NuScale Power (SMR) 10-K 3 Mar 25 2024 FY Annual report Financial data

Cover

Cover - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2024	Feb. 24, 2025	Jun. 30, 2024
Entity Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2024
Current Fiscal Year End Date	--12-31
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	1100 NE Circle Blvd., Suite 200
Entity Address, City or Town	Corvallis
Entity Address, State or Province	OR
Entity Address, Postal Zip Code	97330
City Area Code	971
Local Phone Number	371-1592
Class A common stock, $0.0001 par value per share	Class A common stock, $0.0001 par value per share
Trading Symbol	SMR
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 1.1
Documents Incorporated by Reference	DOCUMENTS INCORPORATED BY REFERENCE Portions of the registrant's proxy statement for its 2025 annual meeting of stockholders are incorporated by reference in Part III of this Form 10-K.
Entity Central Index Key	0001822966
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Amendment Flag	false
Class A
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		128,175,674
Class B
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		154,254,663

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2024
Audit Information [Abstract]
Auditor Name	Ernst & Young LLP
Auditor Location	Portland, Oregon
Auditor Firm ID	42

Consolidated Balance Sheet

Consolidated Balance Sheet - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Current Assets
Cash and cash equivalents	$ 401,556	$ 120,265
Short-term investments	40,000	0
Restricted cash	5,100	5,100
Prepaid expenses	3,377	19,054
Accounts and other receivables	21,104	10,127
Total current assets	471,137	154,546
Property, plant and equipment, net	2,421	4,116
In-process research and development	16,900	16,900
Intangible assets, net	704	882
Goodwill	8,255	8,255
Long-lead material work in process	43,388	36,361
Other assets	1,868	3,798
Total Assets	544,673	224,858
Current Liabilities
Accounts payable and accrued expenses	47,947	44,925
Accrued compensation	7,330	8,546
Long-lead material liability	32,327	32,323
Other accrued liabilities	1,356	1,664
Deferred revenue	762	0
Total current liabilities	89,722	87,458
Warrant liabilities	0	5,722
Deferred revenue	181	898
Noncurrent liabilities	1,650	1,442
Total Liabilities	91,553	95,520
Stockholders’ Equity
Additional paid-in capital	995,745	333,888
Accumulated deficit	(377,077)	(240,454)
Total Stockholders' Equity Excluding Noncontrolling Interests	618,695	93,457
Noncontrolling interests	(165,575)	35,881
Total Stockholders' Equity	453,120	129,338
Total Liabilities and Stockholders' Equity	544,673	224,858
Class A
Stockholders’ Equity
Common stock, value, issued	12	8
Class B
Stockholders’ Equity
Common stock, value, issued	$ 15	$ 15

Consolidated Balance Sheet (Par

Consolidated Balance Sheet (Parenthetical) - $ / shares	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Class A
Common stock, par value (usd per share)	$ 0.0001	$ 0.0001	$ 0.0001
Common stock, shares authorized (shares)	332,000,000	332,000,000	332,000,000
Common stock, shares issued (shares)	122,842,474	76,895,166	69,353,019
Common stock, shares outstanding (shares)	122,842,474	76,895,166	69,353,019
Class B
Common stock, par value (usd per share)	$ 0.0001	$ 0.0001	$ 0.0001
Common stock, shares authorized (shares)	179,000,000	179,000,000	179,000,000
Common stock, shares issued (shares)	154,254,663	154,477,032	157,090,820
Common stock, shares outstanding (shares)	154,254,663	154,477,032	157,090,820

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Statement [Abstract]
Revenue	$ 37,045	$ 22,810	$ 11,804
Cost of sales	(4,937)	(18,961)	(7,317)
Gross margin	32,108	3,849	4,487
Research and development expenses	46,817	156,050	127,662
General and administrative expenses	75,901	65,404	55,307
Other expenses	48,115	57,960	51,513
Loss from operations	(138,725)	(275,565)	(229,995)
Sponsored cost share	6,884	61,031	72,514
Change in fair value of warrant liabilities	(222,999)	23,627	12,148
Interest income	8,388	10,792	3,760
Loss before income taxes	(346,452)	(180,115)	(141,573)
Foreign income taxes	1,935	0	0
Net loss	(348,387)	(180,115)	(141,573)
Net loss attributable to legacy NuScale LLC holders prior to Transaction	0	0	(31,155)
Net loss attributable to noncontrolling interests	(211,764)	(121,753)	(84,504)
Net Loss Attributable to Class A Common Stockholders	$ (136,623)	$ (58,362)	$ (25,914)
Loss Per Share of Class A Common Stock:
Basic (usd per share)	$ (1.47)	$ (0.80)	$ (0.51)
Diluted (usd per share)	$ (1.47)	$ (0.80)	$ (0.51)
Weighted-Average Shares of Class A Common Stock Outstanding:
Basic (shares)	93,249,872	73,386,018	50,763,844
Diluted (shares)	93,249,872	73,386,018	50,763,844

Consolidated Statements of Chan

Consolidated Statements of Changes in Stockholders’ Equity - USD ($) $ in Thousands	Total	Class A	Class B	Convertible Preferred Units	Common Units	Common Stock	Common Stock Class A	Common Stock Class B	Additional Paid-in Capital	Accumulated Deficit	Noncontrolling Interests
Beginning balance (shares) at Dec. 31, 2021	6,000,000
Beginning balance at Dec. 31, 2021	$ 2,140
Increase (Decrease) in Temporary Equity [Roll Forward]
Reverse recapitalization, net (shares)	(6,000,000)
Reverse recapitalization, net	$ (2,140)
Ending balance (shares) at Dec. 31, 2022	0
Ending balance at Dec. 31, 2022	$ 0
Beginning balance (shares) at Dec. 31, 2021							0	0
Beginning balance at Dec. 31, 2021	66,258						$ 0	$ 0		$ (781,620)
Beginning balance (shares) at Dec. 31, 2021				633,261,000
Beginning balance at Dec. 31, 2021				$ 819,694	$ 28,184
Beginning balance (shares) at Dec. 31, 2021					9,074,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Equity-based compensation expense	9,331				$ 1,359				$ 7,972
Exercise of common share options and warrants and vested RSUs (shares)							4,432,000
Exercise of common share options and warrants and vested RSUs	34,970						$ 1		34,969
Exchange of combined interests for Class A common stock (shares)							21,306,000	(21,306,000)
Exchange of combined interests for Class A common stock	0						$ 2	$ (2)
Rebalancing of ownership percentage for conversion of combined interest into Class A shares	0								33,201		$ (33,201)
Net loss	(141,573)
Exercise of common unit options (shares)					3,764,000
Exercise of common unit options	847				$ 847
Repurchase of common units (shares)					(358,000)
Repurchase of common units	(566)				$ (566)
Issuance of treasury units (shares)					12,000
Issuance of treasury units	20				$ 20
Conversion of equity award to liability award	(50)				$ (50)
Reverse recapitalization, net (shares)				(633,261,000)	(12,492,000)		41,971,000	178,397,000
Reverse recapitalization, net	307,850			$ (819,694)	$ (29,794)		$ 4	$ 18	220,606	656,597	280,113
Issuance of earn-out shares upon triggering event (shares)							1,644,000
Issuance of earn-out shares upon triggering event	0
Net loss attributable to legacy NuScale prior to Transaction	(31,155)									(31,155)
Net loss after the Transaction	(110,418)									(25,914)	(84,504)
Ending balance (shares) at Dec. 31, 2022				0
Ending balance at Dec. 31, 2022				$ 0	$ 0
Ending balance (shares) at Dec. 31, 2022					0
Ending balance (shares) at Dec. 31, 2022		69,353,019	157,090,820				69,353,000	157,091,000
Ending 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	16,239								16,239
Exercise of common share options and warrants and vested RSUs (shares)							3,191,000
Exercise of common share options and warrants and vested RSUs	6,291								6,291
Issuance of Class A common stock (shares)							1,737,000
Issuance of Class A common stock	9,836								9,836
Exchange of combined interests for Class A common stock (shares)							2,614,000	(2,614,000)
Exchange of combined interests for Class A common stock	0						$ 1	$ (1)
Rebalancing of ownership percentage for conversion of combined interest into Class A shares	0								4,774		(4,774)
Net loss	(180,115)									(58,362)	(121,753)
Net loss attributable to legacy NuScale prior to Transaction	0
Ending balance (shares) at Dec. 31, 2023		76,895,166	154,477,032				76,895,000	154,477,000
Ending 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	13,642								13,642
Exercise of common share options and warrants and vested RSUs (shares)							24,198,000
Exercise of common share options and warrants and vested RSUs	456,501					$ 2			456,499
Issuance of Class A common stock (shares)							21,527,000
Issuance of Class A common stock	204,648					$ 2			204,646
Exchange of combined interests for Class A common stock (shares)							222,000	(222,000)
Exchange of combined interests for Class A common stock	0
Rebalancing of ownership percentage for conversion of combined interest into Class A shares	0								(12,930)		12,930
Foreign income tax withholding to noncontrolling interests	(2,622)										(2,622)
Net loss	$ (348,387)									(136,623)	(211,764)
Exercise of common unit options (shares)	5,214,202
Net loss attributable to legacy NuScale prior to Transaction	$ 0
Ending balance (shares) at Dec. 31, 2024		122,842,474	154,254,663				122,842,000	154,255,000
Ending balance at Dec. 31, 2024	$ 453,120						$ 12	$ 15	$ 995,745	$ (377,077)	$ (165,575)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
OPERATING CASH FLOW
Net loss	$ (348,387)	$ (180,115)	$ (141,573)
Adjustments to reconcile net loss to operating cash flow:
Depreciation	1,665	2,380	2,521
Amortization of intangibles	177	177	177
Equity-based compensation expense	13,642	16,239	9,331
Provision for credit losses	1,000	0	0
Change in fair value of warrant liabilities	222,999	(23,627)	(12,148)
Loss on disposal of property, plant and equipment	(122)	0	0
Impairment of intangible asset	71	797	0
Net noncash change in right of use assets and lease liabilities	(68)	(2,360)	2,385
Changes in assets and liabilities:
Prepaid expenses and other assets	16,413	(10,043)	(2,243)
Accounts receivable	(11,977)	1,072	(6,366)
Long-lead material work in process	(7,017)	(36,361)	0
Accounts payable and accrued expenses	5,717	18,246	2,987
Long-lead material liability	4	32,323	0
Lease liability	(1,612)	(1,701)	(1,504)
Deferred DOE cost share	0	0	(104)
Deferred revenue	45	42	(559)
Accrued compensation	(1,216)	(323)	(1,513)
Net Cash Used in Operating Activities	(108,666)	(183,254)	(148,609)
INVESTING CASH FLOW
Sale of short-term investments	25,000	50,000	0
Purchase of short-term investments	(65,000)	0	(50,000)
Insurance proceeds for property, plant and equipment	195	0	0
Purchases of property, plant and equipment	(44)	(1,725)	(2,332)
Net Cash (Used) Provided by Investing Activities	(39,849)	48,275	(52,332)
FINANCING CASH FLOW
Proceeds from the issuance of common stock, net of issuance fees	204,648	9,836	0
Proceeds from exercise of warrants	205,375	0	22,325
Proceeds from exercise of common share options	22,405	6,291	6,377
Foreign income tax withholding to NCI interests	(2,622)	0	0
Proceeds from Transaction, net	0	0	341,462
Payments of Transaction costs	0	0	(2,401)
Proceeds from exercise of options	0	0	847
Repurchase of common units	0	0	(566)
Issuance of treasury units	0	0	20
Net Cash Provided by Financing Activities	429,806	16,127	368,064
Net Change in Cash, Cash Equivalents and Restricted Cash	281,291	(118,852)	167,123
Cash, cash equivalents and restricted cash:
Beginning of period	125,365	244,217	77,094
End of period	406,656	125,365	244,217
Summary of noncash investing and financing activities:
Assumption of Transaction warrant liabilities	0	0	47,532
Debt converted to equity	0	0	14,181
Warrants converted into equity	228,721	0	6,268
Conversion of equity options to liability award	0	0	50
Supplemental disclosures of cash flow information:
Cash paid for income taxes	$ 3,224	$ 0	$ 0

The Company

The Company	12 Months Ended
	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
The Company	The Company 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. Operations The Company is commercializing a modular, scalable electric Light Water Reactor nuclear power plant, with 77 megawatt (gross) NPMs, using exclusive rights to a nuclear power plant design obtained from Oregon State University (“OSU”). The Company also uses the test facility at OSU through a technology transfer agreement. The following represents key milestones in the development of this technology: • December 2016: Design Certification Application (“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 SMR-based 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 the end of the 2025 fiscal year. The Company’s activities are subject to significant risks and uncertainties, including failing to secure funding to sustain operations until our SDA applications are approved by the NRC, we reach commercialization and secure customers. 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. 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 an R&D-based company to a commercial company. This resulted in a one-time charge of $3,236 during the year ended December 31, 2024, and is included in Other expenses on our consolidated income statement. U. S. Department of Energy Funding Beginning in 2014, the U.S. DOE has provided critical funding to NuScale through a series of cooperative agreements which support ongoing commercialization activities. The relevant agreements are discussed below. U.S. Department of Energy NuScale SMR FOAK Nuclear Demonstration Readiness Project Completion (Award 8928) In February 2020, NuScale LLC was awarded up to $350,000 under “SMR FOAK Nuclear Demonstration Readiness Project Completion” (“Award 8928”). This program is expected to complete all remaining licensing activities, first-of-a-kind engineering, supply chain development, testing and other required activities to have the NuScale SMR ready to enable timely client project deployment. The award consisted of NuScale cost share of $350,000 (50%) and government cost share of $350,000 (50%). Subsequently the award has been amended and DOE obligated $262,656, of which NuScale has collected a total of $262,655 through December 31, 2024, with no future obligations guaranteed.

