Eagle Nuclear Energy CEO Sees US Uranium Contracting Wave Ahead

Westinghouse Electric is seeking a valuation of more than $50B in its U.S. initial public offering, with a filing targeted for as soon as October, though details including timing could still change, Bloomberg reported Friday. Citigroup and Goldman Sachs are leading the IPO, with CIBC, J.P. Morgan Chase and Royal Bank of Canada also working on the listing. Westinghouse is jointly owned by Brookfield Renewable Partners and Cameco, which completed a deal in 2023 to buy a 49% stake in the company at a roughly $8B value. The company looks set to benefit from the Trump administration's efforts to boost the U.S. nuclear industry, and the U.S. Army recently selected it as one of five firms to build, own and operate its power plants. Westinghouse's nuclear power technology is used by 57% of the world's nuclear reactors, and it has a pipeline of as many as 91 opportunities for its latest generation reactor.

Oklo, the microreactor developer that went public through a SPAC merger on May 10, 2024, is targeting deployment of its first Aurora Powerhouse microreactors in Idaho in late 2027 or early 2028, with analysts expecting revenue to rise to $2 million in 2026, $8 million in 2027, and $53 million in 2028. The Aurora generates only 1.5 MWe on its own but is designed to be deployed alongside additional microreactors to build plants capable of generating up to 75 MWe, far below the over 1,000 MWe of a conventional nuclear plant, though its modular, factory-prefabricated design suits remote, off-grid sites and data center operators. The Nuclear Regulatory Commission approved Oklo's Principal Design Criteria for the Aurora in June, and the company achieved criticality at Groves One, its first pilot isotope-production reactor, in early August, deploying it in just 229 days. Oklo's partnership with Meta Platforms, announced in January, aims to deliver 1.2 GW of power at a nuclear campus in Ohio, with initial phases expected online around 2030, and the company is working to convert a multi-gigawatt pipeline of non-binding letters of intent, including a 14 GW agreement with Switch, into firm Power Purchase Agreements. Oklo also signed an LOI to buy HALEU from Centrus Energy, one of the only companies authorized to produce and enrich HALEU in the United States, while carrying a $7.4 billion market cap that trades at 139 times its 2028 sales.