Majority Shareholder Sells 15 Million NuScale Power (SMR) Shares for $605 Million

Fluor Corp. completed the sale of 15 million Class A common shares of NuScale Power (SMR) for $605 million, capitalizing on NuScale's over 300% share appreciation since its 2022 IPO. Despite this significant divestment, Fluor, a majority shareholder, retains a 39% equity stake in NuScale through its Class B holdings and plans to use the proceeds to bolster its share repurchase program, signaling a strategic profit-taking move rather than a loss of confidence in NuScale's long-term prospects.

Analysis

Fluor Corp. (FLR) completed the sale of 15 million Class A common shares of NuScale Power (SMR) for $605 million, at a weighted average price of $40.57 per share, as part of a series of open-market transactions concluding on October 8, 2025. This significant divestment by a majority shareholder follows NuScale's share price appreciation exceeding 300% since its May 2022 initial public offering.

Fluor's strategic move is primarily profit-taking, leveraging the substantial gains from its early investment in NuScale. The proceeds from this sale, with approximately $364 million included in Q3 cash, are earmarked to bolster Fluor's ongoing share repurchase program, signaling a commitment to capital returns for its own shareholders.

Despite the Class A share disposition, Fluor maintains a substantial 39% equity ownership in NuScale through its Class B units, retaining its position as a majority shareholder. Fluor management reassured investors that this action is strategic and does not reflect a loss of confidence in NuScale's long-term prospects, which center on developing and licensing small modular reactor technology for clean energy. The controlled nature of the sales also aimed to minimize market disruption for SMR.

Key Decisions for Investors

• Investors in NuScale (SMR) should note Fluor's continued 39% equity ownership and management's explicit reassurance, which mitigates concerns about a loss of strategic support despite the Class A share sale.
• Fluor (FLR) shareholders can anticipate direct capital returns via an bolstered share repurchase program, funded by the NuScale divestment, while retaining significant exposure to NuScale's long-term growth potential through its Class B holdings.
• Monitor NuScale's progress in securing contracts and achieving operational milestones, given its current $6.4 billion market capitalization relative to its $56.1 million TTM revenue, to assess the justification for its valuation following significant insider profit-taking.