Merger Transaction

Merger Transaction	12 Months Ended
	Dec. 31, 2024
Reverse Recapitalization [Abstract]
Merger Transaction	Merger Transaction Merger with Spring Valley In December 2021, NuScale LLC entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Spring Valley Acquisition Corp. (“Spring Valley”) and Spring Valley Merger Sub, LLC (“Merger Sub”), a wholly owned subsidiary of Spring Valley. Pursuant to the Merger Agreement, Merger Sub merged with and into NuScale LLC (the “Merger”), with NuScale LLC surviving the Merger (the “Surviving Company”), Spring Valley being renamed NuScale Power Corporation, and NuScale LLC continuing to be held as a wholly controlled subsidiary of NuScale Corp in an “Up-C” structure. On May 2, 2022, the Merger and other transactions contemplated by the Merger Agreement (collectively the “Transaction”) was completed. The Transaction is shown as a reverse recapitalization under GAAP. Spring Valley is the acquired company, with NuScale LLC treated as the acquirer. This determination reflects Legacy NuScale Equityholders holding a majority of the voting power of NuScale Corp, NuScale LLC’s pre-merger operations being the majority post-merger operations of NuScale Corp and NuScale LLC’s management team retaining similar roles at NuScale Corp. Accordingly, although NuScale Corp (f/k/a Spring Valley) is the parent company, GAAP dictates that the financial statements of NuScale Corp represent a continuation of NuScale LLC’s operations, with the Transaction being treated as though NuScale LLC issued ownership interests for Spring Valley, accompanied by a recapitalization. The net assets of NuScale LLC are stated at historical cost, with no incremental goodwill or other intangible assets recorded for the effects of the Transaction. In connection with the Transaction: • Each Convertible Preferred Unit of NuScale LLC was converted into common units using an exchange ratio, and each NuScale LLC common unit holder (including the holders of the previously converted Convertible Preferred Units) received a certain number of NuScale LLC Class B units and non-economic voting shares of NuScale Corp Class B common stock based on an exchange ratio. Holders of NuScale LLC Class B units have the right to exchange each Class B unit, together with the cancellation for no consideration of one share of NuScale Corp Class B common stock, par value $0.0001, for one share of NuScale Corp Class A common stock, par value $0.0001, or cash, subject to certain restrictions. • Institutional and accredited investors purchased 23,700,002 shares of Class A common stock for an aggregate amount of $235,000. The consummation of the Transaction resulted in NuScale LLC receiving cash equal to $341,500 and assuming Warrant liabilities valued at $47,500. Tax Receivable Agreement Substantially all the assets of the combined company are held by NuScale LLC, and NuScale Corp’s only assets are its equity interest in NuScale LLC and prepaid assets. NuScale Corp entered into a Tax Receivable Agreement (“TRA”) with NuScale LLC, each of the TRA Holders (as defined in the TRA), and Fluor, in its capacity as TRA Representative (as defined in the TRA). Pursuant to the TRA, NuScale Corp must pay 85% of the net cash tax savings from certain tax benefits, if any, that it realizes (or in certain cases is deemed to realize) as a result of any increases in tax basis and other tax benefits resulting from any exchange by the TRA holders of NuScale LLC Class B units and NuScale Corp Class B common stock for shares of Class A common stock or cash in the future. NuScale Corp will benefit from the remaining 15% of cash tax savings, if any, realized as a result of such tax benefits. Cash tax savings will be computed by comparing NuScale Corp’s actual income tax liability to the amount of such taxes that NuScale Corp would have been required to pay had there been no increase to the tax basis of its assets as a result of the Transaction or the exchanges and had NuScale Corp not entered into the TRA (calculated by making certain assumptions). As of December 31, 2024, there have been 24,142,048 Class B units exchanged (together with the cancellation for no consideration of an equal number of shares of NuScale Corp Class B common stock) for shares of Class A common stock. Associated with these exchanged units we have calculated an implied TRA obligation of $63,360 as of December 31, 2024.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies 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 consolidated financial statements. All assets and liabilities included in the consolidated balance sheet are that of NuScale LLC, other than the Warrants and certain prepaid assets. All intercompany transactions have been eliminated upon consolidation. Changes in Presentation For the year ended December 31, 2023, $1,855 was reclassified out of Other expenses and into R&D expenses to conform to the current year presentation, while for December 31, 2022, amounts totaling $4,246 and $3,504 were reclassified out of G&A expenses and into R&D expenses and Other expenses, respectively. For the year ended December 31, 2022 , sponsored cost share totaling $177 that was previously included in Interest income has been reclassified to Sponsored cost share to conform to the current year presentation on the accompanying consolidated statements of operations. No such reclassifications were required for the 2023 fiscal year. Subsequent Events The Company follows the guidance of Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 855, Subsequent Events, for disclosing subsequent events. These subsequent events are disclosed in note 4, note 14 and note 17, which are the footnotes they are applicable to. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make certain estimates, judgments and assumptions. NuScale believes that the estimates, judgments and assumptions made when accounting for items and matters such as, but not limited to, depreciation, amortization, in-process research and development (“IPR&D”), asset valuations, equity-based compensation and contingencies are reasonable, based on information available at the time they are made. These estimates, judgments and assumptions can affect the reported amounts of assets and liabilities as of the date of the financial statements, as well as amounts reported on the statements of operations during the periods presented. Actual results could differ from those estimates. 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 consolidated balance sheet. Cash equivalents and short-term investments consist of certificates of deposit. These 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 December 31, 2024 and December 31, 2023. Previous to that, the letter of credit was associated with the DCRA, which spanned multiple years requiring the amount be classified as a noncurrent asset at December 31, 2022. The Company expects the Release Agreement will be finalized during the 2025 fiscal year resulting in the related restricted cash being classified as a current asset, identified as Restricted cash on the consolidated balance sheet. The Restricted cash balance plus Cash and cash equivalents on the consolidated balance sheet equals cash, cash equivalents and restricted cash, as reflected in the consolidated statements of cash flows. Sales and Marketing Agreements The Company has entered into various sales and marketing agreements pursuant to which we prepaid certain expenses to the counterparty. As of December 31, 2023, the balance of $15,000 is included in Prepaid expenses, on the accompanying consolidated balance sheet and was amortized monthly on a straight-line basis through the period ended December 31, 2024. As of December 31, 2024, the Company had no significant prepaid sales and marketing agreements. Accounts and Other Receivables Accounts and other receivables include reimbursement requests outstanding from cost share agreements with various entities, interest receivable and commercial accounts receivable associated with other federal projects. The reimbursement requests outstanding from DOE awards are recognized as eligible costs are incurred. Reimbursement under the awards are included in Sponsored cost share in the consolidated statements of operations. Accounts receivable are presented net of allowance for credit losses. Management estimates an allowance for credit losses by evaluating customer-specific conditions, including adverse situations that may affect a customer’s ability to pay, as well as both microeconomic and macroeconomic factors. In-process Research and Development IPR&D represents incomplete research and development projects that had not reached technological feasibility as of their acquisition date in 2011. Due to the nature of IPR&D, the expected life is indefinite, and it will be evaluated periodically for attainment of technological feasibility or impairment. Technological feasibility is established when an enterprise has completed all planning, designing, coding and testing activities that are necessary to establish that a product can be produced to meet its design specifications including functions, features and technical performance requirements. IPR&D was concluded to include both fundamental and defensive technologies comprised of OSU-licensed and NuScale-owned patented and unpatented technology and trade secrets. Such technologies are designed to work together in the operation of a nuclear power module. IPR&D is amortized over its estimated useful life once technological feasibility is reached. As the Company has not yet completed all designing, coding and testing activities, management has determined that technological feasibility has not yet been reached. Management has not identified any indicators that would suggest any impairment of the IPR&D. If IPR&D is determined not to have technological feasibility or is abandoned, it will be impaired or written off at such time. Revenue Recognition In addition to advancing the commercialization of its SMR, the Company provides engineering and licensing services, while also charging licensing fees to customers. The Company recognizes fixed price contract revenue with multiple performance obligations as each obligation is completed. The Company allocates the transaction price to each performance obligation using an estimate of the stand-alone selling price of each distinct service in the contract. For performance obligations satisfied at a point in time we recognize revenue when delivery of the promised good has occurred or the service has been rendered. For performance obligations satisfied over time we use the cost to cost input method to estimate the amount to recognize. Revenue recognized on contracts that has not been billed to customers is classified as a current asset under Accounts and other receivables on the consolidated balance sheet. Amounts billed to clients in excess of revenue recognized are classified as a current liability under Deferred revenue. The Company excludes from its measurement of transaction prices all taxes assessed by governmental authorities that are both (i) imposed on and concurrent with a specific revenue-producing transaction and (ii) collected from customers. Accordingly, such tax amounts are not included as a component of revenue or cost of sales. Customer payments on contracts are typically due within 30 days of billing, depending on the contract. The Company generally provides limited warranties for work performed under its engineering contracts. The warranty periods typically extend for a limited duration following substantial completion of the Company’s work on a project. Historically, warranty claims have not resulted in material costs incurred, and for the periods presented, no warranty liability has been recorded. 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 December 31, 2024 , these entities include DOE, United States Department of State and United States Trade and Development Agency (combined as “USG”), CFPP LLC and RoPower Nuclear S.A (“RoPower”). Since 2014, the DOE has provided critical funding to the Company through a series of cooperative agreements that support ongoing commercialization activities. During the years ended December 31, 2024, 2023 and 2022, DOE cost share totaled $342, $29,320 and $72,337, respectively. 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. During the years ended December 31, 2024, 2023 and 2022, USG cost share totaled $6,204, $23,828 and $177, respectively. Finally, we received subrecipient cost share from CFPP LLC under a contract between the DOE and UAMPS for R&D performed. Under this agreement we received cost share of $338 and $7,883 for the years ended December 31, 2024, and 2023, respectively, with no such subrecipient cost share earned prior to this year. No future amounts are expected, as the agreements between NuScale and CFPP LLC have been suspended and wind down procedures initiated. 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 short-term investments, prepaid expenses and deposits, accounts payable and accrued expenses approximates fair value due to their short maturities. Property, Plant and Equipment All additions, including betterments to existing facilities, are recorded at cost. Maintenance and repairs are charged to expense as incurred. When assets are retired or otherwise disposed of, the cost of the assets and the related accumulated depreciation is derecognized with any gain or loss recorded in the year of disposition. Depreciation is based on the estimated useful lives of the assets using the straight-line method. Furniture and fixtures are depreciated over useful lives of seven years. Computer software is depreciated over useful lives of three Long-Lived Assets Long-lived assets including primarily property and equipment and acquired IPR&D are reviewed for impairment annually and when events or changes in circumstances indicate that the carrying amount of assets may not be recoverable. If this review indicates that the carrying amount will not be recoverable, as determined based on comparing the estimated undiscounted future cash flows to the carrying amount, impairment is measured by comparing the carrying amount to fair value. Goodwill Goodwill is the excess of the purchase price paid over the fair value of the net assets of a business acquired in a purchase business combination. Goodwill is not amortized but is reviewed for impairment annually, on the first day of the fourth quarter, or whenever events or changes in circumstances arise during the year that indicate the carrying amount of goodwill may not be recoverable. Impairment exists when the carrying amount of the reporting unit exceeds its fair value and an impairment loss is recognized. Warrant Liability The Company accounted for the Warrants in accordance with the guidance contained in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 815, Derivatives and Hedging , under which the Warrants did not meet the criteria for equity treatment and must be recorded as liabilities. Accordingly, the Company classified the Warrants as liabilities at their fair value and adjusted the Warrants to fair value at each reporting period. This liability was subject to re-measurement at each balance sheet date until exercised or redeemed, and any change in fair value is recognized in the Company’s consolidated statements of operations. The fair value of the Warrants had been estimated using the Public Warrants’ quoted market price. Equity-Based Compensation Our long-term incentive plan provides for grants of nonqualified or incentive stock options, restricted stock award units (“RSU”s) and performance-based award units. Equity-based compensation is measured using a fair value-based method for all equity-based awards. The cost of awarded equity instruments is recognized based on each instrument’s grant-date fair value over the period during which the grantee is required to provide service in exchange for the award. The determination of fair value for nonqualified or incentive stock options requires significant judgment and the use of estimates, particularly with regard to Black-Scholes assumptions such as stock price, volatility and expected option lives to value equity-based compensation, while forfeitures are recognized as incurred. The grant date fair value of RSUs is based on the closing market price of our Class A common stock on the grant date as stated on the NYSE. The option valuation model used to calculate the Company’s options uses the treasury yield curve rates for the risk-free interest rate for a period equal to the expected option life and the simplified method to calculate the expected option life (options qualified as ‘plain vanilla’ under the provisions of Staff Accounting Bulletin 107). Volatility is determined by reference to the actual volatility of several publicly traded companies that are similar to NuScale in its industry sector. The Company does not anticipate paying any cash dividends in the foreseeable future and therefore uses an expected dividend yield of zero in the option valuation model. Forfeitures are recognized as they occur. All equity-based payment awards are amortized on a straight-line basis over the requisite service periods of the awards. Equity-based compensation is recorded as a General and administrative expense and Other expense in the consolidated statements of operations. Research and Development R&D expenses represent costs incurred for designing and engineering products, including the costs of developing design tools. All research and development costs related to product development are expensed as incurred. Advertising and Marketing Advertising costs are expensed as incurred and are recognized as a component of general and administrative expenses on the consolidated statements of operations. Advertising costs expensed were approximately $19,976, $14,617 and $7,340 for the years ended December 31, 2024, 2023 and 2022, respectively. Income Taxes NuScale Corp accounts for income taxes using the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that the deferred tax assets will be realized. Deferred tax assets and liabilities are calculated by applying existing tax laws and the rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in the year of the enacted rate change. The Company accounts for uncertainty in income taxes using a recognition and measurement threshold for tax positions taken or expected to be taken in a tax return, which are subject to examination by federal and state taxing authorities. The tax benefit from an uncertain tax position is recognized when it is more likely than not that the position will be sustained upon examination by taxing authorities based on technical merits of the position. The amount of the tax benefit recognized is the largest amount of the benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. The effective tax rate and the tax basis of assets and liabilities reflect management’s estimates of the ultimate outcome of various tax uncertainties. Once identified, the Company will recognize penalties and interest related to uncertain tax positions within the provision (benefit) for income taxes line in the accompanying consolidated statements of operations. NuScale LLC is a limited liability company treated as a partnership for U.S. federal income tax purposes that is not subject to U.S. federal income tax. As such, its net taxable income or loss and any related tax credits are allocated to its members. Recent Accounting Pronouncements The Company considers the applicability and impact of all Accounting Standards Updates (“ASU”) issued by the FASB. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures (“ASU 2023-07”). ASU 2023-07 requires all public entities, including public entities with a single reportable segment, to provide in interim and annual periods one or more measures of segment profit or loss used by the chief operating decision maker to allocate resources and assess performance. Additionally, the standard requires disclosures of significant segment expenses and other segment items as well as incremental qualitative disclosures. NuScale adopted ASU 2023-07 effective December 31, 2024, on a retrospective basis. The adoption of 2023-07 did not change the way that the Company identifies its reportable segments and, as a result, did not have a material impact on the Company’s segment-related disclosures. Refer to Note 11 for further information on NuScale’s reportable segment. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740) – Improvements to Income Tax Disclosures (“ASU 2023-09”). ASU 2023-09 requires that an entity, on an annual basis, disclose additional income tax information, primarily related to the rate reconciliation and income taxes paid. The amendment in the ASU is intended to enhance the transparency and decision usefulness of income tax disclosures. The ASU’s amendments are effective for annual periods beginning after December 15, 2024. The Company is currently evaluating the impact that adoption of ASU 2023-09 will have on our consolidated financial statements. In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income-Expense Disaggregation Disclosures (“ASU 2024-03”). ASU 2024-03 requires new financial statement disclosures in tabular format, disaggregating information about prescribed categories underlying any relevant income statement expense caption. Qualitative disclosures about any remaining amounts in relevant expense line items must be provided. Separate disclosures of total selling expenses and an entity’s definition of those expenses are also required. ASU 2024-03 is effective for annual periods beginning after December 15, 2026. Early adoption is permitted. The Company is currently evaluating the impact that adoption of ASU 2024-03 will have on our consolidated financial statements.

