Holtec Nuclear Targets $10.2 Billion Valuation in Nasdaq IPO
Holtec Nuclear Corporation is seeking a valuation of up to $10.2 billion in its planned Nasdaq debut, putting one of the largest privately held U.S. nuclear technology businesses in front of public-market investors during a surge in interest in nuclear power.
The Camden, New Jersey-based company plans to sell 50 million Class A shares at between $15 and $18 each, according to its latest regulatory filing. At the top of that range, Holtec would raise $900 million in gross proceeds.
The $10.2 billion valuation reflects the top-end offering price and roughly 566.7 million shares on a fully exchanged basis following the transaction. At the $16.50 midpoint of the range, the equivalent valuation would be about $9.35 billion.
Underwriters also have an option to purchase another 7.5 million shares, which could lift gross proceeds above $1 billion if exercised in full at the $18 offering price. Holtec expects approximately $775.2 million in net proceeds at the midpoint, or $893.1 million if the additional-share option is fully exercised.
Holtec said the money will be available for general corporate purposes including accelerating licensing and deployment of its SMR-300 small modular reactor, expanding manufacturing capacity and commercializing other energy technologies.
That puts Holtec’s reactor ambitions at the center of the investment case. The company plans to build its first two SMR-300 units, known as Pioneer One and Pioneer Two, at the Palisades nuclear site in Michigan. The two-reactor project would provide up to 680 MW of capacity, with Holtec targeting commercial operation in the early 2030s.
Before then, Holtec is attempting another major nuclear milestone at Palisades. The company is working to return the roughly 800-MW conventional reactor to service after it permanently shut in May 2022. Holtec expects the restart in 2026; if completed, it would be the first previously decommissioned U.S. commercial nuclear plant to return to operation.
The project has substantial government support, including a U.S. Department of Energy loan guarantee facility of up to $1.52 billion. Holtec has also secured long-term power purchase agreements for Palisades, giving the company a prospective source of power-generation revenue in addition to its established nuclear equipment and services operations.
Holtec’s IPO comes as nuclear power attracts renewed capital amid expectations for sharply higher electricity demand from data centers, artificial intelligence and broader electrification. Nuclear companies including X-energy and Standard Nuclear have already entered the public markets through traditional IPOs this year, while Westinghouse has also reportedly taken steps toward a potential U.S. listing.
