Westinghouse seeks valuation above $50 billion in US IPO
The nuclear group is 51% owned by Brookfield Renewable Partners and 49% by Cameco Corp, which bought it for $7.875 billion in 2022.
Published
Westinghouse is planning a US initial public offering that would value the nuclear power company at more than $50 billion, according to the filing behind its share sale.
The company is jointly owned by Cameco Corp and Brookfield Renewable Partners, a unit of Brookfield Asset Management, which bought Westinghouse for $7.875 billion in October 2022 in a deal that closed the following year. Westinghouse confidentially filed a draft registration statement with the SEC on July 31, 2026, according to Nuclear Engineering International, though the number of shares and price range had not been set at that time. The company reported revenue of $5.9 billion in 2024, according to CB Insights.
As recently as early August, analysts following the offering had put its likely valuation at up to $30 billion, according to AccessIPOs, less than two-thirds of the figure now being sought. ENKI, which tracks the nuclear sector, has described the planned listing as underpinned by an $80 billion strategic partnership between Westinghouse and the US government.
The jump in the target price reflects confidence in the nuclear sector, helped by Army microreactor contracts and broader government policy support. But the ask carries its own risk: hitting that valuation depends on turning government interest into steady revenue and managing nuclear construction timelines that have historically run long and over budget.