Shares of NuScale Power (SMR 8.69%) continue to stun investors. After an astounding run-up in 2024, the nuclear energy stock jumped another 33% in January, according to data provided by S&P Global Market Intelligence, and is up 41% year to date as of this writing.

Donald Trump's second term in the White House may have sent waves of panic through clean energy companies, but investors in nuclear energy are happy to have him back as the president. NuScale Power stock in particular has been on fire given the company's expertise in small modular reactors (SMRs) -- which even the International Energy Agency (IEA) has now acknowledged.

These two factors sent NuScale Power stock surging

The IEA released a report in January highlighting nuclear energy's role in addressing climate change and energy security concerns. The IEA projects global nuclear energy generation to hit an all-time high in 2025 and expects SMR technology to be a major growth catalyst in the long run. It even expects the first commercial SMR project to start operation by 2030.

SMRs are advanced, scalable nuclear reactors that are smaller compared to traditional nuclear reactors and are modular and can therefore be built at locations that aren't suitable for large reactors. Such modular reactors, therefore, could be a huge help in addressing the problem of having steady and reliable power, even in remote locations.

NuScale's SMR design is also the first to be certified by the U.S. Nuclear Regulatory Commission. The IEA report states some companies are on the "leading edge" of SMR development, including NuScale Power.

Meanwhile, President Trump issued several executive orders within his first few days in office, including one to halt federal funding for clean energy projects that were awarded billions of dollars by the Biden administration.

Trump aims to do away with all "agency actions" that "impose an undue burden on the identification, development, or use of domestic energy resources -- with particular attention to oil, natural gas, coal, hydropower, biofuels, critical mineral, and nuclear energy resources." In other words, he is advocating the use of traditional sources like fossil fuels and remains a nuclear energy supporter.

The IEA report and Trump's expected pro-nuclear stand triggered a buying frenzy in NuScale Power stock and drove it to the skies.

The stock is riding high expectations

The stock just received an upgrade from B. Riley Financial analyst Ryan Pfingst, who doubled its price target to $28 per share from $14. With nuclear supporter Chris Wright confirmed to be the energy secretary, Pfingst is even more bullish about some nuclear energy stocks, including NuScale.

Although the company's fourth-quarter and full-year numbers aren't coming up until Feb. 27, investors are betting on global nuclear power growth now and expect NuScale Power to be a key beneficiary, even though the company is yet to commercialize any project.