively traded, we have classified the Private Placement Warrants as Level 2, while the Public Warrants are classified as Level 1. The following table represents the Company’s financial liabilities measured at fair value on a recurring basis: (in thousands) Level 1 Level 2 Level 3 Total Warrant Liabilities: Public Warrants $ 7,647 $ — $ — $ 7,647 Private Placement Warrants — 7,120 — 7,120 Total Warrant Liabilities as of March 31, 2024 $ 7,647 $ 7,120 $ — $ 14,767 (in thousands) Level 1 Level 2 Level 3 Total Warrant Liabilities: Public Warrants $ 2,963 $ — $ — $ 2,963 Private Placement Warrants — 2,759 — 2,759 Total Warrant Liabilities as of December 31, 2023 $ 2,963 $ 2,759 $ — $ 5,722

Accounts and Other Receivables

Accounts and Other Receivables	3 Months Ended
	Mar. 31, 2024
Receivables [Abstract]
Accounts and Other Receivables	Accounts and Other Receivables Accounts and other receivables include reimbursement requests outstanding from the sponsored cost share awards, interest receivable and commercial accounts receivable associated with other federal projects. The DOE reimbursement requests are recognized as eligible costs are incurred. Reimbursement under the awards is recognized as award funds are obligated, and are included in Sponsored cost share in the condensed consolidated statement of operations. Interest receivable of $269 and $318 was outstanding at March 31, 2024 and December 31, 2023, respectively. The majority of our receivables are either due from the U.S. federal government or have to do with a federal project. For these reasons, all receivables are deemed to be fully collectible and no allowance has been recorded.

Property, Plant and Equipment

Property, Plant and Equipment	3 Months Ended
	Mar. 31, 2024
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment	Property, Plant and Equipment Property, plant and equipment consisted of the following: March 31, December 31, (in thousands) 2024 2023 Furniture and fixtures $ 27 $ 27 Office and computer equipment 7,258 7,274 Software 14,102 14,102 Test equipment 1,165 1,165 Leasehold improvements 2,212 2,293 24,764 24,861 Less: Accumulated depreciation (21,211) (20,745) Net property, plant and equipment $ 3,553 $ 4,116

Long-Lead Material Work In Proc

Long-Lead Material Work In Process and Liability	3 Months Ended
	Mar. 31, 2024
Inventory Disclosure [Abstract]
Long-Lead Material Work In Process and Liability	Long-Lead Material Work In Process and Liability During the first quarter of 2023, we entered into the LLM Agreement with CFPP LLC. Related to this contract, the Company has subcontracted for the purchase of certain long-lead materials (“LLM”) in the amount of $55,700, that were to be used in fabrication of the NPMs as part of the DCRA with CFPP LLC. However, on November 7, 2023, NuScale and CFPP LLC entered into the Release Agreement whereby the DCRA and LLM Agreement would be suspended, while wind down procedures and the ultimate disposition of the long-lead materials would be negotiated between the Company, CFPP LLC and DOE. As part of the Release Agreement, NuScale was required to pay $49,769 to CFPP LLC and provide a letter of credit in the amount of $5,000 for demobilization and wind down costs. This letter of credit is collateralized by $5,100 and included in the accompanying condensed consolidated balance sheet as Restricted cash as of March 31, 2024 and December 31, 2023. Upon final settlement of the LLM Agreement, and once DOE is compensated for its investment in the LLM (stemming from DOE’s funding under its cost share agreement with CFPP LLC), NuScale will obtain all rights and obligations of the LLM. As a result of DOE’s investment in the LLM, as of March 31, 2024 and December 31, 2023 , NuScale has included a Long-lead material liability on the accompanying condensed consolidated balance sheet in the amount of $32,323 , for the estimated cost to gain 100% of the LLM, once completed. The LLM represents in process inventory recorded at cost and is identified as Long-lead material work in process on the condensed consolidated balance sheet in the amount of $40,317 and $36,361 as of March 31, 2024 and December 31, 2023, respectively

