Fluor Offloads $600 Million in NuScale Shares Over Several Days

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Fluor Corporation (FLR) disclosed in an SEC Form 4 filing that between September 30 and October 7, 2025, it sold a total of 15 million Class A shares of NuScale Power (SMR), generating about $605 million in proceeds.
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This series of transactions marks a major monetization step for Fluor, which has been NuScale’s majority investor since its early development phase. The company still retains about 111 million Class B units, maintaining roughly 39% ownership in the small modular reactor pioneer.
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While the move surprised some investors, the motivations behind the sale appear strategic—and well timed.
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A Planned Monetization, Not an Exit

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Fluor clarified that this was not a total exit from NuScale. As of the sale date, the company still held about 111 million Class B units, representing roughly 39% equity ownership and voting control over NuScale.
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According to Fluor’s October 8 press release, the sale proceeds would be used primarily to enhance its ongoing share repurchase program. Fluor also emphasized that the transaction was executed in a tax-efficient manner, utilizing existing attributes to minimize taxable gains.
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The transaction followed the expiration of a lock-up agreement and was part of a previously announced plan to exchange Class B units for Class A shares, allowing Fluor to monetize part of its NuScale holdings.

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The Strategic Backdrop

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Fluor’s financial posture going into Q4 2025 was solid. As of Q2, the company reported $2.5 billion in cash and equivalents and modest debt levels. The sale wasn’t about raising emergency funds—it was about smart capital allocation.
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Notably, the divestiture came just days after activist investor Starboard Value LP disclosed a 5% stake in Fluor (filed on October 2, 2025), urging management to unlock value from its NuScale position. Selling $600 million worth of stock at a high valuation was likely well-received by both institutional investors and Wall Street analysts.
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In its Q2 2025 earnings call (held August 4, 2025), Fluor signaled capital return would be a top priority, having already repurchased $153 million in shares that quarter. The NuScale transaction amplifies that effort.

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Why October?

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Timing wasn’t accidental. In the months leading up to the sale, NuScale’s momentum accelerated:
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• On May 1, 2025, the U.S. Nuclear Regulatory Commission (NRC) approved NuScale’s 77 MWe uprated reactor design, a major technical milestone.
  
  
• On July 22, 2025, NuScale announced a partnership with the Tennessee Valley Authority and ENTRA1 Energy to develop a 6 GW fleet of SMRs, the largest deployment program in U.S. history.
  
  
• On October 7, 2025, just one day before Fluor’s sale, the U.S. Army launched the “Janus Program” to fast-track SMR installations at military bases—further boosting investor enthusiasm.
  
  

These developments sent NuScale’s stock to new highs, climbing into the $40–$50 range by early October. Given that the company had gone public via SPAC in 2022 with an initial valuation far below current levels, Fluor’s timing to sell into strength was tactically sharp.

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Conclusion

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Fluor’s October 8 sale of $605 million worth of NuScale stock represents a savvy balance between realizing gains and retaining upside. The company still holds a substantial position in NuScale and hinted it’s evaluating mechanisms to allow direct benefit to Fluor shareholders from the remaining stake.
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Rather than signaling a lack of faith in SMRs or NuScale, the move shows how a legacy engineering firm like Fluor is actively managing its portfolio—and responding to shareholder calls for value creation.
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With NuScale riding high on regulatory wins and federal energy initiatives, the story is far from over. But for now, Fluor has pocketed a significant return while sending a clear message: it’s serious about returning capital to shareholders and optimizing its balance sheet.