NUSCALE POWER CorpSMR

NUSCALE POWER Corp Fair Value Disclosure

10-KFiled Feb 26, 20262 min read
Fair Value Measurement
The carrying amount of certain financial instruments, including deposits, accounts payable and accrued expenses, approximates fair value due to their short maturities. Our cash equivalents consist of money market funds denominated in U.S. dollars and certificates of deposit (“CDs”), while our Short-term investments consist of CDs, with the CDs maturing within one year. Our investments include United States Government Mortgage-backed Securities (“U.S. Government Securities”) and Corporate Bonds issued by major United States banks (“Corporate Bonds”), with maturity dates greater than one year but less than five years. The U.S. Government Securities and Corporate Bonds are all rated A1 or above and are classified as held-to-maturity and carried at amortized cost, as the Company has the intent and the ability to hold them until they mature. The carrying values of the U.S. Government Securities and Corporate Bonds are adjusted for accretion of discounts over the remaining life of the investment, while interest or investment income are recognized in investment income in the Company’s consolidated statement of operations. All of the Company’s CDs, U.S. Government Securities and Corporate Bonds were valued using quoted prices for identical instruments in other markets.

In determining the allowance for expected credit losses under ASC 326, Credit Losses, the credit quality and collectability of each class of financial assets are evaluated. For our U.S. Government Securities, CDs and Corporate Bonds, based on the maturity of the instruments and the strong credit ratings and historical performance of the counterparty, analysis indicates a minimal probability of default, and therefore, the expected credit loss is considered to be negligible.

The following table represents the Company’s financial assets measured at fair value on a recurring basis at December 31, 2025, while no such financial instruments were held at December 31, 2024:
Amortized Cost BasisFair Value Measurements Using
Level 1Level 2Level 3Total
Cash Equivalents:
  Certificates of Deposit255,000 — 255,093 — 255,093 
  Money Market Accounts402,909 402,909 — — 402,909 
Short-term Investments:
  Certificates of Deposit417,800 — 418,374 — 418,374 
Investments:
   U.S. Government Securities
5,865 — 5,862 — 5,862 
   Corporate Bonds27,089 — 27,096 — 27,096 
Total as of December 31, 20251,108,663 402,909 706,425 — 1,109,334 

Unrealized holding gains for CDs total $667, with only negligible holding gains for Corporate Bonds and negligible holding losses for U.S. Government Securities as of December 31, 2025. Excluded from the amortized cost basis above is $1,549 of accrued interest, which is included in Accounts and other receivables on the consolidated balance sheet.

Historical Timeline

Fiscal YearFiled
2025Feb 26, 2026Showing above
2024Mar 3, 2025
2023Mar 15, 2024
2022Mar 16, 2023
2021Mar 10, 2022
2020Mar 31, 2021

About Fair Value Disclosures

Fair value disclosures classify all assets and liabilities measured at fair value into a three-level hierarchy: Level 1 (quoted market prices), Level 2 (observable inputs like yield curves), and Level 3 (unobservable inputs requiring management estimates). The proportion of Level 3 assets directly reflects how much of the balance sheet depends on internal models rather than market evidence.

Key signals: a growing Level 3 balance relative to total fair-value assets increases valuation uncertainty and earnings volatility risk. Watch for transfers between levels — assets moving from Level 2 to Level 3 often signal deteriorating market liquidity. Unrealized gains and losses on Level 3 positions flow through earnings or other comprehensive income, so large swings deserve scrutiny. For financial institutions, examine the sensitivity disclosures that show how Level 3 valuations change under alternative assumptions. Compare the fair value of debt against its carrying amount to gauge hidden leverage.

Other Available Disclosures

Income TaxesRevenuePP&ELeasesSegmentsDebtCommitmentsStock CompensationNew Standards