Equity and Loss Per Share

Equity and Loss Per Share	12 Months Ended
	Dec. 31, 2024
Noncontrolling Interest And Earnings Per Share [Abstract]
Equity and Loss Per Share	Equity and Loss Per Share Noncontrolling Interests Following the Transaction, holders of Class A common stock own direct controlling interests 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 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 year ended December 31, As of and for the period from May 2, 2022 through December 31, 2022 2024 2023 NuScale Corp Class A common stock Beginning of period 76,895,166 69,353,019 41,971,380 Exchange of combined interests into Class A common stock 222,369 2,613,788 21,305,891 Issuance of Class A common stock 21,527,146 1,737,378 — Vesting or exercise of equity awards 24,197,793 3,190,981 4,431,824 Vesting of earn out shares — — 1,643,924 End of period 122,842,474 76,895,166 69,353,019 NuScale LLC Class B units (NCI) Beginning of period 154,477,032 157,090,820 178,396,711 Exchange of combined interests into Class A common stock (222,369) (2,613,788) (21,305,891) End of period 154,254,663 154,477,032 157,090,820 Total Beginning of period 231,372,198 226,443,839 220,368,091 Issuance of Class A common stock 21,527,146 1,737,378 — Vesting or exercise of equity awards 24,197,793 3,190,981 4,431,824 Vesting of earn out shares — — 1,643,924 End of period 277,097,137 231,372,198 226,443,839 The ownership percentages of the controlling and noncontrolling interests are as follows: As of and for the year ended December 31, As of and for the period from May 2, 2022 through December 31, 2022 2024 2023 NuScale Corp Class A common stock Beginning of period 33.2 % 30.6 % 19.0 % End of period 44.3 % 33.2 % 30.6 % NuScale LLC Class B units (NCI) Beginning of period 66.8 % 69.4 % 81.0 % End of period 55.7 % 66.8 % 69.4 % 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. Members’ Equity of NuScale LLC Prior to the Transaction, NuScale LLC issued equity consisting of common units and convertible preferred units (“CPU”s). Each common unit was entitled to one vote, while holders of CPUs had voting rights equivalent to the number of CPUs held multiplied by a common equivalent ratio, as defined, which was set at 100% at the time of the Company’s recapitalization in 2011. The CPUs had a 10.0% cumulative preferred return per year compounded quarterly on the unreturned preferred capital, beginning on the date such CPU was issued. In addition, NuScale LLC had mezzanine equity. As consideration for the reverse recapitalization, 178,396,711 shares of NuScale Corp’s Class B common stock were issued. Simultaneously, all NuScale LLC units and CPUs outstanding were reclassified to Class B common stock and additional paid-in capital at carrying value, including NuScale LLC units previously presented as mezzanine equity. In addition, the accumulated preferred return was nullified upon conversion. Loss Per Share Basic loss per share is based on the weighted-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 and Stock Options, if any, 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 warrant 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 period where 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 year ended December 31, As of and for the period from May 2, 2022 through December 31, 2022 2024 2023 Net loss attributable to Class A common stockholders (136,623) (58,362) (25,914) Weighted-average shares for basic and diluted loss per share 93,249,872 73,386,018 50,763,844 Basic and Diluted loss per share of Class A common stock $ (1.47) $ (0.80) $ (0.51) Anti-dilutive securities excluded from shares outstanding: Class B common shares 154,254,663 154,477,032 157,090,820 Stock options 6,365,141 9,565,211 12,224,783 Warrants — 18,458,701 18,458,703 Time-based RSUs 5,006,880 3,255,317 2,140,651 Total 165,626,684 185,756,261 189,914,957 On November 8, 2024, NuScale entered into a new Sales Agreement with TD Securities (USA) LLC, UBS Securities LLC, B. Riley Securities, Inc. and Canaccord Genuity LLC as sales agents under which the Company may offer and sell shares of our Class A common stock, having an aggregate sales price of up to $200,000 (“ATM Program”). During the year ended December 31, 2024, the Company issued and sold 3,264,524 shares of Class A common stock for the gross and net proceeds of $71,162 and $69,218, respectively. As of December 31, 2024 , we have 21,735,476 shares of Class A common stock, at an aggregate sales price up to $128,838, eligible for sale under the ATM Program. Previous to the current ATM Program, the Company fully utilized a similar agreement under which the Company offered and sold 20,000,000 shares of the Company’s Class A common stock. During the year ended December 31, 2024, the Company issued and sold 18,262,622 shares of Class A common stock for the gross and net proceeds of $138,956 and $135,480, respectively, while during the year ended December 31, 2023, the Company issued and sold 1,737,378 shares of Class A common stock for the gross and net proceeds of $10,356 and $9,836, respectively. During the year ended December 31, 2024 , the weighted average price of Class A common shares sold equated to $9.76 per share. Subsequent to December 31, 2024, the Company issued and sold 4,548,127 shares of Class A common stock for the gross and net proceeds of $102,416 and $99,855, respectively, under the ATM Program.

Warrant Liabilities

Warrant Liabilities	12 Months Ended
	Dec. 31, 2024
Warrants and Rights Note Disclosure [Abstract]
Warrant Liabilities	Warrant Liabilities On November 19, 2024, the Company provided notice in accordance with its Warrant Agreement dated November 23, 2020, between the Company and Continental Stock Transfer & Trust Company, as warrant agent, of the redemption of all Warrants outstanding as of 5:00 p.m., New York City time, on December 19, 2024 (the “Redemption Time”). As of the Redemption Time, 599,440 Warrants were outstanding and were redeemed by NuScale for $0.01 per Warrant. During the year ended December 31, 2024, Warrant holders exercised 17,859,261 Warrants for Class A common shares and $205,375 in cash, while during the year ended December 31, 2023, there were only nominal exchanges and 18,458,701 Warrants outstanding at year end . During the period from May 2, 2022, through December 31, 2022, 1,941,297 Warrants were exercised for Class A common shares and $22,325 in cash. There were no Warrants outstanding as of December 31, 2024.

Fair Value Measurement

Fair Value Measurement	12 Months Ended
	Dec. 31, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurement	Fair Value Measurement Our Warrants were accounted for as liabilities pursuant to ASC 815-40 and were measured at fair value as of each reporting period. Changes in fair value of the Warrants are recorded in the statements of operations each period. As discussed in Note 5, Warrant Liabilities , no Warrants are outstanding as of December 31, 2024. The following table represents the Company’s financial liabilities measured at fair value on a recurring basis for the previous year: (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	12 Months Ended
	Dec. 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 consolidated statements of operations. As of December 31, 2024, and 2023, interest receivable of $1,398 and $318, respectively, was outstanding. As of December 31, 2024, the Company recorded $1,000 in allowance for credit losses, with no allowance for the previous years reported herein. The current allowance was recorded as a result of new discussions between management and one customer, whereby the customer informed the Company that certain invoices were not likely to be paid due to a lack of

Property, Plant and Equipment

Property, Plant and Equipment	12 Months Ended
	Dec. 31, 2024
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment	Property, Plant and Equipment Property, plant and equipment consisted of the following: As of December 31, 2024 2023 Furniture and fixtures $ 27 $ 27 Office and computer equipment 5,050 7,274 Software 11,855 14,102 Test equipment 1,165 1,165 Leasehold improvements 2,189 2,293 20,286 24,861 Less: Accumulated depreciation (17,909) (20,745) Add: Assets under development 44 — Net property, plant and equipment $ 2,421 $ 4,116 Depreciation of property, plant and equipment for the years ended December 31, 2024, 2023 and 2022 was $1,665, $2,380 and $2,521, respectively. Depreciation in the amount of $318 and $1,347 is included in G&A expenses and Other expense, respectively, for the 2024 fiscal year, $520 and $1,860, respectively, for the 2023 fiscal year and $770 and $1,751, respectively, for the 2022 fiscal year.

DCRA, LLM Agreement and Release

DCRA, LLM Agreement and Release Agreement	12 Months Ended
	Dec. 31, 2024
Inventory Disclosure [Abstract]
DCRA, LLM Agreement and Release Agreement	DCRA, LLM Agreement and Release Agreement 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, in November 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 consolidated balance sheet as Restricted cash as of December 31, 2024 and 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 December 31, 2024 and 2023 , NuScale has included a Long-lead material liability on the accompanying consolidated balance sheet in the amount of $32,327 and $32,323, respectively , 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 consolidated balance sheet in the amount of $43,388 and $36,361 as of December 31, 2024 and 2023, respectively

Intangible Assets and Redeemabl

Intangible Assets and Redeemable Common Units	12 Months Ended
	Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets and Redeemable Common Units	Intangible Assets and Redeemable Common Units In 2007, NuScale LLC entered into a patent license agreement (the “Agreement”) with OSU, which granted NuScale LLC a worldwide, exclusive license under three patents. In 2015, NuScale LLC entered into a “Purchase, Sale and License Agreement” (“PLA”) with OSU, whereby OSU sold and assigned to NuScale LLC certain patent and intellectual property rights, including the patent intellectual property rights that OSU formerly exclusively and non-exclusively licensed to NuScale LLC under the Agreement; and granted NuScale LLC a license to use, reproduce, prepare derivative works of, distribute, transmit, publicly perform and publicly display the testing data. As consideration of this purchase, NuScale LLC issued a cash payment of $1,000 upon execution of the agreement as well as on-going $25 quarterly cash payments continuing until the earlier of (i) such time as NuScale LLC completes the sale of its first commercial-scale nuclear module (exclusive of modules designated to validate the operability of a NuScale module) to a commercial customer or (ii) expiration of the term of the last valid claim under the assigned patents to expire. Additionally, NuScale LLC will make royalty payments to OSU on the sale of NuScale LLC’s first and subsequent commercial-scale nuclear modules to a commercial customer as follows: • 0.25% of the then current commercial price paid to NuScale LLC for the first twenty-four (24) NuScale modules sold to commercial customers. • 0.15% of the then current commercial price paid to NuScale LLC for the next twelve (12) NuScale modules sold to commercial customers. Under the initial PLA, NuScale LLC granted OSU 2,750,000 NuScale LLC common units valued at a weighted average price per unit of $0.25 determined on their respective grant date. Additionally, under the updated agreement, NuScale LLC granted OSU 3,250,000 NuScale LLC common units valued at $0.45 per unit on the grant date, resulting (in addition to the cash payment of $1,000) in a value assigned to the patents of $2,462 which is being amortized on a straight-line basis over the remaining life of the patents which is estimated to be through 2034. The gross carrying amount of the patents was $2,462 for each year included in our consolidated balance sheet herein. The accumulated amortization for the years ended December 31, 2024, 2023 and 2022 are $1,757, $1,580 and $1,403 , respectively. Estimated amortization expense for each of the five succeeding years is expected to be $177 per year. Accordingly, as of December 31, 2021, the 6,000,000 NuScale LLC common units subject to possible redemption are presented as mezzanine equity, outside of Member’s Equity. Upon consummation of the Transaction, these 6,000,000 NuScale LLC common units were converted into NuScale LLC Class B units and an equivalent number of shares of NuScale Corp Class B common stock were issued and are now included in consolidated statement of changes in stockholders’ equity. Commencing on the effective date of the Agreement and continuing until such time as NuScale LLC completes the sale of its first commercial-scale nuclear module to a commercial customer, OSU shall have the right, but not the obligation, to sell all of its then current common share holdings in NuScale Holdings and all of its then current common stock in NuScale Corp (collectively the “NuScale Shares”) to NuScale LLC if, but only if, the NRC issues a written determination that : (a) OSU’s ownership of the NuScale Shares creates a conflict of interest for OSU; and (b) OSU must divest the entirety of such NuScale Shares in order to continue performing work on NuScale LLC’s behalf for certification of the NuScale reactor design. In the event OSU exercises such option, the parties shall enter into a Share Purchase and Sale Agreement, in form and substance reasonably acceptable to each party, pursuant to which OSU would agree to sell and NuScale LLC would agree to purchase all of the NuScale Shares for a price equal to the then current market value of the NuScale Shares.

