Westinghouse Electric Co. is seeking a valuation above $50 billion for its planned U.S. initial public offering, Bloomberg reported, up from the roughly $8 billion its owners paid in 2023. Citigroup and Goldman Sachs are leading the deal, which could reach the public market as soon as October.
Westinghouse Electric Co. is pursuing a valuation above $50 billion for its planned U.S. initial public offering, Bloomberg reported Friday, citing people familiar with the plans. The nuclear reactor technology provider could file publicly as soon as October, though the offering's details and timeline remain subject to change.
News of the target sent Cameco Corp.'s U.S. shares up as much as 3.6% before the stock gave back some of the gains.
From $8 billion to $50 billion
Brookfield Renewable Partners and Cameco jointly acquired Westinghouse in late 2023 at an enterprise valuation of roughly $8 billion, with Brookfield holding 51% and Cameco the remaining 49%. Analysts have estimated the company's worth in a range from $26 billion to north of $30 billion — well below the more than $50 billion now being sought. Westinghouse filed confidentially with the SEC on July 31, 2026, keeping share count and pricing details under wraps.
Citigroup and Goldman Sachs lead the offering
Citigroup Inc. and Goldman Sachs Group Inc. are leading the IPO, Bloomberg's sources said, with Canadian Imperial Bank of Commerce, JPMorgan Chase & Co. and Royal Bank of Canada also reportedly involved. Westinghouse employs more than 12,500 people across 21 countries. Its technology serves 57% of the world's 417 nuclear reactors, according to Cameco's earnings release. The company also has a pipeline of up to 91 opportunities for its latest-generation reactor.
A government stake could follow
In October 2025, the U.S. government, Brookfield and Cameco formalized a partnership to deploy new Westinghouse AP1000 reactors. The agreement targets at least $80 billion in deployment contracts for new reactor builds. It also includes a provision letting Washington acquire equity in Westinghouse, potentially up to 20%, if certain milestones are hit. One of those milestones is reaching a $30 billion valuation by January 2029. If Washington exercises that option, it would dilute other shareholders.
Sources: Crypto Briefing, Investing.com
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