Westinghouse Electric Company has filed a confidential draft registration statement (Form S-1) for an initial public offering in the United States. The move comes as the Brookfield-owned company plots a listing nine years after cost overruns led the nuclear technology and services company into bankruptcy protection. [claim:1, 2, 14]
The company is currently owned by an investment structure managed by Brookfield, which holds a 51% stake, and Cameco, a Canadian uranium and nuclear fuel producer, which holds 49%. Brookfield and Cameco completed the acquisition of Westinghouse Electric Company in November 2023. [claim:5, 6]
US government partnership and investment
Westinghouse Electric Company maintains a large-scale nuclear partnership with the US government. This plan involves installing new nuclear reactors using Westinghouse technology, with a total investment value of at least $80 billion in the United States. [claim:7, 8]
Under the terms of the agreement, the US government may gain the right to a share of Westinghouse Electric Company's cash distributions that exceed a certain threshold if specific conditions are met. Additionally, a mechanism exists that grants the US government the right to initiate a process if the IPO valuation is expected to reach $30 billion or more by January 2029. [claim:9, 10]
Technology and IPO details
The company's growth plan focuses on its AP1000 third-generation pressurized water reactor. It is also developing the AP300 small modular reactor, which is based on the AP1000 technology. [claim:11, 12]
Westinghouse has not yet determined the number of shares to be sold, the target revenue, or the price range for the IPO. The company has also not disclosed its intended stock exchange, ticker symbol, or how the proceeds from the offering will be used. [claim:3, 4]
The filing follows market activity in the sector, such as reactor developer X-Energy, which raised approximately $1 billion in its April IPO. [claim:13]