Segment Information

Segment Information	12 Months Ended
	Dec. 31, 2024
Segment Reporting [Abstract]
Segment Information	Segment Information The Company presently operates in one business segment, the commercialization of a modular, scalable electric Light Water Reactor nuclear power plant, with 77 megawatt (gross) NPMs . In the future the Company also plans to generate revenue by providing critical services, such as start-up and testing and nuclear fuel and refueling services, over the life cycle of each power plant. However, at the Company’s current stage, all significant revenue generated to date arises from engineering and licensing fees and services provided to potential customers, with the end goal of selling NPMs. The Company has determined that its Chief Executive Officer (“CEO”), Chief Commercial Officer (“CCO”) and Chief Financial Officer (“CFO”) are its chief operating decision makers (“CODM”). During the 2024 fiscal year these individuals made decisions on resource allocation, assess performance of the business and monitor budget versus actual results using Net loss, which is provided in the accompanying statements of operations. These measures are used to allocate resources for business activities on a consolidated basis as the Company operates in one reportable segment. The Company does not use a measure of segment assets in its decision making. When evaluating how to allocate resources, CODMs primarily focus on salaries and wages, which are the significant expenses within Loss from operations and Net loss. Salaries and wages, totaled $69,130, $93,861 and $74,626 for the years ended December 31, 2024, 2023 and

Revenue

Revenue	12 Months Ended
	Dec. 31, 2024
Revenue from Contract with Customer [Abstract]
Revenue	Revenue As described above in note 3, the Company generally recognizes revenue either at a point in time or over time depending on the nature of the performance obligations within the contracts. As the Company moves towards commercialization of a modular, scalable electric Light Water Reactor nuclear power plant, it enters into engineering, design, and licensing services contracts to assist in the development of nuclear power plants that are often unique and non-standard in nature. Identifying the separate performance obligations with the revenue contracts and determining the amount of revenue that should be recognized involves judgment due to the unique and non-standard nature of the contracts the Company enters into. During the fourth quarter of 2024, NuScale executed a contract with Fluor, to provide sub-contract engineering and design services to support the Doicesti project FEED Phase 2. The contract has a stated contract value of $35,300. Due to a termination clause within the contract, the Company will recognize revenue over time to the extent work is performed. As required by GAAP, we constrain any portion of revenue that we do not expect to recover. We are entitled to all work performed and recognized to date under the termination clause. NuScale has also executed contracts that include variable consideration. The variable consideration is recognized subject to appropriate constraints, as required by GAAP, to avoid a significant reversal of revenue in future periods. Management reviews the Company’s variable consideration on at least a quarterly basis. At December 31, 2024, the Company has estimated variable consideration outstanding of $5,000, all of which is expected to be recognized during 2025. Revenue is disaggregated below by the different services currently provided by the Company: For the Twelve Months Ended December 31, 2024 2023 2022 Power Plant and NPM related services $ 36,161 $ 21,120 $ 10,843 Energy Exploration Centers 473 673 253 Other 411 1,017 708 Total $ 37,045 $ 22,810 $ 11,804

Employee Benefits

Employee Benefits	12 Months Ended
	Dec. 31, 2024
Retirement Benefits [Abstract]
Employee Benefits	Employee Benefits 401(k) Plan The Company sponsors a defined contribution 401(k) Plan with Company contributions to be made at the sole discretion of the management. Under the provisions of the 401(k) Plan, the Company matches the employees’ contributions for the first 3% of compensation and matches 50% of the employees’ contributions for the next 2% of compensation. The expense for the 401(k) Plan was $2,098, $2,691 and $2,511 for 2024, 2023 and 2022, respectively.

Equity-Based Compensation

Equity-Based Compensation	12 Months Ended
	Dec. 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 years ended December 31, 2024, 2023 and 2022 was $13,642, $16,239 and $10,821, respectively. For the year ended December 31, 2024, equity-based compensation of $6,581 was included in G&A expense and $7,061 was included in Other expense, compared to $6,509 and $9,730, respectively, for the year ended December 31, 2023, and $5,197 and $5,624, respectively, for the year ended December 31, 2022. Options to purchase common units of NuScale LLC under the Fourth Amended and Restated 2011 Equity Incentive Plan of NuScale LLC (the “Legacy Plan”) were granted, before completion of the Transaction, at an exercise price equal to the fair value of the NuScale LLC units at the date of grant. In connection with the Transaction, all outstanding options to purchase NuScale LLC units converted into options to purchase 14,742,933 shares of NuScale Corp Class A common stock with no change to the remaining vesting schedule. Shares underlying those options, and an additional 17,760,961 shares of Class A common stock issuable under the Company’s 2022 long-term incentive plan (“2022 LTIP”), were registered on a registration statement on Form S-8, filed with the SEC on July 5, 2022. Except with respect to equity awards outstanding as of the completion of the Transaction, the Legacy Plan terminated on May 2, 2022, and no further equity awards will be made, or have been made since, under the Legacy Plan. Unit options granted became exercisable 25% after one year of service and on a monthly basis over three years of service thereafter. In February 2014, the Board of Managers of NuScale LLC approved amendments to NuScale LLC’s “Amended and Restated Equity Incentive Plan” and unit option agreements. The amendments generally allowed terminated and retiring employees with over five years of service to NuScale LLC an extended period of time, up to the expiration of the option, during which to exercise their fully vested options when employment ceases. Under the Company’s 2022 LTIP, the Company granted both RSUs and common share options (“Share Options”) to employees during the year ended December 31, 2024. The Share Options become exercisable, and RSUs vest, one-third after each year of consecutive service over the three year period from the date of the award. New independent Directors receive a one-time award that vests quarterly over three years, while independent Directors receive an annual award that vests quarterly over one year. 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. The Company measures the fair value of each share option grant at the date of grant using a Black-Scholes option pricing model. Stock Options The following table summarizes the stock options activity as of and for the period ended December 31, 2024: Weighted Average Aggregate Share Options Number of Shares Exercise Price Intrinsic Value Outstanding at December 31, 2023 9,565,211 $ 4.09 $ 307 Granted 2,909,375 $ 3.20 $ — Exercised (5,214,202) $ 4.30 $ 43,226 Forfeited (636,728) $ 3.35 $ — Expired (258,515) $ 6.24 $ — Outstanding at December 31, 2024 6,365,141 $ 3.90 $ 89,280 Exercisable at December 31, 2024 3,253,332 $ 4.45 $ 43,842 Vested and Expected to Vest at December 31, 2024 6,365,141 $ 3.90 $ 89,280 The total fair value of options that vested during 2024, 2023 and 2022 was $1,063, $3,213 and $3,673, respectively. The weighted average remaining contractual term for all options outstanding at December 31, 2024 was 5.9 years and the remaining weighted average contractual term of options exercisable was 4.0 years. The weighted-average grant date fair value of options granted for the year ended December 31, 2024 and 2022 was $3.20 and $6.29, respectively, while no options were granted during the 2023 fiscal year. The 2022 awards were granted under the Legacy Plan and required their fair value be adjusted using the exchange ratio. Prior to the Transaction, the 2022 options had no intrinsic value. Cash received for the exercise of stock options for the years ended December 31, 2024, 2023 and 2022 totaled $22,405, $6,291 and $7,224, respectively. Total unrecognized stock option expense as of December 31, 2024 was $3,885 with a weighted-average period over which it is expected to be recognized of 1.1 years. The assumptions used in determining the fair value of options granted during the years ended 2024 and 2022 are below, while no options were granted during the 2023 fiscal year: 2024 2022 Risk-free interest rate 4.26% 1.44% Expected dividend yield NA NA Expected option life 6.00 years 6.25 years Expected price volatility 75.37% 73.98% Time-based RSUs The following table summarizes the activity of our time-based RSUs as of and for the year ended, December 31, 2024: Weighted Average Time-based RSUs Number of RSUs Grant-Date Fair Value Outstanding at December 31, 2023 3,255,317 $ 10.02 Granted 4,685,747 3.33 Vested (1,119,972) 9.89 Forfeited/Expired (1,814,212) 6.79 Outstanding at December 31, 2024 5,006,880 $ 4.95 The fair value of the RSUs that vested during the year ended December 31, 2024 and 2023 totaled $11,072 and $6,016 with only a nominal value in 2022. Total unrecognized RSU expense as of December 31, 2024, was $15,738 with a weighted-average period over which it is expected to be recognized of 0.9 years. On February 28, 2025, under the Company’s 2022 long-term incentive plan, the Board of Directors approved 1,611,357 employee time-based RSU awards, with an aggregate fair value of $27,699, that vest one-third annually starting in February 2026 for a period of three years. Common Unit Appreciation Rights In 2013, NuScale LLC granted its Chief Executive Officer 1,000 common unit appreciation rights (“UARs”). The UARs vested one-third each year on the anniversary of the grant date. Upon exercise of a UAR, the holder would receive common units equal to the excess of the fair value of the common units over the strike price of $0.11 at the grant date multiplied by the number of rights exercised and divided by the fair value of the common unit upon exercise. In February 2022, the NuScale LLC Board of Managers approved a $1,540 cash payment (paid during the three months ended June 30, 2022) in lieu of equity issuance related to the UARs, which triggered recognition of $1,490 of equity-based compensation expense, included in G&A expenses.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes As of December 31, 2024, NuScale Corp holds 44.3% of the economic interest in NuScale LLC, which is treated as a partnership for U.S. federal income tax purposes. As a partnership, NuScale Power, LLC is itself generally not subject to U.S. federal income tax under current U.S. tax laws as its net taxable income (loss) and any related tax credits are passed through to its members and included in their tax returns, even though such net taxable income (loss) or tax credits may not have actually been distributed. NuScale Power Corp is subject to U.S. federal income taxes, in addition to state and local income taxes, with respect to its distributive share of the net taxable income (loss) and any related tax credits of NuScale Power, LLC. For the days and periods prior to the Transaction, NuScale Power, LLC was a partnership. As such, its net taxable loss and any related tax credits were allocated to its members. The Company incurred $1,935 in foreign withholding tax expense for the year ended December 31, 2024, while incurring no income tax expense for the 2023 and 2022 fiscal years. Of this amount, the majority of the income tax expense was incurred in the country of Romania, with only a nominal amount paid to a separate foreign taxing authority. NuScale has not incurred any domestic income tax expense in any year included herein. A reconciliation of income tax expense with amounts computed at the federal statutory tax rate is as follows: Year Ended December 31, 2024 Year Ended December 31, 2023 Computed tax (21%) $ (72,755) $ (37,824) Income tax benefit attributable to NCI $ 43,902 $ 25,568 Change in valuation allowance $ 11,050 $ 20,048 State income tax benefit, net of effect on federal tax $ (1,700) $ (2,831) Non-deductible loss on warrants $ 19,259 $ — Foreign withholding taxes $ 1,935 $ — Other, net (none in excess of 5% of computed tax) $ 244 $ (4,961) Income tax expense $ 1,935 $ — Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Non-current deferred tax assets (liabilities) were as follows: Deferred Taxes Year Ended December 31, 2024 Year Ended December 31, 2023 Deferred Tax Assets: Investment in NuScale Power LLC $ 219,197 $ 142,472 Net operating loss and credit carryforwards $ 30,035 $ 11,919 Capital loss $ 69 $ — Accrued Expenses $ 203 $ 62 Stock Compensation $ 17 $ 7 Total deferred tax assets $ 249,521 $ 154,460 Valuation allowance $ (249,521) $ (154,460) Total $ — $ — Deferred Tax Liabilities (none noted) Net deferred tax asset $ — $ — 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. In making such a determination, the Company considered all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax planning strategies, and recent results of operations. A significant piece of objective negative evidence evaluated was the cumulative loss incurred by NuScale Power, LLC over the three year period ended December 31, 2024. Such objective evidence limits the ability to consider other subjective evidence, such as projections for future growth. After consideration of all these factors, the Company has recorded a full valuation allowance against the deferred tax assets at NuScale Power Corp as of the Transaction and as of December 31, 2024, which will be maintained until there is sufficient evidence to support the reversal of all or some portion of these allowances. The initial recognition of the Company’s deferred tax assets and valuation allowance in connection with the Transaction was recorded to “Additional paid-in capital” on the consolidated balance sheet. As noted above, the valuation allowance completely offset the deferred tax assets of NuScale Power Corp, which resulted in a net zero impact to the Company’s consolidated balance sheet as of the Transaction. As of December 31, 2024, the Company had tax effected U.S. federal net operating loss (“NOL”) and credit carryforwards totaling $25,415, which do not expire, as well as state NOL carryforwards totaling $4,620, which have various expiration dates extending through 2042. Under IRC Section 382, when a corporation undergoes an ownership change, its capacity to utilize historic net operating loss carryforwards against post-change taxable income or tax liability might be limited. Based on the number of Class A common shares sold and the exercise of the Warrants during the 2024 fiscal year, it is likely that the Company does have a limitation under IRC Section 382. Although the impact is still being evaluated, if an ownership change occurred in 2024, it is likely that the amount of NOL that could be deducted in each subsequent year would be reduced. The Company recognizes the financial statement effects of uncertain income tax positions when it is more likely than not, based on the technical merits, that the position will be sustained upon examination. To the extent the Company’s assessment of such tax positions changes, the change in estimate will be recorded in the period in which the determination is made. As of December 31, 2024, the Company has not recorded any uncertain tax positions, as well as any accrued interest and penalties on the consolidated balance sheet. During the year ended December 31, 2024, the Company did not record any interest and penalties in the consolidated statements of operations. 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.