Employee Benefits

Employee Benefits	3 Months Ended
	Mar. 31, 2024
Retirement Benefits [Abstract]
Employee Benefits	Employee Benefits

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes NuScale LLC was historically, and remains, a partnership for U.S. federal income tax purposes with each partner being separately taxed on its share of taxable income or loss. NuScale Corp is subject to U.S. federal income taxes, in addition to state and local income taxes, with respect to its distributive share of any net taxable income or loss and any related tax credits of NuScale LLC. The effective tax rate was 0% for the three months ended March 31, 2024 and 2023. The effective income tax rate for the three months ended March 31, 2024 and 2023 differed significantly from the statutory rates, primarily due to the losses allocated to NCI and the recognition of a valuation allowance as a result of the Company’s new tax structure following the Transaction. There was no income tax expense recorded during the three months ended March 31, 2024 and 2023. The Company has assessed the realizability of the net deferred tax assets and in that analysis has considered the relevant positive and negative evidence available to determine whether it is more likely than not that some portion or all of the deferred tax assets will be realized. The Company has recorded a full valuation allowance against the deferred tax assets at NuScale Corp as of March 31, 2024 and December 31, 2023, which will be maintained until there is sufficient evidence to support the reversal of all or some portion of these allowances. The Company’s income tax filings will be subject to audit by various taxing jurisdictions. The Company will monitor the status of U.S. federal, state and local income tax returns that may be subject to audit in future periods. No U.S. federal, state and local income tax returns are currently under examination by the respective taxing authorities.

Equity-Based Compensation

Equity-Based Compensation	3 Months Ended
	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Equity-Based Compensation	Equity-Based Compensation The total compensation expense recognized for common share options and time-based RSU awards during the three months ended March 31, 2024 and 2023 was $2,219 and $3,637, respectively. This includes G&A expense of $1,447 and Other expense of $772 for the three months ended March 31, 2024 and $1,493 of G&A expense and $2,144 in Other expense for the three months ended March 31, 2023. Effective January 1, 2023, the share pool was automatically increased by 8,972,128, which is the number of shares of Class A common stock equal to four percent (4%) of the aggregate number of shares of Class A common stock and Class B common stock outstanding on December 31, 2022, excluding any such outstanding shares of Class A common stock that were granted under the 2022 long-term incentive plan and remain unvested and subject to forfeiture as of December 31, 2022. Stock Options During the three months ended March 31, 2024, the Board approved 2,909,375 employee share option awards, with an aggregate fair value of $6,401, that vest one-third annually starting in February 2025 for a period of three years. No such award was approved during the same period in the prior year. The Company measures the fair value of each share option award at the grant date using a Black-Scholes option pricing model. Time-based RSUs During the three months ended March 31, 2024, the Board approved 4,598,635 employee RSU awards, with an aggregate fair value of $14,716, and that vest one-third annually starting in February 2025 for a period of three years, while during the three months ended March 31, 2023, the Board approved 1,835,016 employee RSU awards that vest one-third annually starting in February 2024 for a period of three years. Finally, during three months ended March 31, 2024, 467,907 of employee and director RSU awards vested with the related Class A common shares issued and now outstanding.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2024
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions From time to time, the Company enters into strategic agreements with Fluor, whereby Fluor or NuScale perform services for one another. For the three months ended March 31, 2024 and 2023, NuScale incurred expenses of $247 and $8,726, respectively. As of March 31, 2024 and December 31, 2023, NuScale owes Fluor, as accounts payable and accrued expenses on the condensed consolidated balance sheet, amounts totaling $380 and $4,080, respectively. While the Company recognized no revenue from Fluor during the three months ended March 31, 2024, during the same period in the prior year, NuScale earned revenue of $4,014. As of March 31, 2024 and December 31, 2023, Fluor owes NuScale $189 and $2,642, respectively, amounts which are included in Accounts and other receivables on the condensed consolidated balance sheet. During the three months ended March 31, 2023, Fluor accounted for 72.9% of total revenue.

