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Go here for the full story. |
The biggest nuclear IPO of the fall is being postponed. |
Holtec Nuclear pulled its offering Wednesday night, hours before shares were set to be sold. The company was seeking as much as $900 million at a valuation near $10 billion. |
Holtec Nuclear (private)
Price Range: $15 – $18
Shares Offered: 50 million
Target Raise: Up to $900 million
Market Cap at IPO: $9.4 billion at the midpoint |
The official reason was market conditions. The real reason is in the charts of every nuclear stock that's already public. |
Between September 8 and September 16 — the exact window of Holtec's roadshow — X-Energy fell 24%. NuScale dropped 26%. Oklo lost 18%. |
Buyers price a new deal compared with the valuations of other publicly traded stocks. With peers down 10% to 26% in a week, investors felt that Holtec’s proposed IPO was overpriced. |
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The recent scoreboard explains that caution. |
· X-Energy (Nasdaq: XE) priced at $23 in April – it’s down 37% |
· Standard Nuclear (NYE: STDN) dropped the IPO price to $15 in July – and it’s down 21% |
There was a company-specific problem here too. |
CEO Kris Singh would have kept majority voting control through Class B shares unavailable to public buyers. Shareholders couldn't have removed him or his wife, the board's vice chair. Hot markets forgive that structure. Cold ones don't. |
What makes this one sting is that Holtec is profitable. |
It earned $205.6 million in profits on $269.9 million of revenue in the first half. |
Singh has since pointed at something larger — the souring mood around AI data center demand. He told the Financial Times the business is viewed as connected to data centers, rightly or wrongly. |
Here's one takeaway. |
The pulled deal helped boost the other nuclear stocks that are already public. With that new supply gone, NuScale gained 9%, Oklo jumped 11%, and X-Energy added 12%. |
I don't read this as the end of the nuclear trade. |
Holtec kept its registration active and could come back in three to six months. Westinghouse has filed for a confidential IPO. The power demand story hasn't changed. What's changed is the price investors will pay for it. |
Smart investors are securing shares of upcoming IPOs – months before the stock trades on Nasdaq or the NYSE. And you can too. |
Get details on my #1 Pre-IPO for 2026. |
Ian Wyatt
Editor, IPO Watch |
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