Westinghouse Electric has confidentially filed a draft registration statement with the U.S. Securities and Exchange Commission (SEC) for a potential initial public offering of its common stock. This move positions the legacy nuclear company to tap into capital markets at a time when infrastructure spending is surging across the power industry, partly due to the high energy demands from AI data centers and a renewed global interest in nuclear power. Westinghouse, known for building dozens of reactors over 70 years and having its technology used in 57% of the world's operating nuclear fleet, is aiming to join other nuclear companies like Amazon-backed X-energy and Sam Altman’s Oklo in the public market.
The specific details regarding the number of shares to be offered and the price range for the proposed IPO have not yet been determined, and the offering will be subject to prevailing market conditions. However, analysts are optimistic; for example, Gordon Johnson, head of GLJ Research, projects Westinghouse's valuation could reach at least $30 billion, potentially making it "one of the hottest IPOs in the world." Stifel Canada analysts estimate the company's value between $26 billion and $28 billion, while National Bank Financial forecasts a total potential revenue opportunity of $385 billion from 91 reactor projects.
Westinghouse is currently co-owned by Brookfield (51% stake) and Cameco (49% stake), which acquired the company for $4.6 billion after its 2017 bankruptcy. The current owners are looking to monetize their investment, with Brookfield achieving a significant turnaround. An agreement with the U.S. government stipulates an IPO if Westinghouse's valuation hits or exceeds $30 billion by January 2029, and also allows the government to purchase 20% of the public value of the IPO under certain terms. The IPO is expected to provide Westinghouse with access to more capital to support its significant role in new reactor projects globally, with 91 global reactor projects on the horizon, including a fleet of AP1000 reactors across the U.S. following an $80 billion deal with Washington last year.