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 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 years ended December 31, 2024, 2023 and 2022 , NuScale incurred expenses for services by Fluor of $4,074, $32,875 and $31,289, respectively. While NuScale had owed no amounts to Fluor as of December 31, 2024, as of December 31, 2023 , NuScale owed Fluor, as Accounts payable and accrued expenses on the consolidated balance sheet, amounts totaling $4,080. For the years ended December 31, 2024, 2023 and 2022 , NuScale earned revenue from Fluor of $4,225, $16,897 and $8,550, respectively. As of December 31, 2024 and 2023, Fluor owes NuScale $3,655 and $2,642, respectively, amounts which are included in Accounts and other receivables on the consolidated balance sheet. For the years ended December 31, 2024,

Commitment and Contingencies

Commitment and Contingencies	12 Months Ended
	Dec. 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 and/or option holders 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 NuScale LLC’s combination with Spring Valley Acquisition Corp. On November 21, 2022, NuScale LLC, along with the other defendants, filed motions to dismiss. Plaintiffs filed a response on January 17, 2023, and NuScale LLC and the other defendants filed a reply on February 14, 2023. A hearing on the motions to dismiss was held on May 17, 2023. On August 3, 2023, the Magistrate Judge 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 this 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, and on June 23, 2024, the Court denied this motion. Subsequent to year end, on February 13, 2025, the parties resolved the lawsuit and the complaint has been dismissed with prejudice. Multiple shareholder class action lawsuits were filed in the U.S. District Court for the District of Oregon against the Company and certain of its current or former officers, namely 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 appointed a lead plaintiff and lead counsel, and plaintiffs filed an amended complaint on April 18, 2024 that makes similar allegations as the original complaints. Defendants’ filed a motion to dismiss on June 17, 2024, and plaintiff filed a brief in opposition on August 1, 2024. Shortly thereafter, plaintiffs indicated they intended to seek leave to file a Second Amended Complaint to add allegations relating to the Company’s disclosure about the SEC inquiry disclosed in this Quarterly Report on Form 10-Q under Part II – Other Information, Item 1. Legal Proceedings . Defendants consented to plaintiffs’ request to amend, with the express caveat that defendants believed the proposed amendment to be futile and defendants would move to dismiss any Second Amended Complaint, including any new allegations. On September 20, 2024, plaintiffs filed the Second Amended Complaint, and on November 1, 2024, defendants moved to dismiss. Plaintiffs responded to Defendants’ motion to dismiss on December 17, 2024, and Defendants filed a reply in support of their motion to dismiss on January 24, 2025. The motion is now pending and awaiting a decision. 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. On December 10, 2024, a purported class action lawsuit titled Tucker v. NuScale Power Corporation, et al. , Case No. 2024-1272-NAC (Del. Ch. Ct.) was filed in the Court of Chancery of the State of Delaware. The lawsuit names the Company, eight current board members and one former board member as defendants. The lawsuit broadly alleges that the Company’s corporate opportunity waiver provision contained in the Company’s Certificate of Incorporation is overbroad and impermissibly waives certain fiduciary duties in contradiction to state statutory law. The named plaintiff seeks injunctive and declaratory relief, certification as class representative, and costs, fees and damages for a to-be certified class of plaintiffs. This lawsuit is in its early stages. In December 2023, the Company received a voluntary request from the SEC’s Denver Regional Office for information relating to its employment, severance, and confidentiality agreements. The Company has responded to those requests and intends to fully cooperate with the SEC. The Company cannot predict the timing or outcome of the SEC’s investigation at this time. In connection with DOE and UAMPS Award 8935, DOE designated NuScale as a subrecipient to UAMPS for the production of NPM 1, while classifying NuScale as a contractor or subcontractor for NPMs 2-12. As part of DOE’s classification of NuScale as a contractor or subcontractor for NPMs 2-12, DOE noted that should NuScale fail to initiate commercial operation of NPM 1, DOE has the right to demand repayment of the fees invoiced for NPMs 2-12. We have established a LLM liability on the consolidated balance sheet associated with this right in the amount of $32,327. On December 20, 2024, NuScale entered into a purchase commitment for additional material to support the development of future NPMs in the amount of $69,289. Under this commitment, the Company will pay $24,251 during the 2025 fiscal year, $34,645 during the 2026 fiscal year and $10,393 during the 2027 fiscal year. Effective January 1, 2025, the Company entered into sales and marketing agreements in the amount of $34,800 for services to be performed ratably over the 2025 fiscal year. From time to time, NuScale enters into technical assistance grant programs with the United States Trade and Development Agency (“USTDA”), whereby the Company receives cost share commitments to support licensing work in foreign markets. Under these programs, NuScale has agreed to pay the USTDA a certain percentage of all revenue earned in a geographic area or associated with a specific contract. Should NuScale earn revenue under the guidelines of these programs, the Company could owe the USTDA for funds previously received, or up to $7,363.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ (136,623)	$ (58,362)	$ (25,914)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended	12 Months Ended
	Dec. 31, 2024 shares	Dec. 31, 2024 shares
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		During the three months ended December 31, 2024, (a) the Company’s chief financial officer, Ramsey Hamady, adopted a plan which is intended to satisfy the affirmative defense of Rule 10b5-1(c) on December 13, 2024, which runs through December 10, 2025, and provides for the aggregate purchase or sale of 40,000 shares, and (b) the Company’s chief technology officer, Jose Reyes, adopted a plan which is intended to satisfy the affirmative defense of Rule 10b5-1(c) on November 13, 2024, which runs through November 14, 2025, and provides for the aggregate purchase or sale of 99,000 shares.
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Ramsey Hamady [Member]
Trading Arrangements, by Individual
Name	Ramsey Hamady
Title	chief financial officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	December 13, 2024
Expiration Date	December 10, 2025
Arrangement Duration	362 days
Aggregate Available	40,000	40,000
Jose Reyes [Member]
Trading Arrangements, by Individual
Name	Jose Reyes
Title	chief technology officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	November 13, 2024
Expiration Date	November 14, 2025
Arrangement Duration	366 days
Aggregate Available	99,000	99,000

Insider Trading Policies and Pr

Insider Trading Policies and Procedures	12 Months Ended
	Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Cybersecurity Risk Management a