Commitment and Contingencies

Commitment and Contingencies	3 Months Ended
	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies In the regular course of business, the Company is involved in various legal proceedings and claims incidental to the normal course of business. Other than as disclosed immediately below, the Company does not believe that any legal claims are material to the Company. Management does not believe that resolution of any of these matters will materially affect the Company’s financial position or results of operations. On September 19, 2022, thirteen purported members of NuScale LLC filed suit in the U.S. District Court for the District of Oregon against NuScale LLC, Fluor Enterprises, Japan NuScale Innovation, Inc., and Sargent & Lundy Holdings, LLC. The plaintiffs purport to represent a class of individuals who held common units or options to purchase common units in NuScale LLC and seek declaratory relief and damages based on breach of contract and other common law claims. The claims in the complaint are based on amendments to the operating agreement of NuScale LLC in connection with the Merger between NuScale LLC and Spring Valley Acquisition Corp. NuScale LLC filed a motion to dismiss the complaint on November 21, 2022. Plaintiffs filed a response on January 17, 2023, and NuScale LLC filed a reply on February 14, 2023. A hearing on various motions to dismiss took place on May 17, 2023, and on August 3, 2023, the Magistrate Judge assigned to the case issued a report and recommendation that recommended that NuScale LLC’s motion to dismiss be denied. On August 17, 2023, NuScale LLC filed an objection to the report and recommendation. On November 13, 2023, the District Court Judge entered an order accepting the report and recommendation. On December 8, 2023, Plaintiffs filed a motion for leave to amend their complaint, seeking to add back in the defendants that were dismissed (Fluor Enterprises, Japan NuScale Innovation, Inc., and Sargent & Lundy Holdings, LLC). NuScale LLC and the other defendants opposed the proposed amendment. While no assurance can be given as to the ultimate outcome of this matter, the Company does not believe it is probable that a loss will be incurred and the Company has not recorded any liability as a result of these actions. Two other shareholder class action lawsuits were filed in the U.S. District Court for the District of Oregon against the Company, John Hopkins, Chris Colbert, Robert Hamady and Clayton Scott: (1) Sigman v. NuScale Power Corp., et al. (Case No. 23-1689, filed November 15, 2023), and (2) Ryckewaert v. NuScale Power Corp., et al. (Case No. 23-1956, filed December 26, 2023). These lawsuits assert virtually identical allegations and claims and were consolidated before the same judge on February 2, 2024. The lawsuits assert claims under the federal securities laws and allege that the Company and members of management made materially false and/or misleading statements and failed to disclose material adverse facts about the Company’s business, operations and prospects, and specifically about certain of the Company’s agreements with customers. The Court has appointed lead plaintiff and lead counsel, and they filed an amended complaint on April 18, 2024 that makes similar allegations as the original complaints. Defendants’ response is due on or before June 17, 2024. While no assurance can be given as to the ultimate outcome of this matter, the Company does not believe it is probable that a loss will be incurred and the Company has not recorded any liability as a result of these actions. In the regular course of business, the Company is involved in various legal proceedings and claims incidental to the normal course of business. Other than as disclosed herein, the Company does not believe that any legal claims are material to the Company. Management does not believe that resolution of any of these matters will materially affect the Company’s financial position or results of operations.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss) Attributable to Parent	$ (16,572)	$ (10,962)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2024
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	In March 2024, we proposed to certain employees, including officers, with restricted stock units (“RSUs”) that they instruct the agent who administers our 2022 Long-Term Incentive Plan to promptly sell shares of Class A common stock sufficient to cover tax withholding obligations arising from the vesting and settlement of the RSUs. With respect to any eligible sell-to-cover transactions before the expiration of the cooling off periods specified in Rule 10b5-1(c), the instruction is intended to be a “non-Rule 10b5-1 trading arrangement” as defined in Item 408(c) of Regulation S-K, and with respect to eligible sell-to-cover transactions after the cooling off periods specified in Rule 10b5-1(c), the instruction is intended to be a “Rule 10b5-1 trading arrangement” as defined in Item 408(a) of Regulation S-K and satisfy the affirmative defense of Rule 10b5-1(c). There is no durational limit to, or specified number of shares to be sold pursuant to, these instructions. During the three months ended March 31, 2024, Jackie Engel, Interim Vice President of Accounting, signed a 10b5-1(c) Trading Instruction for Eligible Sell-to-Cover Transaction and provided it to the agent on March 19, 2024. During the three months ended March 31, 2024, one previous officer of the Company, Julie Adelman, terminated her 10b5-1 plan on January 15, 2024.
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Terminated	false
Julie Adelman [Member]
Trading Arrangements, by Individual
Name	Julie Adelman
Title	previous officer
Rule 10b5-1 Arrangement Terminated	true
Termination Date	January 15, 2024

