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Filed pursuant to Rule 424(b)(5)

Registration No. 333-289467

PROSPECTUS SUPPLEMENT
(To prospectus dated August 11, 2025)

NuScale Power Corporation

Up to $750,000,000 of Class A Common Stock

We have entered into a sales agreement (the “Sales Agreement”) with UBS Securities LLC (“UBS”), B. Riley Securities, Inc. (“B. Riley”), Canaccord Genuity LLC (“Canaccord”), Craig-Hallum Capital Group LLC (“Craig-Hallum”), TCBI Securities, Inc., doing business as Texas Capital Securities (“TCS”), and Tuohy Brothers Investment Research, Inc. (“Tuohy Brothers”) relating to shares of our Class A Common Stock, with a par value of $0.0001 per share (“Class A Common Stock”), offered by this prospectus supplement and the accompanying prospectus. We refer to each of UBS, B. Riley, Canaccord, Craig-Hallum, TCS and Tuohy Brothers as a “sales agent” and collectively as the “sales agents.” In accordance with the terms of the Sales Agreement, we may offer and sell shares of our Class A Common Stock having an aggregate offering price of up to $750,000,000 from time to time through or to each sales agent acting as our agent or principal. We have completed sales of all shares of Class A Common Stock available under our prior “at the market offering” program pursuant to our sales agreement, dated as of February 26, 2026.

Sales of our Class A Common Stock, if any, under this prospectus supplement and the accompanying prospectus will be made in negotiated transactions, including block trades or block sales, or by methods permitted by law deemed to be “at the market offerings” as defined in Rule 415(a)(4) promulgated under the Securities Act of 1933, as amended (the “Securities Act”), or by any other method permitted by law. The sales agents are not required to sell any specific amount of securities, but will act as our sales agents using commercially reasonable efforts consistent with their normal trading and sales practices, on mutually agreed terms between the sales agents and us. There is no arrangement for funds to be received in an escrow, trust or similar arrangement.

The compensation to the sales agents for sales of Class A Common Stock sold pursuant to the Sales Agreement will be an amount up to 2.0% of the gross proceeds of any shares of Class A Common Stock sold under the Sales Agreement. In connection with the sale of the Class A Common Stock on our behalf, the sales agents may be deemed to be “underwriters” within the meaning of the Securities Act and the compensation of the sales agents may be deemed to be underwriting commissions or discounts. We have also agreed to provide indemnification and contribution to the sales agents with respect to certain liabilities, including liabilities under the Securities Act or the Securities Exchange Act of 1934, as amended (the “Exchange Act”).

Our business and an investment in our Class A Common Stock involve significant risks. These risks are described under the caption “Risk Factors” beginning on page S-6 of this prospectus supplement and in the documents incorporated by reference into this prospectus supplement and the accompanying prospectus.

Our Class A Common Stock is listed on the New York Stock Exchange (“NYSE”) and trades under the symbol “SMR.” On August 10, 2026, the closing sale price of our Class A Common Stock was $9.18 per share.

Neither the Securities and Exchange Commission (“SEC”) nor any state securities commission has approved or disapproved of these securities or passed upon the accuracy or adequacy of this prospectus supplement. Any representation to the contrary is a criminal offense.

UBS Investment
Bank

B. Riley
Securities

Canaccord Genuity

Craig-Hallum

Texas Capital Securities

Tuohy Brothers

The date of this prospectus supplement is August 11, 2026.

	Page
PROSPECTUS SUPPLEMENT
ABOUT THIS PROSPECTUS SUPPLEMENT		S-1
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS		S-2
PROSPECTUS SUPPLEMENT SUMMARY		S-4
OUR COMPANY		S-4
OUR PRINCIPAL EXECUTIVE OFFICES		S-4
THE OFFERING		S-5
RISK FACTORS		S-6
USE OF PROCEEDS		S-9
DILUTION		S-10
PLAN OF DISTRIBUTION		S-11
LEGAL MATTERS		S-13
EXPERTS		S-13
WHERE YOU CAN FIND MORE INFORMATION; INCORPORATION OF DOCUMENTS BY REFERENCE		S-14

	Page
PROSPECTUS
ABOUT THIS PROSPECTUS		ii
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS		iii
NUSCALE POWER CORPORATION		1
RISK FACTORS		2
USE OF PROCEEDS		3
DESCRIPTION OF CAPITAL STOCK		4
DESCRIPTION OF DEPOSITARY SHARES		9
DESCRIPTION OF DEBT SECURITIES		12
DESCRIPTION OF WARRANTS		19
DESCRIPTION OF UNITS		21
PLAN OF DISTRIBUTION		22
LEGAL MATTERS		25
EXPERTS		25
WHERE YOU CAN FIND MORE INFORMATION; INCORPORATION OF DOCUMENTS BY REFERENCE		26

Assumed public offering price per share			$	9.18
Net tangible book value per share as of June 30, 2026	$	4.63
Increase in net tangible book value per share attributable to investors participating in this offering	$	0.71
As-adjusted net tangible book value per share after giving effect to this offering			$	5.33
Dilution per share to investors purchasing our common stock in this offering			$	3.85