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
	Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	The Board of Directors oversees management’s processes for identifying and mitigating risks, including cybersecurity risks, to help align our risk exposure with our strategic objectives. Senior leadership, including our Chief Compliance Officer and Vice President, Information Technology (“IT”), regularly brief the Board of Directors on our cybersecurity and information security posture and the Board of Directors is apprised of any cybersecurity incidents deemed to have a moderate or higher business impact. The Audit Committee of the Board of Directors is briefed by senior leadership, as appropriate, on the cybersecurity of DOE and NRC programs and the security of our business supply chain. Other than oversight of business cybersecurity, the full Board retains oversight of cybersecurity because of its importance to NuScale and the heightened risk in the nuclear power sector. In the event of an incident, we intend to follow our incident response playbook, which outlines the steps to be followed from incident detection to mitigation, recovery and notification, including notifying functional areas (e.g. legal), as well as senior leadership and the Board, as appropriate. Our corporate information security organization, led by our Vice President, IT, is responsible for our overall information security strategy, policy, security engineering, operations and cyber threat detection and response. The current Vice President, IT has extensive information technology and program management experience, has over a decade of experience leading cybersecurity oversight, and others on our IT security team have cybersecurity experience or certifications, such as the Certified Information Systems Security Professional certification. The corporate information security organization manages and continually enhances a robust enterprise security structure with the ultimate goal of preventing cybersecurity incidents to the extent feasible, while simultaneously increasing our system resilience in an effort to minimize the business impact should an incident occur. The corporate information security organization has implemented a governance structure and processes to assess, identify, manage and report cybersecurity risks. For the current reporting period, there have been no incidents that have materially affected or are reasonably likely to materially affect NuScale, including its business strategy, results of operations or financial condition. As a nuclear contractor, we must comply with extensive regulations, including requirements imposed by the DOE and NRC, related to adequately protecting safeguards information and reporting cybersecurity incidents to the DOE and NRC when required. We have implemented cybersecurity policies and frameworks based on industry and governmental standards to align closely with DOE and NRC requirements, instructions and guidance. In addition to following DOE and NRC guidance and implementing pre-existing third party frameworks, we have developed our own practices, which we believe enhance our ability to identify and manage cybersecurity risks. Third parties also play a role in our cybersecurity. We engage third-party services to conduct around the clock monitoring and prevention of suspected malicious activity on company-owned systems, filter all email and web browser activity, provide proactive threat intelligence services, and perform regular evaluations of our security controls, whether through external and internal network penetration testing, physical security assessments, independent audits or consulting. These evaluations include testing both the design and operational effectiveness of security controls. We also share and receive threat intelligence with our nuclear design and construction partners, government agencies, information sharing and analysis centers and cybersecurity associations. Assessing, identifying and managing cybersecurity related risks are integrated into our overall enterprise risk management (“ERM”) process. Cybersecurity related risks are included in the risk universe that the ERM function evaluates to assess top risks to the enterprise on an annual basis. To the extent the ERM process identifies a heightened cybersecurity related risk, risk owners are assigned to develop risk mitigation plans, which are then tracked to completion. The ERM process’s annual risk assessment is presented by the Senior Director, Treasury, SOX, ERM and ESG to the Board of Directors. We rely heavily on our supply chain to deliver our products and services to our customers, and a cybersecurity incident at a supplier, subcontractor or joint venture partner could materially adversely impact us. We assess third party cybersecurity controls through a cybersecurity questionnaire and include security and privacy addendums to our contracts where applicable. We also contractually flow cybersecurity regulatory requirements to our subcontractors as required by government agency-specific requirements. These contractual flow downs include the requirement that our subcontractors implement certain security controls. We also require that our subcontractors report cybersecurity incidents to us so that we can assess the impact of the incident on us. For select suppliers, we engage third-party cybersecurity monitoring and alerting services, and seek to work directly with those suppliers to address potential deficiencies identified. We also make available cybersecurity education and awareness materials and briefings to our suppliers, as necessary. Notwithstanding the extensive approach we take to cybersecurity, we may not be successful in preventing or mitigating a cybersecurity incident that could have a material adverse effect on us. While NuScale Power maintains cybersecurity insurance, the costs related to cybersecurity threats or disruptions may not be fully insured. See Item 1A. “Risk Factors” for a discussion of cybersecurity risks.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	Assessing, identifying and managing cybersecurity related risks are integrated into our overall enterprise risk management (“ERM”) process. Cybersecurity related risks are included in the risk universe that the ERM function evaluates to assess top risks to the enterprise on an annual basis. To the extent the ERM process identifies a heightened cybersecurity related risk, risk owners are assigned to develop risk mitigation plans, which are then tracked to completion. The ERM process’s annual risk assessment is presented by the Senior Director, Treasury, SOX, ERM and ESG to the Board of Directors.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	The Board of Directors oversees management’s processes for identifying and mitigating risks, including cybersecurity risks, to help align our risk exposure with our strategic objectives. Senior leadership, including our Chief Compliance Officer and Vice President, Information Technology (“IT”), regularly brief the Board of Directors on our cybersecurity and information security posture and the Board of Directors is apprised of any cybersecurity incidents deemed to have a moderate or higher business impact. The Audit Committee of the Board of Directors is briefed by senior leadership, as appropriate, on the cybersecurity of DOE and NRC programs and the security of our business supply chain. Other than oversight of business cybersecurity, the full Board retains oversight of cybersecurity because of its importance to NuScale and the heightened risk in the nuclear power sector. In the event of an incident, we intend to follow our incident response playbook, which outlines the steps to be followed from incident detection to mitigation, recovery and notification, including notifying functional areas (e.g. legal), as well as senior leadership and the Board, as appropriate.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our corporate information security organization, led by our Vice President, IT, is responsible for our overall information security strategy, policy, security engineering, operations and cyber threat detection and response.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our corporate information security organization, led by our Vice President, IT, is responsible for our overall information security strategy, policy, security engineering, operations and cyber threat detection and response. The current Vice President, IT has extensive information technology and program management experience, has over a decade of experience leading cybersecurity oversight, and others on our IT security team have cybersecurity experience or certifications, such as the Certified Information Systems Security Professional certification.
Cybersecurity Risk Role of Management [Text Block]	The Board of Directors oversees management’s processes for identifying and mitigating risks, including cybersecurity risks, to help align our risk exposure with our strategic objectives. Senior leadership, including our Chief Compliance Officer and Vice President, Information Technology (“IT”), regularly brief the Board of Directors on our cybersecurity and information security posture and the Board of Directors is apprised of any cybersecurity incidents deemed to have a moderate or higher business impact. The Audit Committee of the Board of Directors is briefed by senior leadership, as appropriate, on the cybersecurity of DOE and NRC programs and the security of our business supply chain. Other than oversight of business cybersecurity, the full Board retains oversight of cybersecurity because of its importance to NuScale and the heightened risk in the nuclear power sector. In the event of an incident, we intend to follow our incident response playbook, which outlines the steps to be followed from incident detection to mitigation, recovery and notification, including notifying functional areas (e.g. legal), as well as senior leadership and the Board, as appropriate.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Our corporate information security organization, led by our Vice President, IT, is responsible for our overall information security strategy, policy, security engineering, operations and cyber threat detection and response.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	The current Vice President, IT has extensive information technology and program management experience, has over a decade of experience leading cybersecurity oversight, and others on our IT security team have cybersecurity experience or certifications, such as the Certified Information Systems Security Professional certification.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	The Board of Directors oversees management’s processes for identifying and mitigating risks, including cybersecurity risks, to help align our risk exposure with our strategic objectives. Senior leadership, including our Chief Compliance Officer and Vice President, Information Technology (“IT”), regularly brief the Board of Directors on our cybersecurity and
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Principles of Consolidation	Principles of Consolidation
Changes in Presentation	Changes in Presentation For the year ended December 31, 2023, $1,855 was reclassified out of Other expenses and into R&D expenses to conform to the current year presentation, while for December 31, 2022, amounts totaling $4,246 and $3,504 were reclassified out of G&A expenses and into R&D expenses and Other expenses, respectively. For the year ended December 31, 2022 , sponsored cost share totaling $177 that was previously included in Interest income has been reclassified to Sponsored cost share to conform to the current year presentation on the accompanying consolidated statements of operations. No such reclassifications were required for the 2023 fiscal year.
Subsequent Events	Subsequent Events The Company follows the guidance of Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 855, Subsequent Events,
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make certain estimates, judgments and assumptions. NuScale believes that the estimates, judgments and assumptions made when accounting for items and matters such as, but not limited to, depreciation, amortization, in-process research and development (“IPR&D”), asset valuations, equity-based compensation and contingencies are reasonable, based on information available at the time they are made. These estimates, judgments and assumptions can affect the reported amounts of assets and liabilities as of the date of the financial statements, as well as amounts reported on the statements of operations during the periods presented. Actual results could differ from those estimates.
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 consolidated balance sheet. Cash equivalents and short-term investments consist of certificates of deposit. These certificates of deposit are classified as held-to-maturity, and the estimated fair value of the investment approximates its amortized cost.
Accounts and Other Receivables	Accounts and Other Receivables Accounts and other receivables include reimbursement requests outstanding from cost share agreements with various entities, interest receivable and commercial accounts receivable associated with other federal projects. The reimbursement requests outstanding from DOE awards are recognized as eligible costs are incurred. Reimbursement under the awards are included in Sponsored cost share in the consolidated statements of operations.
In-process Research and Development	In-process Research and Development IPR&D represents incomplete research and development projects that had not reached technological feasibility as of their acquisition date in 2011. Due to the nature of IPR&D, the expected life is indefinite, and it will be evaluated periodically for attainment of technological feasibility or impairment. Technological feasibility is established when an enterprise has completed all planning, designing, coding and testing activities that are necessary to establish that a product can be produced to meet its design specifications including functions, features and technical performance requirements. IPR&D was concluded to include both fundamental and defensive technologies comprised of OSU-licensed and NuScale-owned patented and unpatented technology and trade secrets. Such technologies are designed to work together in the operation of a nuclear power module. IPR&D is amortized over its estimated useful life once technological feasibility is reached. As the Company has not yet completed all designing, coding and testing activities, management has determined that technological feasibility has not yet been reached. Management has not identified any indicators that would suggest any impairment of the IPR&D. If IPR&D is determined not to have technological feasibility or is abandoned, it will be impaired or written off at such time.
Revenue Recognition	Revenue Recognition In addition to advancing the commercialization of its SMR, the Company provides engineering and licensing services, while also charging licensing fees to customers. The Company recognizes fixed price contract revenue with multiple performance obligations as each obligation is completed. The Company allocates the transaction price to each performance obligation using an estimate of the stand-alone selling price of each distinct service in the contract. For performance obligations satisfied at a point in time we recognize revenue when delivery of the promised good has occurred or the service has been rendered. For performance obligations satisfied over time we use the cost to cost input method to estimate the amount to recognize. Revenue recognized on contracts that has not been billed to customers is classified as a current asset under Accounts and other receivables on the consolidated balance sheet. Amounts billed to clients in excess of revenue recognized are classified as a current liability under Deferred revenue. The Company excludes from its measurement of transaction prices all taxes assessed by governmental authorities that are both (i) imposed on and concurrent with a specific revenue-producing transaction and (ii) collected from customers. Accordingly, such tax amounts are not included as a component of revenue or cost of sales. Customer payments on contracts are typically due within 30 days of billing, depending on the contract. The Company generally provides limited warranties for work performed under its engineering contracts. The warranty periods typically extend for a limited duration following substantial completion of the Company’s work on a project. Historically, warranty claims have not resulted in material costs incurred, and for the periods presented, no warranty liability has been recorded.
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 December 31, 2024
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 short-term investments, prepaid expenses and deposits, accounts payable and accrued expenses approximates fair value due to their short maturities.
Property, Plant and Equipment	Property, Plant and Equipment All additions, including betterments to existing facilities, are recorded at cost. Maintenance and repairs are charged to expense as incurred. When assets are retired or otherwise disposed of, the cost of the assets and the related accumulated depreciation is derecognized with any gain or loss recorded in the year of disposition. Depreciation is based on the estimated useful lives of the assets using the straight-line method. Furniture and fixtures are depreciated over useful lives of seven years. Computer software is depreciated over useful lives of three
Long-Lived Assets	Long-Lived Assets
Goodwill	Goodwill Goodwill is the excess of the purchase price paid over the fair value of the net assets of a business acquired in a purchase business combination. Goodwill is not amortized but is reviewed for impairment annually, on the first day of the fourth quarter, or whenever events or changes in circumstances arise during the year that indicate the carrying amount of goodwill may not be recoverable. Impairment exists when the carrying amount of the reporting unit exceeds its fair value and an impairment loss is recognized.
Warrant Liability	Warrant Liability The Company accounted for the Warrants in accordance with the guidance contained in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 815, Derivatives and Hedging
Equity-Based Compensation	Equity-Based Compensation Our long-term incentive plan provides for grants of nonqualified or incentive stock options, restricted stock award units (“RSU”s) and performance-based award units. Equity-based compensation is measured using a fair value-based method for all equity-based awards. The cost of awarded equity instruments is recognized based on each instrument’s grant-date fair value over the period during which the grantee is required to provide service in exchange for the award. The determination of fair value for nonqualified or incentive stock options requires significant judgment and the use of estimates, particularly with regard to Black-Scholes assumptions such as stock price, volatility and expected option lives to value equity-based compensation, while forfeitures are recognized as incurred. The grant date fair value of RSUs is based on the closing market price of our Class A common stock on the grant date as stated on the NYSE. The option valuation model used to calculate the Company’s options uses the treasury yield curve rates for the risk-free interest rate for a period equal to the expected option life and the simplified method to calculate the expected option life (options qualified as ‘plain vanilla’ under the provisions of Staff Accounting Bulletin 107). Volatility is determined by reference to the actual volatility of several publicly traded companies that are similar to NuScale in its industry sector. The Company does not anticipate paying any cash dividends in the foreseeable future and therefore uses an expected dividend yield of zero in the option valuation model. Forfeitures are recognized as they occur. All equity-based payment awards are amortized on a straight-line basis over the requisite service periods of the awards. Equity-based compensation is recorded as a General and administrative expense and Other expense in the consolidated statements of operations.
Research and Development	Research and Development R&D expenses represent costs incurred for designing and engineering products, including the costs of developing design tools. All research and development costs related to product development are expensed as incurred.
Advertising and Marketing	Advertising and Marketing
Income Taxes	Income Taxes NuScale Corp accounts for income taxes using the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that the deferred tax assets will be realized. Deferred tax assets and liabilities are calculated by applying existing tax laws and the rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in the year of the enacted rate change. The Company accounts for uncertainty in income taxes using a recognition and measurement threshold for tax positions taken or expected to be taken in a tax return, which are subject to examination by federal and state taxing authorities. The tax benefit from an uncertain tax position is recognized when it is more likely than not that the position will be sustained upon examination by taxing authorities based on technical merits of the position. The amount of the tax benefit recognized is the largest amount of the benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. The effective tax rate and the tax basis of assets and liabilities reflect management’s estimates of the ultimate outcome of various tax uncertainties. Once identified, the Company will recognize penalties and interest related to uncertain tax positions within the provision (benefit) for income taxes line in the accompanying consolidated statements of operations. NuScale LLC is a limited liability company treated as a partnership for U.S. federal income tax purposes that is not subject to U.S. federal income tax. As such, its net taxable income or loss and any related tax credits are allocated to its members.
Recent Accounting Pronouncements	Recent Accounting Pronouncements The Company considers the applicability and impact of all Accounting Standards Updates (“ASU”) issued by the FASB. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures (“ASU 2023-07”). ASU 2023-07 requires all public entities, including public entities with a single reportable segment, to provide in interim and annual periods one or more measures of segment profit or loss used by the chief operating decision maker to allocate resources and assess performance. Additionally, the standard requires disclosures of significant segment expenses and other segment items as well as incremental qualitative disclosures. NuScale adopted ASU 2023-07 effective December 31, 2024, on a retrospective basis. The adoption of 2023-07 did not change the way that the Company identifies its reportable segments and, as a result, did not have a material impact on the Company’s segment-related disclosures. Refer to Note 11 for further information on NuScale’s reportable segment. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740) – Improvements to Income Tax Disclosures (“ASU 2023-09”). ASU 2023-09 requires that an entity, on an annual basis, disclose additional income tax information, primarily related to the rate reconciliation and income taxes paid. The amendment in the ASU is intended to enhance the transparency and decision usefulness of income tax disclosures. The ASU’s amendments are effective for annual periods beginning after December 15, 2024. The Company is currently evaluating the impact that adoption of ASU 2023-09 will have on our consolidated financial statements. In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income-Expense Disaggregation Disclosures (“ASU 2024-03”). ASU 2024-03 requires new financial statement disclosures in tabular format, disaggregating information about prescribed categories underlying any relevant income statement expense caption. Qualitative disclosures about any remaining amounts in relevant expense line items must be provided. Separate disclosures of total selling expenses and an entity’s definition of those expenses are also required. ASU 2024-03 is effective for annual periods beginning after December 15, 2026. Early adoption is permitted. The Company is currently evaluating the impact that adoption of ASU 2024-03 will have on our consolidated financial statements.

Equity and Loss Per Share (Tabl

Equity and Loss Per Share (Tables)	12 Months Ended
	Dec. 31, 2024
Noncontrolling Interest And Earnings Per Share [Abstract]
Schedule of Non-Controlling Interests	Following the Transaction, holders of Class A common stock own direct controlling interests 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 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 year ended December 31, As of and for the period from May 2, 2022 through December 31, 2022 2024 2023 NuScale Corp Class A common stock Beginning of period 76,895,166 69,353,019 41,971,380 Exchange of combined interests into Class A common stock 222,369 2,613,788 21,305,891 Issuance of Class A common stock 21,527,146 1,737,378 — Vesting or exercise of equity awards 24,197,793 3,190,981 4,431,824 Vesting of earn out shares — — 1,643,924 End of period 122,842,474 76,895,166 69,353,019 NuScale LLC Class B units (NCI) Beginning of period 154,477,032 157,090,820 178,396,711 Exchange of combined interests into Class A common stock (222,369) (2,613,788) (21,305,891) End of period 154,254,663 154,477,032 157,090,820 Total Beginning of period 231,372,198 226,443,839 220,368,091 Issuance of Class A common stock 21,527,146 1,737,378 — Vesting or exercise of equity awards 24,197,793 3,190,981 4,431,824 Vesting of earn out shares — — 1,643,924 End of period 277,097,137 231,372,198 226,443,839 The ownership percentages of the controlling and noncontrolling interests are as follows: As of and for the year ended December 31, As of and for the period from May 2, 2022 through December 31, 2022 2024 2023 NuScale Corp Class A common stock Beginning of period 33.2 % 30.6 % 19.0 % End of period 44.3 % 33.2 % 30.6 % NuScale LLC Class B units (NCI) Beginning of period 66.8 % 69.4 % 81.0 % End of period 55.7 % 66.8 % 69.4 %
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 period where 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 year ended December 31, As of and for the period from May 2, 2022 through December 31, 2022 2024 2023 Net loss attributable to Class A common stockholders (136,623) (58,362) (25,914) Weighted-average shares for basic and diluted loss per share 93,249,872 73,386,018 50,763,844 Basic and Diluted loss per share of Class A common stock $ (1.47) $ (0.80) $ (0.51) Anti-dilutive securities excluded from shares outstanding: Class B common shares 154,254,663 154,477,032 157,090,820 Stock options 6,365,141 9,565,211 12,224,783 Warrants — 18,458,701 18,458,703 Time-based RSUs 5,006,880 3,255,317 2,140,651 Total 165,626,684 185,756,261 189,914,957