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The Company’s unaudited condensed consolidated financial statements and related notes do not include notes and certain financial information normally presented annually under GAAP, and therefore should be read in conjunction with our 2023 Annual Report on Form 10-K. Accounting measures at interim dates inherently involve greater reliance on estimates than at year-end. Although such estimates are based on management’s most recent assessment of the underlying facts and circumstances utilizing the most current information available, our reported results of operations may not necessarily be indicative of results that we expect for the full year. These financial statements are unaudited. In management’s opinion, they contain all adjustments of a normal recurring nature which are necessary to present fairly our financial position and our operating results as of and for the interim periods presented.
Principles of Consolidation	Principles of Consolidation
Changes in Presentation	Changes in Presentation For the three months ended March 31, 2023
Cash, Cash Equivalents and Restricted Cash	Cash, Cash Equivalents and Restricted Cash Cash equivalents represent short-term, highly liquid investments, which are readily convertible to cash and have maturities of three months or less at time of purchase. Cash equivalents with an initial maturity of between three and twelve months at time of purchase are presented as short-term investments on the accompanying condensed consolidated balance sheet. The Company’s cash equivalents consist of certificates of deposit, are classified as held-to-maturity, and the estimated fair value of the investment approximates its amortized cost.
Warrant Liability	Warrant Liability The Company accounts for the Warrants in accordance with the guidance contained in Accounting Standards Codification (“ASC”) 815, “Derivatives and Hedging”, under which the Warrants do not meet the criteria for equity treatment and must be recorded as liabilities. Accordingly, the Company classifies the Warrants as liabilities at their fair value and adjusts the warrants to fair value at each reporting period. This liability is subject to re-measurement at each balance sheet date until exercised, and any change in fair value is recognized in the Company’s condensed consolidated statements of operations. The fair value of the Public and Private Placement Warrants has been estimated using the Public Warrants’ quoted market price. See note 4 for further discussion of the terms of the Warrants and note 5 for further discussion of the methodology used to determine the value of the Warrants.
Sponsored cost share	Sponsored cost share As our commercialization activities advance, we have continued to enter into cost share agreements with various entities, including both governmental and private, under which the Company is reimbursed for specific R&D activities. As of March 31, 2024
Recent Accounting Pronouncements	Recent Accounting Pronouncements Management believes there is no new accounting guidance issued but not yet effective that would have a material impact to the Company’s current financial statements.
Fair Value Measurement	The Company measures certain financial assets and liabilities at fair value. Fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, the Company uses a three-level hierarchy, which prioritizes fair value measurements based on the types of inputs used for the various valuation techniques (market approach, income approach and cost approach). The levels of hierarchy are described below: Level 1 Quoted prices in active markets for identical instruments; Level 2 Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets; and Level 3 Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. Financial assets and liabilities are classified in their entirety based on the most stringent level of input that is significant to the fair value measurement. The carrying amount of certain financial instruments, including deposits, accounts payable and accrued expenses approximates fair value due to their short maturities. Our Warrants are accounted for as liabilities pursuant to ASC 815-40 and are measured at fair value as of each reporting period. Changes in fair value of the Warrants are recorded in the condensed consolidated statements of operations each period. Due to the similarity of the features of the Public and Private Warrants, management has concluded that the price of the Public Warrants would be used in the valuation of the Private Placement Warrants. However, since the two types of Warrants are not identical and the Private Warrants are not actively traded, we have classified the Private Placement Warrants as Level 2, while the Public Warrants are classified as Level 1.

