U.S. nuclear energy company Holtec Nuclear Corp. plans to raise $825 mln in an IPO ahead of the start of trading on September 18. According to Freedom Broker analysts, the issuer’s investment profile is defined by a combination of an operating international business servicing nuclear power plants and projects to restart the Palisades nuclear power plant and build SMR-300 small modular reactors.
What the company is
Holtec operates in four main areas: it provides services to nuclear power plants, develops small modular reactors, restarts shuttered generating units, and performs related engineering and manufacturing work. The company was founded in 1986 by Dr. Krishna P. Singh and has 13 operating centers across five continents.
Holtec expects to raise $825 mln
The company will go public under the ticker HNUC. Holtec plans to offer 50 mln Class A common shares at $15 to $18 per share. If priced at the midpoint of the range — $16.50 — the IPO size would be $825 mln, and the company’s market capitalization at the time of the offering is estimated at $9.35 bln.
The underwriters will also be granted a 30-day option to purchase up to 7.5 mln additional shares. The shares are planned to be listed on the Nasdaq Global Select Market and Nasdaq Texas under the ticker HNUC. Trading is expected to begin on September 18. The joint bookrunners are J.P. Morgan, Guggenheim Securities, Goldman Sachs, Citigroup, BofA Securities, Morgan Stanley, Cantor, BMO Capital Markets, and Oppenheimer & Co.
The operating business covers more than 150 reactors
According to Freedom Broker analysts, Holtec’s key feature is the combination of an already established nuclear-industry services business with new-build projects and efforts to bring shuttered plants back into operation.
The company manufactures systems for storage and transportation of spent nuclear fuel, heat-exchange equipment, and performs decommissioning work for nuclear facilities. Its competencies cover reactor design, engineering review, licensing, manufacturing, construction, commissioning, operation and maintenance, and NPP dismantling.
As of March 31, 2026, Holtec’s customer base included more than 150 commercial nuclear reactors. As of June 30, the company owned more than 200 issued patents, three major U.S. facilities producing structures for the nuclear industry, as well as proprietary software and process technologies.
Palisades is preparing to resume power generation
One of Holtec’s central projects is the restart of the Palisades nuclear power plant in Michigan, which was shut down in 2022. The return of the facility to commercial operation is partially financed through a U.S. Department of Energy loan guarantee of up to $1.5 bln.
On August 30, 2026, loading of nuclear fuel into the reactor vessel began at the plant. This moved Palisades into Mode 6 on the path to resuming commercial operations. The core includes 204 fuel assemblies — new and partially used fuel from the plant’s most recent operating cycles — and is designed to generate 805 MW of electric power.
Fuel loading was preceded by more than two years of inspection, maintenance, modernization, and equipment testing. Completed work included reinforcing the tubes of two steam generators, removing accumulated corrosion products, replacing the nozzles of the control rod drive mechanisms, chemical decontamination and passivation of the primary system, as well as inspection of the reactor vessel.
The site portfolio creates opportunities for new projects
In addition to Palisades, Holtec holds rights to the sites of four former nuclear power plants: Oyster Creek, Pilgrim, Indian Point, and Big Rock Point. The company is also developing solutions in solar energy and long-duration energy storage, which are intended to complement the SMR-300 line.
The investment context for the IPO is shaped by the scale of the operating services business, progress on the Palisades restart, and the development of small modular reactors. At the same time, project execution depends on completing regulatory procedures, meeting the conditions of government financing, and finishing the construction of generating units.
Not an individual investment recommendation.