[Form 4] NuScale Power Corporation Insider Trading Activity

Rhea-AI Filing Summary

Fluor Corporation reported on Form 4 that its affiliate holdings in NuScale Power Corp (SMR) changed on 08/12/2025. The filing shows a transaction coded C acquiring 15,000,000 Class A shares (via exchange of Class B units and Class B common stock) and records the same 15,000,000 Class A shares as newly acquired. After the reported transaction, Fluor-affiliated entities beneficially own a total of 111,400,219 shares of Class A common stock (directly or indirectly through Class B units and Class B common stock exchangeable into Class A). Ownership is held of record by Fluor Enterprises, Inc. and NuScale Holdings Corp., both tied to Fluor Corporation.

Positive

• Material disclosure of ownership change: The filing clearly reports acquisition of 15,000,000 Class A shares, increasing transparency about Fluor-affiliated holdings.
• Substantial combined stake: Fluor-linked entities now beneficially own 111,400,219 Class A-equivalent shares, a clearly reported, sizable position.

Negative

• No price or open-market activity disclosed: The Form 4 records an exchange/conversion (code C) but does not show cash purchase price or market transactions, limiting assessment of market impact.
• Limited context on intent: The filing does not state whether this reclassification affects voting control or strategic plans, leaving investors without intent clarity.

Insights

Securities Analyst

TL;DR: Fluor increased its beneficial stake in NuScale by a material 15 million Class A shares, raising total Fluor-linked holdings above 111 million shares.

The Form 4 documents a significant internal ownership movement within Fluor-related entities resulting in the acquisition of 15,000,000 Class A shares of NuScale (SMR) on 08/12/2025 via conversion of Class B units/common stock. This is a material block relative to typical insider transactions and raises Fluor's combined beneficial position to 111.4 million Class A-equivalent shares. For investors, the filing clarifies record ownership and the mechanics of exchangeable Class B instruments; it does not disclose any open-market purchases or sales, nor indicate changes in control intent. The transaction is recorded as indirect ownership through Fluor Enterprises, Inc. and NuScale Holdings Corp.

Corporate Governance Expert

TL;DR: The filing documents a corporate-entity conversion that increases Fluor-affiliated beneficial ownership materially without signaling an external market transaction.

This Form 4 shows an internal reclassification/conversion of Class B units and Class B common stock into Class A common stock comprising 15,000,000 Class A shares recorded as acquired. The disclosure appropriately identifies the reporting persons and record owners (Fluor Enterprises, Inc. and NuScale Holdings Corp.) and indicates indirect ownership structure. From a governance perspective, the filing clarifies potential voting and economic exposure shifts tied to exchangeable units but contains no explicit statements about corporate control actions or changes to board composition. The filing is compliant in format and scope for Section 16 reporting.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

FLUOR CORP

(Last) (First) (Middle)

6700 LAS COLINAS BLVD.

(Street)

IRVING TX 75039

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
NUSCALE POWER Corp [ SMR ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
08/12/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Class A Common Stock	08/12/2025		C		15,000,000	A	(1)	15,000,000	I	See footnote(2)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Class B Units and Class B Common Stock	(1)	08/12/2025		C			15,000,000	(1)	(1)	Class A Common Stock	15,000,000	(1)	111,400,219	I	See footnote(2)

Explanation of Responses:

1. Each Class B unit of NuScale Power, LLC, an Oregon limited liability company and a wholly owned subsidiary of the Issuer ("Class B Units"), together with one share of Class B common stock, par value $0.0001 per share, of the Issuer ("Class B Common Stock"), is exchangeable into one share of Class A common stock, par value $0.0001 per share, of the Issuer ("Class A Common Stock") with no expiration date.

2. 15,000,000 shares of Class A Common Stock, 110,936,472 Class B Units and 110,936,472 shares of Class B Common Stock are owned of record by Fluor Enterprises, Inc., which is a wholly owned subsidiary of Fluor Corporation, whose principal business address is 6700 Las Colinas Boulevard, Irving, Texas 75039. 463,747 Class B Units and 463,747 shares of Class B Common Stock are owned of record by NuScale Holdings Corp., which is majority owned by Fluor Enterprises, Inc.

Remarks:

	/s/ Kevin B. Hammonds, Executive Vice President, Chief Legal Officer and Corporate Secretary	08/14/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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FAQ

What transaction did Fluor report on the NuScale (SMR) Form 4?

The Form 4 reports a code C transaction on 08/12/2025 by Fluor-affiliated entities converting/exchanging Class B units and Class B common stock into 15,000,000 Class A shares of NuScale.

How many NuScale shares do Fluor-linked entities beneficially own after the transaction?

Following the reported transaction, Fluor Enterprises, Inc. and related entities beneficially own 111,400,219 Class A-equivalent shares (including underlying exchangeable Class B units).

Who holds the shares of record according to the filing?

The filing states that Fluor Enterprises, Inc. owns 15,000,000 Class A shares and larger blocks of Class B units/common stock; NuScale Holdings Corp. owns 463,747 Class B units and Class B common stock.

Does the Form 4 show any open-market purchases or sales?

No. The transaction is coded as an exchange/conversion (code C), not an open-market purchase or sale; no price or market-trade details are provided.

Are there any indications of a change in control of NuScale in this filing?

The filing discloses increased beneficial holdings by Fluor-affiliated entities but does not state or disclose any change in control or intent regarding corporate governance.