Noncontrolling Interests and _2

Noncontrolling Interests and Loss Per Share (Tables)	3 Months Ended
	Mar. 31, 2024
Noncontrolling Interest And Earnings Per Share [Abstract]
Schedule of Non-Controlling Interests	The following table summarizes the economic interests of NuScale Corp between the holders of Class A common stock and indirect economic interests held by NuScale LLC Class B unitholders. As Of and For The Three Months Ended March 31, Noncontrolling Interest 2024 2023 NuScale Corp Class A common stock Beginning of period 76,895,166 69,353,019 Conversion of combined interests into Class A common stock 3,637 — Issuance of Class A common stock 8,498,930 — Exercise of options and warrants and vested RSUs 1,362,510 708,036 End of period 86,760,243 70,061,055 NuScale LLC Class B Units (NCI) Beginning of period 154,477,032 157,090,820 Conversion of combined interests into Class A common stock (3,637) — End of period 154,473,395 157,090,820 Total Beginning of period 231,372,198 226,443,839 Issuance of Class A common stock 8,498,930 — Exercise of options and warrants and vested RSUs 1,362,510 708,036 End of period 241,233,638 227,151,875 Ownership Percentage NuScale Corp Class A common stock Beginning of period 33.2 % 30.6 % End of period 36.0 % 30.8 % NuScale LLC Class B Units (NCI) Beginning of period 66.8 % 69.4 % End of period 64.0 % 69.2 %
Schedule of Earnings Per Share, Basic and Diluted	The following table sets forth the computation of basic and diluted net loss per share of Class A common stock and represents the three months ended March 31, 2024 and 2023, the periods for which the Company had Class A and Class B common stock outstanding. Class B common stock represents a right to cast one vote per share at the NuScale Corp level, and carry no economic rights, including rights to dividends or distributions upon liquidation, and as a result, is not considered a participating security for basic and diluted loss per share. As such, basic and diluted loss per share of Class B common stock has not been presented. As Of and For The Three Months Ended March 31, (in thousands, except share and per share amounts) 2024 2023 Net loss attributable to Class A common stockholders $ (16,572) $ (10,962) Weighted-average shares of Class A common stock for basic and diluted loss per share 79,585,062 69,684,268 Basic and Diluted loss per share of Class A common stock $ (0.21) $ (0.16) Anti-dilutive securities excluded from shares outstanding: Shares of Class B common stock 154,473,395 157,090,820 Stock options 11,225,023 11,447,940 Warrants 18,458,701 18,458,701 Time-based RSUs 6,721,231 3,910,760 Total 190,878,350 190,908,221

Fair Value Measurement (Tables)

Fair Value Measurement (Tables)	3 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Liabilities Measured on Recurring Basis	The following table represents the Company’s financial liabilities measured at fair value on a recurring basis: (in thousands) Level 1 Level 2 Level 3 Total Warrant Liabilities: Public Warrants $ 7,647 $ — $ — $ 7,647 Private Placement Warrants — 7,120 — 7,120 Total Warrant Liabilities as of March 31, 2024 $ 7,647 $ 7,120 $ — $ 14,767 (in thousands) Level 1 Level 2 Level 3 Total Warrant Liabilities: Public Warrants $ 2,963 $ — $ — $ 2,963 Private Placement Warrants — 2,759 — 2,759 Total Warrant Liabilities as of December 31, 2023 $ 2,963 $ 2,759 $ — $ 5,722