Fair Value Measurement (Tables)

Fair Value Measurement (Tables)	12 Months Ended
	Dec. 31, 2024
Fair Value Disclosures [Abstract]
Fair Value, Liabilities Measured on Recurring Basis	The following table represents the Company’s financial liabilities measured at fair value on a recurring basis for the previous year: (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)	12 Months Ended
	Dec. 31, 2024
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment	Property, plant and equipment consisted of the following: As of December 31, 2024 2023 Furniture and fixtures $ 27 $ 27 Office and computer equipment 5,050 7,274 Software 11,855 14,102 Test equipment 1,165 1,165 Leasehold improvements 2,189 2,293 20,286 24,861 Less: Accumulated depreciation (17,909) (20,745) Add: Assets under development 44 — Net property, plant and equipment $ 2,421 $ 4,116

Revenue (Tables)

Revenue (Tables)	12 Months Ended
	Dec. 31, 2024
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregation of Revenue	Revenue is disaggregated below by the different services currently provided by the Company: For the Twelve Months Ended December 31, 2024 2023 2022 Power Plant and NPM related services $ 36,161 $ 21,120 $ 10,843 Energy Exploration Centers 473 673 253 Other 411 1,017 708 Total $ 37,045 $ 22,810 $ 11,804

Equity-Based Compensation (Tabl

Equity-Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]
Share-Based Payment Arrangement, Option, Activity	The following table summarizes the stock options activity as of and for the period ended December 31, 2024: Weighted Average Aggregate Share Options Number of Shares Exercise Price Intrinsic Value Outstanding at December 31, 2023 9,565,211 $ 4.09 $ 307 Granted 2,909,375 $ 3.20 $ — Exercised (5,214,202) $ 4.30 $ 43,226 Forfeited (636,728) $ 3.35 $ — Expired (258,515) $ 6.24 $ — Outstanding at December 31, 2024 6,365,141 $ 3.90 $ 89,280 Exercisable at December 31, 2024 3,253,332 $ 4.45 $ 43,842 Vested and Expected to Vest at December 31, 2024 6,365,141 $ 3.90 $ 89,280
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions	The assumptions used in determining the fair value of options granted during the years ended 2024 and 2022 are below, while no options were granted during the 2023 fiscal year: 2024 2022 Risk-free interest rate 4.26% 1.44% Expected dividend yield NA NA Expected option life 6.00 years 6.25 years Expected price volatility 75.37% 73.98%
Schedule of Time-based Restricted Stock Units	The following table summarizes the activity of our time-based RSUs as of and for the year ended, December 31, 2024: Weighted Average Time-based RSUs Number of RSUs Grant-Date Fair Value Outstanding at December 31, 2023 3,255,317 $ 10.02 Granted 4,685,747 3.33 Vested (1,119,972) 9.89 Forfeited/Expired (1,814,212) 6.79 Outstanding at December 31, 2024 5,006,880 $ 4.95

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Schedule of Effective Income Tax Rate Reconciliation	A reconciliation of income tax expense with amounts computed at the federal statutory tax rate is as follows: Year Ended December 31, 2024 Year Ended December 31, 2023 Computed tax (21%) $ (72,755) $ (37,824) Income tax benefit attributable to NCI $ 43,902 $ 25,568 Change in valuation allowance $ 11,050 $ 20,048 State income tax benefit, net of effect on federal tax $ (1,700) $ (2,831) Non-deductible loss on warrants $ 19,259 $ — Foreign withholding taxes $ 1,935 $ — Other, net (none in excess of 5% of computed tax) $ 244 $ (4,961) Income tax expense $ 1,935 $ —
Schedule of Deferred Tax Assets and Liabilities	Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Non-current deferred tax assets (liabilities) were as follows: Deferred Taxes Year Ended December 31, 2024 Year Ended December 31, 2023 Deferred Tax Assets: Investment in NuScale Power LLC $ 219,197 $ 142,472 Net operating loss and credit carryforwards $ 30,035 $ 11,919 Capital loss $ 69 $ — Accrued Expenses $ 203 $ 62 Stock Compensation $ 17 $ 7 Total deferred tax assets $ 249,521 $ 154,460 Valuation allowance $ (249,521) $ (154,460) Total $ — $ — Deferred Tax Liabilities (none noted) Net deferred tax asset $ — $ —

The Company (Details)

The Company (Details) $ in Thousands		1 Months Ended
	Jan. 05, 2024 employee	Feb. 29, 2020 USD ($)	Dec. 31, 2024 USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of positions eliminated | employee	154
Transition percentage	28%
Restructuring charges			$ 3,236
Collaborative arrangement, obligated amount to receivable			262,656
Collaborative arrangement, obligated amount			$ 262,655
Nuscale SMR FOAK Nuclear Demonstration Readiness Project Completion
Accounts, Notes, Loans and Financing Receivable [Line Items]
Maximum amount awarded		$ 350,000
Cost share		$ 350
Cost share (as a percent)		50%
Nuscale SMR FOAK Nuclear Demonstration Readiness Project Completion | Government
Accounts, Notes, Loans and Financing Receivable [Line Items]
Cost share		$ 350
Cost share (as a percent)		50%

Merger Transaction - Narrative

Merger Transaction - Narrative (Details) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($) $ / shares shares	Dec. 31, 2024 USD ($) $ / shares shares	Dec. 31, 2023 $ / shares	Dec. 31, 2022 $ / shares	May 02, 2022 USD ($)
Business Acquisition [Line Items]
Right to cancel stock, ratio	1
Recapitalization exchange ratio	1
Sale of stock, number of shares issued in transaction (in shares) | shares	23,700,002
Sale of stock, consideration received on transaction	$ 235,000
Net cash tax savings from certain tax benefits percentage					85%
Net cash tax savings from remaining tax benefits percentage					15%
Spring Valley
Business Acquisition [Line Items]
Cash					$ 341,500
Warrant liabilities					$ 47,500
Class B
Business Acquisition [Line Items]
Common stock, par value (usd per share) | $ / shares	$ 0.0001	$ 0.0001	$ 0.0001	$ 0.0001
Class A
Business Acquisition [Line Items]
Common stock, par value (usd per share) | $ / shares	$ 0.0001	$ 0.0001	$ 0.0001	$ 0.0001
Class B Units
Business Acquisition [Line Items]
Number of units exchanged for common stock (in shares) | shares		24,142,048
Tax receivable agreement, obligation from Class B Units exchange		$ 63,360

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Significant Accounting Policies [Line Items]
Other expenses	$ 48,115,000	$ 57,960,000	$ 51,513,000
Research and development expenses	46,817,000	156,050,000	127,662,000
Restricted cash, current	$ 5,100,000	5,100,000
Prepaid and other assets noncurrent portion		15,000,000
Customer payment period	30 days
Property, plant and equipment, useful life	5 years
Equity-based compensation, fair value assumptions, expected dividend rate	0%
Advertising costs	$ 19,976,000	14,617,000	7,340,000
DOE
Significant Accounting Policies [Line Items]
Collaborative arrangement, cost share	342,000	29,320,000	72,337,000
United State Trade and Development Agency
Significant Accounting Policies [Line Items]
Collaborative arrangement, cost share	6,204,000	23,828,000	177,000
CFPP LLC
Significant Accounting Policies [Line Items]
Collaborative arrangement, cost share	$ 338,000	7,883,000	0
Furniture and fixtures
Significant Accounting Policies [Line Items]
Property, plant and equipment, useful life	7 years
Office and computer equipment
Significant Accounting Policies [Line Items]
Property, plant and equipment, useful life	5 years
Revision of Prior Period, Reclassification, Adjustment
Significant Accounting Policies [Line Items]
Other expenses		(1,855,000)	3,504,000
Research and development expenses		$ 1,855,000	4,246,000
Collaborative arrangement, cost share			177,000
Interest income (expense) reclassified amount			$ 177,000
Minimum | Software
Significant Accounting Policies [Line Items]
Property, plant and equipment, useful life	3 years
Maximum | Software
Significant Accounting Policies [Line Items]
Property, plant and equipment, useful life	5 years

Equity and Loss Per Share - Sch

Equity and Loss Per Share - Schedule of Non-Controlling Interests (Details) - shares	8 Months Ended	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2024	Dec. 31, 2023
Noncontrolling Interest [Roll Forward]
Beginning of period (shares)	220,368,091	231,372,198	226,443,839
Issuance of Class A common stock (shares)	0	21,527,146	1,737,378
Vesting or exercise of equity awards (shares)	4,431,824	24,197,793	3,190,981
Vesting of earn out shares (shares)	1,643,924	0	0
End of period (shares)	226,443,839	277,097,137	231,372,198
Class A
Noncontrolling Interest [Roll Forward]
Beginning of period (shares)	41,971,380	76,895,166	69,353,019
Exchange of combined interests into Class A common stock (in shares)	21,305,891	222,369	2,613,788
Vesting or exercise of equity awards (shares)	4,431,824	24,197,793	3,190,981
Vesting of earn out shares (shares)	1,643,924	0	0
End of period (shares)	69,353,019	122,842,474	76,895,166
Class A | NuScale Corp
Noncontrolling Interest [Roll Forward]
Issuance of Class A common stock (shares)	0	21,527,146	1,737,378
Controlling and Non Controlling Interest [Roll Forward]
Beginning of period	19%	33.20%	30.60%
End of period	30.60%	44.30%	33.20%
Class B
Noncontrolling Interest [Roll Forward]
Beginning of period (shares)	178,396,711	154,477,032	157,090,820
Exchange of combined interests into Class A common stock (in shares)	(21,305,891)	(222,369)	(2,613,788)
End of period (shares)	157,090,820	154,254,663	154,477,032
Class B | NuScale LLC
Controlling and Non Controlling Interest [Roll Forward]
Beginning of period	81%	66.80%	69.40%
End of period	69.40%	55.70%	66.80%

Equity and Loss Per Share - Nar

Equity and Loss Per Share - Narrative (Details) $ / shares in Units, $ in Thousands			2 Months Ended	12 Months Ended
	Dec. 31, 2024 USD ($) vote shares	Nov. 08, 2024 USD ($)	Mar. 03, 2025 USD ($) shares	Dec. 31, 2024 USD ($) vote $ / shares shares	Dec. 31, 2023 USD ($) shares	Dec. 31, 2021 USD ($) shares	Dec. 31, 2022 shares
Noncontrolling Interest [Line Items]
Common unit, vote per share | vote	1			1
Common equivalent ratio				1
Cumulative preferred return				10%
Reverse recapitalization (in shares) | shares				178,396,711
Common stock, vote per share | vote	1			1
Sale of stock, consideration received on transaction | $						$ 235,000
Sale of stock, number of shares issued in transaction (in shares) | shares						23,700,002
Class A
Noncontrolling Interest [Line Items]
Common stock, shares authorized (shares) | shares	332,000,000			332,000,000	332,000,000		332,000,000
Sale of stock, price per share (in dollars per share) | $ / shares				$ 9.76
Class A | ATM Program
Noncontrolling Interest [Line Items]
Sale of stock, consideration received on transaction | $	$ 128,838	$ 200,000
Sale of stock, number of shares issued in transaction (in shares) | shares				3,264,524
Proceeds from issuance of common stock gross | $				$ 71,162
Proceeds from issuance of common stock net | $				$ 69,218
Common stock, shares authorized (shares) | shares	21,735,476			21,735,476
Class A | Previous ATM Program
Noncontrolling Interest [Line Items]
Sale of stock, authorized number of shares (in shares) | shares	20,000,000			20,000,000
Sale of stock, number of shares issued in transaction (in shares) | shares				18,262,622	1,737,378
Proceeds from issuance of common stock gross | $				$ 138,956	$ 10,356
Proceeds from issuance of common stock net | $				$ 135,480	$ 9,836
Class A | Subsequent Event
Noncontrolling Interest [Line Items]
Sale of stock, number of shares issued in transaction (in shares) | shares			4,548,127
Proceeds from issuance of common stock gross | $			$ 102,416
Proceeds from issuance of common stock net | $			$ 99,855

Equity and Loss Per Share - Bas

Equity and Loss Per Share - Basic and Diluted Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	8 Months Ended	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Noncontrolling Interest And Earnings Per Share [Abstract]
Net loss attributable to Class A common stockholders	$ (25,914)	$ (136,623)	$ (58,362)
Net loss attributable to Class A common stockholders	$ (25,914)	$ (136,623)	$ (58,362)
Weighted-average shares for basic loss per share (shares)	50,763,844	93,249,872	73,386,018	50,763,844
Weighted-average shares for diluted loss per share (shares)	50,763,844	93,249,872	73,386,018	50,763,844
Basic loss per share of Class A common stock (usd per share)	$ (0.51)	$ (1.47)	$ (0.80)	$ (0.51)
Diluted loss per share of Class A common stock (usd per share)	$ (0.51)	$ (1.47)	$ (0.80)	$ (0.51)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	189,914,957	165,626,684	185,756,261
Class B common shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	157,090,820	154,254,663	154,477,032
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	12,224,783	6,365,141	9,565,211
Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	18,458,703	0	18,458,701
Time-based RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	2,140,651	5,006,880	3,255,317

