NuScale Power maintains a robust liquidity position with approximately $1.9 billion in cash, equivalents, and investments and zero debt as of June 30, 2026, despite ongoing operating losses and minimal revenue from its small modular reactor (SMR) development. Heavy cash burn stems from milestone payments to partner ENTRA1 Energy and R&D, offset by nearly $1 billion in recent equity raises that expanded share count. Recent progress includes a September 2026 manufacturing milestone fabricating boron-oxide pellets for the passive emergency cooling system, while non-binding discussions advance with the Tennessee Valley Authority for a potential multi-gigawatt deployment. No regulatory filings or announcements signal distress, contrasting with a peer SMR developer's prior Chapter 11 process. Key near-term catalysts involve securing firm power purchase agreements and supply chain validation ahead of early-2030s deployments.