Property, Plant and Equipment (

Property, Plant and Equipment (Tables)	3 Months Ended
	Mar. 31, 2024
Property, Plant and Equipment [Abstract]
Schedule of Property, Plant and Equipment	Property, plant and equipment consisted of the following: March 31, December 31, (in thousands) 2024 2023 Furniture and fixtures $ 27 $ 27 Office and computer equipment 7,258 7,274 Software 14,102 14,102 Test equipment 1,165 1,165 Leasehold improvements 2,212 2,293 24,764 24,861 Less: Accumulated depreciation (21,211) (20,745) Net property, plant and equipment $ 3,553 $ 4,116

Nature of Business (Details)

Nature of Business (Details) $ in Thousands		3 Months Ended
	Jan. 05, 2024 employee	Mar. 31, 2024 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of positions eliminated | employee	154
Transition percentage	28%
Restructuring charges		$ 3,236
Cash and cash equivalents		131,990		$ 120,265
Restricted cash		5,100		5,100
Accumulated deficit		257,026		$ 240,454
Net cash used in operating activities		$ 33,489	$ 43,137

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Research and development expenses	$ 13,155	$ 27,570
Other expenses	(12,103)	(15,296)
Prepaid and other assets noncurrent portion	11,250		$ 15,000
Revision of Prior Period, Reclassification, Adjustment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Research and development expenses		1,855
Other expenses		1,855
USG
Accounts, Notes, Loans and Financing Receivable [Line Items]
Collaborative arrangement, cost share	2,795	2,415
Department Of Energy
Accounts, Notes, Loans and Financing Receivable [Line Items]
Collaborative arrangement, cost share	336	12,354
CFPP LLC
Accounts, Notes, Loans and Financing Receivable [Line Items]
Collaborative arrangement, cost share	265	$ 2,939
CFPP LLC | LLM Agreement
Accounts, Notes, Loans and Financing Receivable [Line Items]
Restricted cash as collateral for the letter of credit	$ 5,100		$ 5,100

Noncontrolling Interests and _3

Noncontrolling Interests and Loss Per Share - Schedule of Non-Controlling Interests (Details) - shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Noncontrolling Interest [Roll Forward]
Beginning of period (in shares)	231,372,198	226,443,839
Issuance of Class A common stock (shares)	8,498,930	0
Exercise of options and warrants and vested RSUs (in shares)	1,362,510	708,036
End of period (in shares)	241,233,638	227,151,875
Common Class A
Noncontrolling Interest [Roll Forward]
Beginning of period (in shares)	76,895,166	69,353,019
Conversion of combined interests into Class A common stock (in shares)	3,637	0
Issuance of Class A common stock (shares)	8,498,930	0
Exercise of options and warrants and vested RSUs (in shares)	1,362,510	708,036
End of period (in shares)	86,760,243	70,061,055
Common Class A | NuScale Corp
Controlling and Non Controlling Interest [Roll Forward]
Beginning of period	33.20%	30.60%
End of period	36%	30.80%
Common Class B
Noncontrolling Interest [Roll Forward]
Beginning of period (in shares)	154,477,032	157,090,820
Conversion of combined interests into Class A common stock (in shares)	(3,637)	0
End of period (in shares)	154,473,395	157,090,820
Common Class B | NuScale LLC
Controlling and Non Controlling Interest [Roll Forward]
Beginning of period	66.80%	69.40%
End of period	64%	69.20%

