At the end of 2023, it was readily apparent that bears had been a lot more energized with clicking the sell button on NuScale Power (SMR -6.61%) stock than bulls were interested in energizing their portfolios with it: Shares plunged 68% in 2023. But in 2024, the market took note of NuScale Power's potential as a nuclear power solution for data centers struggling to keep up with the extraordinary power demands that artificial intelligence (AI) computing placed on them.

According to data from S&P Global Market Intelligence, NuScale Power stock skyrocketed 445% in 2024.

What fueled the rise in NuScale Power stock?

Beginning 2024 on an inauspicious note, shares of NuScale Power fell 5.8% from the start of the year through February. But then March roared in like a lion, and shares began to reverse their slide. On March 14, for example, NuScale Power reported fourth-quarter 2023 financial results after hours, including news that it had begun manufacturing its NuScale Power Modules. The following day, shares soared more than 8%. The real catalyst for the stock's 54% rise in March, however, came on March 18, when Canaccord Genuity analysts upped their price target on NuScale stock to $8 from $4.25.

It didn't take long before shares of NuScale Power jumped again in a big way. In May, investors learned that Standard Power was interested in using NuScale Power's small module reactors for its data centers in Ohio and Pennsylvania. That contributed to a 51% rise in the stock in May. Shortly thereafter, investors again felt motivated to power their portfolios with NuScale Power stock when the U.S. government recognized nuclear power as a viable solution to tackling the country's increasing power demands. The stock, as a result, soared 34% in June.

Investors remained bullish on the stock for the remainder of 2024, given the news that Amazon and Alphabet were exploring nuclear power as an option to sate the high power demands resulting from AI, coupled with optimism in November that President-Elect Trump will express interest in fostering growth in the nuclear industry during his administration.

Has the time passed to purchase shares of NuScale Power?

While the S&P 500 has dipped nearly 1% lower since the start of 2025, investors have maintained their support for NuScale Power stock and driven it about 5% higher. Since an investment in NuScale Power is highly speculative -- it hasn't commenced commercial operations of its small modular reactors, and it's far from profitable -- only those with an ample tolerance for risk should consider buying this stock. Yet those interested in gaining nuclear power exposure may choose a more conservative route such as a nuclear power exchange-traded fund.