Westinghouse Electric, the nuclear reactor builder owned 51% by Brookfield Renewable Partners and 49% by Cameco, has confidentially submitted a draft S-1 registration statement to the SEC for a proposed initial public offering, Cameco said in a Rule 135 announcement.
The number of shares and the price range have not been determined, according to the announcement, and the offering is subject to SEC review and market conditions. The confidential submission route lets Westinghouse work through the SEC comment process before disclosing its financials publicly, a path available under the JOBS Act that most large US listings now take.
The filing comes nine years after Westinghouse entered Chapter 11 protection in March 2017. The company, then owned by Toshiba, collapsed under cost overruns on its AP1000 reactor projects at the Vogtle plant in Georgia and the V.C. Summer plant in South Carolina. The bankruptcy forced Toshiba to book losses exceeding $6 billion and to sell off assets, including its memory chip business, to survive.
Brookfield Business Partners bought Westinghouse out of bankruptcy in 2018 for $4.6 billion. In October 2022, a consortium of Brookfield Renewable and Cameco agreed to acquire the company at a total enterprise value of $7.875 billion, and the deal closed in November 2023. Cameco, the Saskatoon-based uranium producer, funded roughly $2.2 billion for its 49% stake.
Westinghouse designs and services nuclear reactors and supplies fuel to roughly half the world's operating fleet. Its AP1000 design, the same one that triggered the 2017 collapse, entered commercial service at Vogtle units 3 and 4 in 2023 and 2024, the first new reactors completed in the United States in more than three decades.
The listing would arrive amid a wave of nuclear-linked capital raising driven by data center power demand. Cameco's announcement did not disclose which exchange Westinghouse intends to list on, and no valuation target exists until the company sets a share count and price range in a public filing.
Brookfield and Cameco are taking the company public at a base of $7.875 billion in enterprise value, 71% above the $4.6 billion Brookfield paid in 2018 and roughly 1.7 times that exit-from-bankruptcy price. The two owners have held the asset for under three years, against Brookfield Business Partners' five-year hold before the 2023 sale.
The document to watch is the public S-1 on EDGAR: Westinghouse must flip the confidential draft to a public filing, with share count and price range, at least 15 days before any roadshow. Until that filing lands, no raise size or valuation exists.