Noncontrolling Interests and _4

Noncontrolling Interests and Loss Per Share - Narrative (Details) $ / shares in Units, $ in Thousands		1 Months Ended	3 Months Ended
	Aug. 09, 2023 USD ($)	May 09, 2024 USD ($) shares	Mar. 31, 2024 USD ($) $ / shares shares	Dec. 31, 2023 shares
Noncontrolling Interest [Line Items]
Common stock, votes per share			1
Common Class A
Noncontrolling Interest [Line Items]
Common stock, shares authorized (in shares) | shares			332,000,000	332,000,000
Common Class A | Subsequent Event
Noncontrolling Interest [Line Items]
Sale of stock, number of shares issued in transaction (in shares) | shares		1,761,256
Proceeds from issuance of common stock gross		$ 9,605
Proceeds from issuance of common stock net		$ 9,365
Common Class A | ATM Program
Noncontrolling Interest [Line Items]
Sale of Stock, Consideration Received Per Transaction	$ 150		$ 96,963
Sale of stock, number of shares issued in transaction (in shares) | shares			8,498,930
Weighted average price per share (in dollars per share) | $ / shares			$ 5.02
Proceeds from issuance of common stock gross			$ 42,681
Proceeds from issuance of common stock net			$ 41,614
Common stock, shares authorized (in shares) | shares			9,763,692

Noncontrolling Interests and _5

Noncontrolling Interests and Loss Per Share - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Noncontrolling Interest And Earnings Per Share [Abstract]
Net loss attributable to Class A common stockholders, basic	$ (16,572)	$ (10,962)
Net loss attributable to Class A common stockholders, diluted	$ (16,572)	$ (10,962)
Weighted-average shares for basic loss per share (in shares)	79,585,062	69,684,268
Weighted-average shares for diluted loss per share (in shares)	79,585,062	69,684,268
Basic loss per share of Class A common stock (in usd per share)	$ (0.21)	$ (0.16)
Diluted loss per share of Class A common stock (in usd per share)	$ (0.21)	$ (0.16)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	190,878,350	190,908,221
Shares of Class B common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	154,473,395	157,090,820
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	11,225,023	11,447,940
Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	18,458,701	18,458,701
Time-based RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	6,721,231	3,910,760

Warrant Liabilities (Details)

Warrant Liabilities (Details)	3 Months Ended
	Mar. 31, 2024 day $ / shares shares	Dec. 31, 2023 shares
Derivative [Line Items]
Warrants and rights outstanding, term (in years)	5 years
Period after transaction when private placement warrants become identical to public warrants	30 days
Warrant Redemption Scenario One
Derivative [Line Items]
Stock price trigger (in usd per share) | $ / shares	$ 18
Redemption price (in usd per share) | $ / shares	$ 0.01
Prior written notice period for redemption (in days)	30 days
Threshold trading days	20
Threshold consecutive trading day period	30
Threshold ending trading days	3
Warrant Redemption Scenario Two
Derivative [Line Items]
Stock price trigger (in usd per share) | $ / shares	$ 10
Redemption price (in usd per share) | $ / shares	$ 0.10
Prior written notice period for redemption (in days)	30 days
Threshold trading days	20
Threshold consecutive trading day period	30
Threshold ending trading days	3
Public Warrants
Derivative [Line Items]
Class of warrant outstanding | shares	9,558,701	9,558,701
Private Placement Warrants
Derivative [Line Items]
Class of warrant outstanding | shares	8,900,000	8,900,000

Fair Value Measurement (Details

Fair Value Measurement (Details) - Fair Value, Recurring - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrant liabilities	$ 14,767	$ 5,722
Public Warrants
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrant liabilities	7,647	2,963
Private Placement Warrants
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrant liabilities	7,120	2,759
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrant liabilities	7,647	2,963
Level 1 | Public Warrants
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrant liabilities	7,647	2,963
Level 1 | Private Placement Warrants
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrant liabilities	0	0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrant liabilities	7,120	2,759
Level 2 | Public Warrants
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrant liabilities	0	0
Level 2 | Private Placement Warrants
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrant liabilities	7,120	2,759
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrant liabilities	0	0
Level 3 | Public Warrants
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrant liabilities	0	0
Level 3 | Private Placement Warrants
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrant liabilities	$ 0	$ 0

Accounts and Other Receivables

Accounts and Other Receivables (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Receivables [Abstract]
Interest receivable	$ 269	$ 318

