SCHEDULE: BlackRock Discloses 3.4% Stake in NuScale Power

BlackRock, Inc. has filed an amended Schedule 13G, reporting a 3.4% beneficial ownership stake in NuScale Power Corp's Class A Stock as of December 31, 2025.

Summary

• BlackRock, Inc. beneficially owns 9,726,638 shares of NuScale Power Corp's Class A Stock.
• This represents 3.4% of the total outstanding Class A Stock of NuScale Power Corp.
• BlackRock, Inc. holds sole voting power over 9,510,847 shares and sole dispositive power over 9,726,638 shares.
• The filing is an Amendment No. 1 to a Schedule 13G, indicating a passive investment in the ordinary course of business, not for the purpose of changing or influencing control of the issuer.
• Several BlackRock subsidiaries, including BlackRock Advisors, LLC and BlackRock Investment Management, LLC, are identified as entities through which beneficial ownership is held.

Sentiment

Score: 6

Explanation: The filing confirms BlackRock's continued significant passive investment in NuScale Power Corp, indicating ongoing institutional confidence in the company without suggesting any change in investment strategy or control.

Positives

• Continued significant institutional ownership by BlackRock, a major global asset manager, signals ongoing investor interest in NuScale Power Corp.
• The passive nature of the investment, as certified by BlackRock, indicates no intent to influence or seek control, which can provide stability for current management and long-term shareholders.

Future Outlook

No forward-looking statements or guidance from NuScale Power Corp are provided in this beneficial ownership disclosure. BlackRock's filing indicates its intent to hold the securities in the ordinary course of business.

Management Comments

• BlackRock, Inc. certifies that the securities were acquired and are held in the ordinary course of business and not for the purpose or with the effect of changing or influencing the control of NuScale Power Corp.

Industry Context

This filing reflects continued institutional interest in NuScale Power Corp from a major asset manager, which is a common occurrence for publicly traded companies. It does not provide specific insights into NuScale's operational performance or broader industry trends.

Comparison to Industry Standards

• Not applicable as this filing is a beneficial ownership disclosure, not an operational or financial performance report of NuScale Power Corp.

Stakeholder Impact

• Shareholders benefit from transparency regarding significant institutional holdings, which can signal confidence from major asset managers.
• The passive nature of BlackRock's investment indicates no immediate intent to influence corporate strategy or governance, which may be viewed positively by current management and long-term investors.

Next Steps

• BlackRock, Inc. will continue to file amendments to its Schedule 13G as required by SEC regulations if its beneficial ownership percentage changes significantly or if its investment intent shifts.

Key Dates

Recommendation

This Schedule 13G filing from BlackRock, Inc. indicates a passive beneficial ownership of 3.4% in NuScale Power Corp. While it confirms continued institutional interest, it does not provide new operational or financial data about NuScale that would warrant a change in investment thesis. Therefore, a 'hold' recommendation is appropriate, maintaining current positions based on existing fundamental analysis of NuScale's business.

Keywords

NuScale Power, BlackRock, Schedule 13G, Beneficial Ownership, Class A Stock, Institutional Investor