Westinghouse Electric, the US nuclear reactor design and services firm jointly owned by Brookfield and Cameco, has confidentially filed for an initial public offering nine years after cost overruns at Georgia plants forced it into bankruptcy.

The filing joins a wave of nuclear IPOs as investor appetite surges, fueled by former President Donald Trump’s pledge to slash regulation and invest tens of billions in new reactors and the US Department of Energy’s commitment of $17.5bn in loans to rebuild the nuclear supply chain. Holtec International, X‑Energy and Standard Nuclear have also moved toward public listings.

The US government plans to build $80bn of new Westinghouse reactors using Japanese funding, with a warrant giving it up to 20% equity if orders are placed before 2029, contingent on a $30bn valuation that would be diluted to roughly 8%. Since Brookfield bought the company from Toshiba in 2018 for $4.6bn and Cameco invested at an $8.2bn valuation in 2023, Westinghouse operates six AP1000 reactors with 14 more under construction and has secured orders from Poland, Ukraine and Bulgaria.