Property, Plant and Equipment_2

Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Total property, plant and equipment gross	$ 24,764	$ 24,861
Less: Accumulated depreciation	(21,211)	(20,745)
Net property, plant and equipment	3,553	4,116
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Total property, plant and equipment gross	27	27
Office and computer equipment
Property, Plant and Equipment [Line Items]
Total property, plant and equipment gross	7,258	7,274
Software
Property, Plant and Equipment [Line Items]
Total property, plant and equipment gross	14,102	14,102
Test equipment
Property, Plant and Equipment [Line Items]
Total property, plant and equipment gross	1,165	1,165
Leasehold improvements
Property, Plant and Equipment [Line Items]
Total property, plant and equipment gross	$ 2,212	$ 2,293

Long-Lead Material Work In Pr_2

Long-Lead Material Work In Process and Liability (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Nov. 07, 2023	Mar. 31, 2023
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Purchase of certain long-lead materials	$ 32,323	$ 32,323
Long-lead material work in process	40,317	36,361
CFPP LLC | LLM Agreement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Purchase of certain long-lead materials	32,323	32,323		$ 55,700
Settlement and release agreement, initial payment, agreed amount			$ 49,769
Letters of credit			$ 5
Restricted cash as collateral for the letter of credit	$ 5,100	$ 5,100
Estimated cost percentage	100%	100%
Long-lead material work in process	$ 40,317	$ 36,361

Employee Benefits (Details)

Employee Benefits (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Defined Contribution Plan Disclosure [Line Items]
Defined contribution plan expense	$ 613	$ 751
Defined Contribution Plan, Tranche One
Defined Contribution Plan Disclosure [Line Items]
Defined contribution plan, employer matching contribution, percent of employees' gross pay	3%
Defined Contribution Plan, Tranche Two
Defined Contribution Plan Disclosure [Line Items]
Defined contribution plan, employer matching contribution, percent of employees' gross pay	2%
Defined contribution plan, employer matching contribution, percent of match	50%

Income Taxes (Details)

Income Taxes (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Effective income tax rate, percent	0%	0%
Provision (benefit) for income taxes	$ 0	$ 0

Equity-Based Compensation (Deta

Equity-Based Compensation (Details) - USD ($) $ in Thousands		3 Months Ended
	Jan. 01, 2023	Mar. 31, 2024	Mar. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Increase to share pool (in shares)	8,972,128
Increase in number of common stock percentage	4%
Share-Based Payment Arrangement, Option
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share based compensation expense		$ 2,219	$ 3,637
Shares approved (in shares)		2,909,375
Shares approved, value		$ 6,401
Vesting percentage		33.33%
Award vesting period (in years)		3 years
Time-based RSUs
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares approved (in shares)		4,598,635	1,835,016
Shares approved, value		$ 14,716
Vesting percentage		33.33%
Award vesting period (in years)		3 years	3 years
Time-based RSUs | Employee And Director
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vested (in shares)		467,907
General and Administrative Expense | Share-Based Payment Arrangement, Option
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share based compensation expense		$ 1,447	$ 1,493
Other Expense | Share-Based Payment Arrangement, Option
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share based compensation expense		$ 772	$ 2,144

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Related Party Transaction [Line Items]
Related party transaction, amounts of transaction	$ 247	$ 8,726
Revenue	1,379	5,505
Related Party
Related Party Transaction [Line Items]
Accounts payable and accrued expenses	380		$ 4,080
Revenue	0	$ 4,014
Accounts and other receivables	$ 189		$ 2,642
Percentage of revenue earned		72.90%

Commitment and Contingencies (D

Commitment and Contingencies (Details)		1 Months Ended
	Sep. 19, 2022 plaintiff	Dec. 26, 2023 lawsuit
Commitments and Contingencies Disclosure [Abstract]
Number of plaintiffs | plaintiff	13
Number of additional lawsuits | lawsuit		2