An analysis found that NuScale Power’s diluted weighted-average share count rose approximately 173% from Q2 2025 to Q2 2026. The increase was largely driven by at-the-market (ATM) stock offerings used to raise capital.
NuScale, which remains pre-revenue, reported negative cash from operations of $58.18 million in Q2 2026. The company recently filed for another ATM program to raise up to $750 million.
The ongoing need for capital and resulting dilution are concerns for investors, particularly because the new offering is being carried out at a lower stock price than previous raises.