Westinghouse plans $50B IPO, signaling US nuclear renaissance

Westinghouse Electric Co., the company whose reactor technology powers more than half the world’s nuclear fleet, has confidentially filed for a US initial public offering targeting a valuation north of $50 billion. The filing, submitted to the SEC on July 31, represents one of the largest potential IPOs in recent memory and a dramatic turnaround for a company that crawled out of Chapter 11 bankruptcy in 2018. To put the valuation in perspective: Brookfield Renewable Partners and Cameco Corp. acquired Westinghouse for roughly $8 billion in late 2023. A $50 billion-plus IPO would mean their investment appreciated more than sixfold in under three years. From bankruptcy to blockbuster listing Westinghouse’s confidential S-1 registration could become public as soon as October 2026, with Citigroup and Goldman Sachs tapped as lead underwriters. The current ownership split has Brookfield Renewable Partners holding 51% and Canadian uranium producer Cameco Corp. at 49%. The company’s crown jewel is its AP1000 reactor design, a pressurized water reactor that represents the most widely deployed advanced nuclear technology in the world. Westinghouse’s technology underpins over 57% of operationa...