NuScale Power (NYSE: SMR) stock has fallen approximately 75% over the past 12 months. Motley Fool analysis suggests the company may soon begin construction on the world's largest small modular reactor (SMR) nuclear facility, but its customers have not yet signed a financially binding agreement. NuScale's CFO previously stated that the agreement was expected to be signed by the end of 2026, but could be delayed until early 2027. The analysis notes that if the agreement is signed, it would validate NuScale's business model; otherwise, its investment thesis could collapse.