Westinghouse Electric, a US nuclear reactor design and services firm, has confidentially filed for an initial public offering (IPO) as it seeks to capitalize on a renewed interest in nuclear power. The Pennsylvania-based company, jointly owned by investment firm Brookfield and uranium producer Cameco, is making this move nine years after filing for bankruptcy due to significant cost overruns at nuclear plants in Georgia.
This IPO filing comes amid a broader wave of public listings in the US nuclear energy sector, driven by increasing investor enthusiasm for nuclear technologies seen as key to supporting the growing demand for power, including for applications related to artificial intelligence. Westinghouse aims to access a wider pool of capital to fund substantial growth plans in the coming years, according to a person familiar with the decision.
The company’s revival is bolstered by significant US government support. Following a pledge by former President Donald Trump to reduce regulatory barriers and invest tens of billions of dollars in reopening and building new nuclear reactors, the US Energy Department announced in June a commitment of $17.5 billion in loans to help rebuild the nation's nuclear supply chain. Additionally, the US government revealed a plan last year to finance $80 billion of new Westinghouse reactors domestically, backed by funding from Japan. Under the terms of this arrangement, if reactor orders are placed before 2029, the US government will have the right to acquire up to 20 percent equity in Westinghouse, contingent on the company reaching a valuation of at least $30 billion. This stake could be diluted to around 8 percent due to attached warrants.
Industry observers see Westinghouse’s filing as symbolic of a broader nuclear energy renaissance in the US. Adam Stein, director of nuclear energy innovation at the Breakthrough Institute, described the company’s return to the public markets as a notable indicator of sustained investment interest. He noted that Westinghouse’s AP1000 reactor design is likely to remain the leading choice if the US proceeds with building more large-scale reactors.
Westinghouse, which built the world’s first commercial nuclear reactor in 1957, currently has six AP1000 reactors in operation, with 14 more under construction. Since Brookfield acquired the company from Toshiba in 2018 for $4.6 billion, Westinghouse has received orders from countries including Poland, Ukraine, and Bulgaria.
The recent Westinghouse filing follows similar moves by other US nuclear firms. Holtec International, a prominent nuclear energy supplier, filed for an IPO last month to fund a $10 billion project focused on small modular reactors (SMRs). Earlier this year, X-energy, an SMR developer, raised $1 billion in a Nasdaq public offering, and Standard Nuclear, a nuclear fuel manufacturer, also filed for an IPO recently.
Westinghouse has not disclosed the proposed number of shares or pricing for its IPO and has yet to provide further commentary on the filing. Confidential submissions allow companies to prepare for public listings with reduced immediate scrutiny from investors and regulators.