NuScale Power maintains a strong liquidity position with roughly $1.9 billion in cash, equivalents, and investments as of mid-2026 and no debt, following a $1.64 billion Series C raise and nearly $1 billion from at-the-market equity sales. This buffers against ongoing operating losses and R&D spending on its 77-MW small modular reactor design, the only one with U.S. Nuclear Regulatory Commission Standard Design Approval. Key catalysts include progress toward a potential power purchase agreement with the Tennessee Valley Authority via partner ENTRA1 for up to 6 GW, advancing the RoPower project in Romania, and recent supply-chain milestones such as boron-oxide pellet fabrication. These factors, alongside typical pre-revenue SMR commercialization risks and dilution, shape trader views on any near-term bankruptcy filing.