According to people who requested anonymity because the details are not public, Westinghouse Electric Co. makes reactor systems for nuclear power plants and is weighing a U.S. listing that could value it at more than $50 billion. A public filing could arrive as early as October, though timing and other specifics may still shift. In July, the company said it confidentially submitted paperwork to list its shares.
Ownership of Westinghouse is split between Brookfield Renewable Partners and Cameco Corp. Citigroup Inc. and Goldman Sachs Group Inc. are running point on the IPO, with Canadian Imperial Bank of Commerce, JPMorgan Chase & Co., and Royal Bank of Canada also on the deal. Spokespeople for Westinghouse, Brookfield, Cameco, Citigroup, Goldman Sachs and JPMorgan offered no comment, while CIBC and RBC didn't immediately respond.
Cameco's U.S.-listed shares rose up to 3.6% on Friday, marking the biggest intraday move since Sept. 3 based on Bloomberg data, and pushing its market capitalization above $41 billion.
Money has been flooding into artificial intelligence and the hardware that supports it, fueling marquee offerings such as SpaceX's record-setting listing, which was pitched on its growing AI business. Yet the follow-through has been spotty. Half of the 10 largest U.S. IPOs this year are companies riding the AI data center buildout, and most of those stocks are lower. Innio NV and Madison Air Solutions Corp. are both down at least 13% since IPOs that raised more than $2.5 billion each.
In the nuclear orbit, Standard Nuclear Inc. floated shares in July in a downsized deal and now trades 14% below its listing price. X-Energy Inc., which debuted on public markets in April, is down 32% from its IPO price. Holtec Nuclear Corp., a specialist services provider to the nuclear industry, pushed back its planned offering earlier this week.
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The company's website says that, with origins dating to the 1800s, Westinghouse pioneered nuclear power by debuting in Pennsylvania the first commercial pressurized water reactor ever built. Today, its workforce tops 12,500 people spanning 21 countries.
There are policy winds at its back. The company is positioned to gain from the Trump Administration's push to bolster the U.S. nuclear sector. And in 2023, Cameco closed a deal to acquire a 49% stake in Westinghouse at a value of about $8 billion.
If this IPO moves forward, you are looking at a core nuclear supplier stepping into a market that has rewarded AI narratives but punished plenty of new listings. The real question for your wallet is whether investors treat Westinghouse like another momentum story or a long-cycle infrastructure play with staying power.
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