Westinghouse Targets $50 Billion Valuation in U.S. IPO

Westinghouse Electric Co. is seeking a valuation of more than $50 billion for its planned U.S. initial public offering, as the nuclear technology company moves closer to a public market debut amid growing interest in nuclear energy.

According to a Bloomberg report citing people familiar with the plans, Westinghouse could publicly file for the IPO as early as October. However, the size, valuation and timing of the offering could still change as preparations continue.

Westinghouse, jointly owned by Brookfield Renewable Partners and Cameco Corp., previously announced in July that it had confidentially filed for a U.S. listing. Citigroup and Goldman Sachs are reportedly leading the IPO, while Canadian Imperial Bank of Commerce, JPMorgan Chase and Royal Bank of Canada are also involved.

Cameco's U.S.-listed shares climbed as much as 3.6% following the report before giving back part of the advance, highlighting investor interest in Westinghouse's potential valuation.

The planned Westinghouse IPO comes as demand for nuclear power technology grows worldwide. The company employs more than 12,500 people across 21 countries and has a substantial footprint in the global nuclear industry.

According to Cameco's earnings release, Westinghouse technology is used by 57% of the world's 417 nuclear reactors. The company also has a pipeline of as many as 91 potential opportunities involving its latest-generation nuclear reactor technology, positioning it to benefit from renewed investment in nuclear power infrastructure.

A valuation above $50 billion would represent a significant increase from the level associated with Cameco's investment three years ago. Cameco acquired a 49% stake in Westinghouse in 2023 in a transaction that valued the nuclear technology provider at approximately $8 billion.

The IPO could provide investors with direct exposure to one of the world's largest nuclear reactor technology companies at a time when governments and businesses are increasingly considering nuclear energy to meet rising electricity demand and long-term energy security goals.