Warrant Liabilities (Details)

Warrant Liabilities (Details) - USD ($) $ / shares in Units, $ in Thousands	8 Months Ended	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2024	Dec. 19, 2024	Dec. 31, 2023
Warrants and Rights Note Disclosure [Abstract]
Class of warrant outstanding (shares)		0	599,440	18,458,701
Redemption price (usd per share)			$ 0.01
Number of warrants exercised (in shares)	1,941,297	17,859,261
Proceeds from warrant exchange	$ 22,325	$ 205,375

Fair Value Measurement (Details

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

Accounts and Other Receivables

Accounts and Other Receivables (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Receivables [Abstract]
Interest receivable	$ 1,398	$ 318
Allowance for credit losses	$ 1

Property, Plant and Equipment_2

Property, Plant and Equipment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Less: Accumulated depreciation	$ (17,909)	$ (20,745)
Net property, plant and equipment	2,421	4,116
Depreciation	1,665	2,380	$ 2,521
General and Administrative Expense
Property, Plant and Equipment [Line Items]
Depreciation	318	520	770
Other Expense
Property, Plant and Equipment [Line Items]
Depreciation	1,347	1,860	$ 1,751
Depreciable Property, Plant And Equipment
Property, Plant and Equipment [Line Items]
Total property, plant and equipment gross	20,286	24,861
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	5,050	7,274
Software
Property, Plant and Equipment [Line Items]
Total property, plant and equipment gross	11,855	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	2,189	2,293
Asset under development
Property, Plant and Equipment [Line Items]
Total property, plant and equipment gross	$ 44	$ 0

DCRA, LLM Agreement and Relea_2

DCRA, LLM Agreement and Release Agreement (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Nov. 07, 2023	Mar. 31, 2023
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Restricted cash	$ 5,100	$ 5,100
Purchase of certain long-lead materials	32,327	32,323
Long-lead material work in process	43,388	$ 36,361
CFPP LLC | Long Lead Material Contract
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Long-lead material liability				$ 55,700
Settlement and release agreement, initial payment, agreed amount			$ 49,769
Letters of credit			$ 5,000
Purchase of certain long-lead materials	$ 32,327
Estimated cost percentage	100%	100%
Long-lead material work in process	$ 43,388	$ 36,361

Intangible Assets and Redeema_2

Intangible Assets and Redeemable Common Units (Details) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2015 USD ($) module $ / shares shares	Dec. 31, 2024 USD ($) shares	Dec. 31, 2023 USD ($) shares	Dec. 31, 2022 USD ($) shares	Dec. 31, 2021 shares	Dec. 31, 2007 patent
Federal Home Loan Bank, Advances [Line Items]
Number of patents | patent						3
Cash payment upon execution of agreement	$ 1
On-going quarterly cash payments	$ 25
Current commercial price paid for the first 24 modules sold to commercial customers (as a percent)	0.25%
Number of modules sold under first commercial scale | module	24
Current commercial price paid for the next 12 modules sold to commercial customers (as a percent)	0.15%
Number of modules sold under subsequent commercial scale | module	12
Temporary equity, shares outstanding (in shares) | shares				0	6,000,000
NuScale Corp Class B common stock
Federal Home Loan Bank, Advances [Line Items]
Total Shares (shares) | shares		154,254,663	154,477,032	157,090,820
Oregon State University | Purchase Sale And License Agreement
Federal Home Loan Bank, Advances [Line Items]
Cash payment upon execution of agreement	$ 1
Gross carrying amount	$ 2,462
Expected amortization, year one		$ 177
Expected amortization, year two		177
Expected amortization, year three		177
Expected amortization, year four		177
Expected amortization, year five		177
Temporary equity, shares outstanding (in shares) | shares					6,000,000
Oregon State University | Purchase Sale And License Agreement | Patents
Federal Home Loan Bank, Advances [Line Items]
Gross carrying amount		2,462
Accumulated amortization		$ 1,757	$ 1,580	$ 1,403
Oregon State University | Purchase Sale And License Agreement | Initial Offering
Federal Home Loan Bank, Advances [Line Items]
Shares issued (shares) | shares	2,750,000
Weighted average price per unit (usd per share) | $ / shares	$ 0.25
Oregon State University | Purchase Sale And License Agreement | Secondary Offering
Federal Home Loan Bank, Advances [Line Items]
Shares issued (shares) | shares	3,250,000
Weighted average price per unit (usd per share) | $ / shares	$ 0.45
Oregon State University | Purchase Sale And License Agreement | NuScale Corp Class B common stock
Federal Home Loan Bank, Advances [Line Items]
Total Shares (shares) | shares					6,000,000

Segment Information (Details)

Segment Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) segment	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Segment Reporting [Abstract]
Number of operating segments	1
Number of reportable segments	1
Salaries and wages expense | $	$ 69,130	$ 93,861	$ 74,626

Revenue- Narrative (Details)

Revenue- Narrative (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Revenue from Contract with Customer [Abstract]
Revenue performance obligation outstanding amount	$ 5,000
Fluor
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, stated contract value	$ 35,300

Revenue - Disaggregation of Rev

Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Revenue	$ 37,045	$ 22,810	$ 11,804
Power Plant and NPM related services
Disaggregation of Revenue [Line Items]
Revenue	36,161	21,120	10,843
Energy Exploration Centers
Disaggregation of Revenue [Line Items]
Revenue	473	673	253
Other
Disaggregation of Revenue [Line Items]
Revenue	$ 411	$ 1,017	$ 708

Employee Benefits (Details)

Employee Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Defined Contribution Plan Disclosure [Line Items]
Defined contribution plan expense	$ 2,098	$ 2,691	$ 2,511
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%

Equity-Based Compensation - Nar

Equity-Based Compensation - Narrative (Details) - USD ($)				1 Months Ended		12 Months Ended
	Feb. 28, 2025	Jan. 01, 2023	Jul. 05, 2022	Feb. 28, 2022	Apr. 30, 2013	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2013
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share based compensation expense						$ 13,642,000	$ 16,239,000	$ 10,821,000
Vesting percentage						25%
Increase to share pool, shares		8,972,128
Common stock share percentage		4%
Aggregate fair value						$ 1,063,000	3,213,000	$ 3,673,000
Contractual term, outstanding (in years)						5 years 10 months 24 days
Contractual term, exercisable (in years)						4 years
Weighted average grant date fair value (per share)						$ 3.20		$ 6.29
Options, intrinsic value						$ 0
Exercise of common unit options						22,405,000	6,291,000	$ 7,224,000
Unrecognized stock option expense						$ 3,885,000
Weighted-average period (in years)						1 year 1 month 6 days
General and Administrative Expense
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share based compensation expense						$ 6,581,000	6,509,000	5,197,000
Other Expense
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share based compensation expense						$ 7,061,000	9,730,000	5,624,000
Time-based RSUs
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting percentage					33.33%
Award vesting period						3 years
Weighted-average period (in years)						10 months 24 days
Aggregate fair value of RSUs vested						$ 11,072,000	$ 6,016,000	$ 0
Restricted stock or unit expense						$ 15,738,000
Time-based RSUs | Subsequent Event
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting percentage	33.33%
Award vesting period	3 years
Shares approved (shares)	1,611,357
Shares approved, value	$ 27,699,000
Time-based RSUs | New Directors
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting period						3 years
Time-based RSUs | Independent Directors
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting period						1 year
Common Unit Appreciation Rights (UARs)
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share based compensation expense				$ 1,490,000
Vesting percentage									33.33%
Share based compensation arrangement, number of shares granted (shares)									1,000
Strike price (usd per share)									$ 0.11
Share based compensation arrangement, accrued liability to settle award				$ 1,540,000
Retired Or Over Five Years Experience
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award requisite service period						5 years
Share-Based Payment Arrangement, Tranche One
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award requisite service period						1 year
Share-Based Payment Arrangement, Tranche Two
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award requisite service period						3 years
Class A
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Conversions in period (shares)			14,742,933
Number of shares registered in filing (shares)			17,760,961

Equity-Based Compensation - Pla

Equity-Based Compensation - Plan Activity (Details) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) $ / shares shares
Number of Shares
Outstanding at beginning balance (shares) | shares	9,565,211
Granted (shares) | shares	2,909,375
Exercised (shares) | shares	(5,214,202)
Forfeited (shares) | shares	(636,728)
Expired (shares) | shares	(258,515)
Outstanding at ending balance (shares) | shares	6,365,141
Exercisable (shares) | shares	3,253,332
Vested or expected to vest (shares) | shares	6,365,141
Weighted Average Exercise Price
Outstanding at beginning balance (usd per share) | $ / shares	$ 4.09
Granted (usd per share) | $ / shares	3.20
Exercised (usd per share) | $ / shares	4.30
Forfeited (usd per share) | $ / shares	3.35
Expired (usd per share) | $ / shares	6.24
Outstanding at ending balance (usd per share) | $ / shares	3.90
Exercisable (usd per share) | $ / shares	4.45
Vested or expected to vest (usd per share) | $ / shares	$ 3.90
Aggregate Intrinsic Value
Outstanding at beginning balance | $	$ 307
Exercised | $	43,226
Outstanding at ending balance | $	89,280
Exercisable | $	43,842
Vested and Expected to vest | $	$ 89,280

Equity-Based Compensation - Val

Equity-Based Compensation - Valuation Assumptions (Details)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]
Risk-free interest rate	4.26%	1.44%
Expected option life	6 years	6 years 3 months
Expected price volatility	75.37%	73.98%

Equity-Based Compensation - Sch

Equity-Based Compensation - Schedule of Time-based Restricted Stock Units (Details) - Time-based RSUs	12 Months Ended
	Dec. 31, 2024 $ / shares shares
Number of RSUs
Outstanding at beginning balance (shares) | shares	3,255,317
Granted (shares) | shares	4,685,747
Vested (shares) | shares	(1,119,972)
Forfeited/Expired (shares) | shares	(1,814,212)
Outstanding at ending balance (shares) | shares	5,006,880
Weighted Average Grant-Date Fair Value
Outstanding at beginning balance | $ / shares	$ 10.02
Granted (usd per share) | $ / shares	3.33
Vested (usd per share) | $ / shares	9.89
Forfeited/Expired (usd per share) | $ / shares	6.79
Outstanding at ending balance | $ / shares	$ 4.95

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	May 01, 2022
Income Tax Examination [Line Items]
Foreign income taxes	$ 1,935	$ 0	$ 0
Income tax expense	1,935	0	$ 0
Net operating loss carryforwards	$ 30,035	$ 11,919
NuScale Corp | Class A
Income Tax Examination [Line Items]
Noncontrolling interest, ownership percentage	44.30%	33.20%	30.60%	19%
Domestic Tax Jurisdiction
Income Tax Examination [Line Items]
Net operating loss carryforwards	$ 25,415
Net operating loss carryforwards, subject to expiration	$ 4,620

Income Taxes - Schedule of Effe

Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Computed tax (21%)	$ (72,755)	$ (37,824)
Income tax benefit attributable to NCI	43,902	25,568
Change in valuation allowance	11,050	20,048
State income tax benefit, net of effect on federal tax	(1,700)	(2,831)
Non-deductible loss on warrants	19,259	0
Foreign withholding taxes	1,935	0
Other, net (none in excess of 5% of computed tax)	244	(4,961)
Income tax expense	$ 1,935	$ 0	$ 0
Effective tax rate	5%

Income Taxes - Schedule of Defe

Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Deferred Tax Assets:
Investment in NuScale Power LLC	$ 219,197	$ 142,472
Net operating loss and credit carryforwards	30,035	11,919
Capital loss	69	0
Accrued Expenses	203	62
Stock Compensation	17	7
Total deferred tax assets	249,521	154,460
Valuation allowance	(249,521)	(154,460)
Total	0	0
Deferred Tax Liabilities (none noted)
Net deferred tax asset	$ 0	$ 0

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Related Party Transaction [Line Items]
Related party transaction, amounts of transaction	$ 4,074	$ 32,875	$ 31,289
Revenue	37,045	22,810	11,804
Related Party
Related Party Transaction [Line Items]
Accounts payable and accrued expenses	0	4,080
Revenue	4,225	16,897	$ 8,550
Accounts and other receivables	$ 3,655	$ 2,642
Revenue earned percentage	11.40%	74.10%	72.40%

Commitment and Contingencies (D

Commitment and Contingencies (Details) $ in Thousands	Dec. 10, 2024 member	Sep. 19, 2022 plaintiff	Jan. 01, 2025 USD ($)	Dec. 31, 2024 USD ($)	Dec. 20, 2024 USD ($)	Dec. 31, 2023 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Number of plaintiffs | plaintiff		13
Supply Commitment [Line Items]
Purchase of certain long-lead materials				$ 32,327		$ 32,323
Cost share obligation, amount				7,363
Purchase obligation					$ 69,289
Purchase obligation, to be paid, year one					24,251
Purchase obligation, to be paid, year two					34,645
Purchase obligation, to be paid, year three					$ 10,393
Tucker v. NuScale Power Corporation, et al. | Current Board Members
Supply Commitment [Line Items]
Loss Contingency, Number of Defendants | member	8
Tucker v. NuScale Power Corporation, et al. | Former Board Members
Supply Commitment [Line Items]
Loss Contingency, Number of Defendants | member	1
CFPP LLC | Long Lead Material Contract
Supply Commitment [Line Items]
Purchase of certain long-lead materials				$ 32,327
Subsequent Event
Supply Commitment [Line Items]
Purchase of services, committed amount			$ 34,800