Cameco looks to cash in on planned Westinghouse public offering

By the Editorial Team · Monday, September 21, 2026

Cameco Corp. stands to gain significantly from the upcoming IPO of Westinghouse Electric Co., in which it holds a 49 percent stake, as the nuclear reactor manufacturer prepares to list on a U.S. stock exchange this fall with a valuation estimated between $30 billion and $50 billion. The IPO highlights growing global demand for nuclear power and could boost Cameco’s cash flow and dividends, supported by Westinghouse’s large backlog of reactor orders and ongoing development of advanced nuclear technologies.

Cameco Corp., the Saskatoon-based uranium miner, is positioned to significantly benefit from the planned initial public offering (IPO) of Westinghouse Electric Co., a leading nuclear reactor manufacturer. Westinghouse, majority-owned by Brookfield Renewable Partners with a 51-percent stake, and Cameco holding 49 percent, is preparing to list on a U.S. stock exchange this fall. Analysts estimate the company’s valuation could range between US$30 billion and US$50 billion.

Westinghouse’s move to go public comes amid rising global demand for nuclear power. The company reported in July that utility clients worldwide have placed orders for up to 91 of its Advanced Passive 1000 reactors (AP1000) for delivery over the next 20 years. These orders include 22 reactors from U.S. utilities, with two units designated for the restart of the V.C. Summer plant in South Carolina, a project led by Brookfield. Additional sales of these reactors have been made to customers in Poland, Bulgaria, and Ukraine.

Cameco, which acquired Westinghouse jointly with Brookfield Renewable Partners in 2023 for US$8.3 billion including debt, has already seen financial benefits from the firm’s operations. Westinghouse, which was bought out of bankruptcy by Brookfield’s private equity arm in 2018 after being acquired from Toshiba, made its first cash distribution to owners in 2025. Cameco received US$220.5 million as part of that payment, with an additional US$49 million paid early this year.

Following these returns, Cameco’s board of directors doubled the company’s common stock dividend between 2023 and 2025, increasing its payout from 12 cents per share to 24 cents. This boost came ahead of the company’s originally targeted schedule. Analysts suggest further dividend increases may follow once Westinghouse’s IPO proceeds materialize.

Investment analysts foresee a significant growth trajectory for Cameco, driven by rising uranium production and the expanding market for Westinghouse reactors. One projection anticipates Cameco’s free cash flow could increase fivefold, reaching approximately US$1.3 billion by 2028. Meanwhile, Brookfield Renewable is also expected to gain from the IPO and the growing demand for carbon-free baseload power generation.

Westinghouse is also developing new technologies, including small modular reactors and micro-reactors, with development costs estimated at about US$1.2 billion. These initiatives add to the company’s unique position in the nuclear industry, which some analysts argue justifies a premium valuation compared to potential public peers.

To manage its IPO, Westinghouse has engaged several investment banks, including Citigroup, Goldman Sachs, JPMorgan Chase, and the investment banking divisions of Canadian Imperial Bank of Commerce and Royal Bank of Canada. Timing and valuation remain uncertain, with industry experts emphasizing that much depends on the execution of the company’s ambitious reactor build pipeline over the coming decade.

This article was reported by synthesizing coverage from multiple independent news outlets to present a balanced, unbiased account. Read about our editorial standards. Spotted an error? Let us know.