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  "documentTitle": "Multiple (BILL Holdings, Tripadvisor, Fluor Corporation)",
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  "notes": "The slide uses a timeline framework to establish the long-term strategic relationship between Fluor and NuScale.",
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      "text": "We believe Fluor's early investment and sustained involvement positioned NuScale to become a leader in small modular reactors",
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      "text": "stake value: $4bn",
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      "text": "Fluor invested in NuScale more than a decade ago, and its early investment and exclusive EPC partnership were pivotal in evolving NuScale from a laboratory concept to the first U.S.-listed small modular reactor company.",
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      "text": "Source: Public company filings, company websites, Capital IQ. Market data as of October 17, 2025. (1) Calculated as NuScale's closing share price of $44.25 multiplied by Fluor's ownership of 111.4mm shares minus $1,035mm in taxes (assuming a 21% tax rate) offset by approximately $75mm of deferred tax attributes.",
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