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Westinghouse renews IPO bid amid AI power crunch, with U.S. Government targeting $30 billion valuation - biggo finance. Westinghouse renews IPO bid amid AI power crunch, with U.S. Government targeting $30 billion valuation. 2026-09-01 13:05 (GMT+8) U.S. nuclear power plant company Westinghouse is pursuing an initial public offering (IPO) in a bid for a comeback, nine years after suffering its worst crisis - a 2017 bankruptcy. The surge in electricity demand driven by the proliferation of artificial intelligence (AI) data centers, along with the Donald Trump administration's nuclear expansion policies, are cited as the key drivers behind the IPO push. The Wall Street Journal reported on August 31 (local time) that Westinghouse filed confidentially for an IPO in July. The listing timeline and offering size have not yet been finalized. Market estimates project Westinghouse's enterprise value at between $15 billion (approximately 20.6 trillion won) and $20 billion (approximately 27.4 trillion won). David Nicholas, CEO of X Funds, which manages a nuclear energy exchange-traded fund (ETF), said, "If investors assign value to the AP1000, a valuation exceeding $20 billion is not out of the question." From bankruptcy to revival. Founded in 1886, Westinghouse began as an electrical equipment company and went on to lead the nuclear power industry, building the world's first commercial nuclear power plant after World War II. However, competition intensified as latecomers such as South Korea and Japan gained market share, and the company ultimately filed for bankruptcy in 2017 amid construction delays and cost overruns at the Vogtle nuclear plant project in Georgia. The two Vogtle reactors were originally expected to cost $14 billion (approximately 19.2 trillion won) to build, but with construction delayed by roughly seven years, the final cost exceeded $30 billion (approximately 41.2 trillion won). Its then-parent company, Japan's Toshiba, could not absorb the losses. In 2023, Canadian private equity firm Brookfield and uranium miner Cameco acquired Westinghouse for $8 billion (approximately 11 trillion won). At the time of the acquisition, the nuclear construction business - the direct cause of the bankruptcy - was assigned no value, with only the nuclear fuel manufacturing and nuclear services segments, which generate stable cash flow, included in the valuation. Full-Throated support from the Trump administration. The Trump administration is aiming to push Westinghouse's valuation above $30 billion. In October of last year, the administration entered into a partnership with Westinghouse shareholders and agreed to pursue $80 billion (approximately 109.8 trillion won) in domestic nuclear construction. In exchange for providing regulatory streamlining and financial support including low-interest loans, the U.S. government would secure a 20% equity stake if the company's post-listing valuation exceeds $30 billion. President Trump has set a goal of expanding U.S. nuclear generating capacity from the current roughly 100 gigawatts (GW) to 400 GW by 2050, with an interim target of breaking ground on 10 new reactors by 2030. Westinghouse's AP1000 reactor technology is considered central to this plan. Dan Sumner, CEO of Westinghouse, emphasized, "There is virtually no realistic path to achieving AI infrastructure expansion and energy security without nuclear power." Power demand from AI data centers is already emerging as a tangible constraint. Last month, New York Governor Kathy Hochul signed an executive order halting new data center construction for one year. Applications totaling 12 GW of data center capacity are pending on New York's power grid - equivalent to Portugal's peak electricity demand. Overseas order prospects. The U.S. government is also working to secure business opportunities for Westinghouse abroad. The United States agreed in July to a nuclear cooperation agreement (a "123 Agreement") with Saudi Arabia, under which Westinghouse is expected to become the exclusive supplier of AP1000 reactors to the kingdom. The contract value is expected to reach several billion dollars, with some analysts projecting the economic impact of the 30-year agreement at tens of billions of dollars. However, having suffered bankruptcy during full-scale nuclear construction, Westinghouse has maintained a management principle of not bearing direct construction risk. Accordingly, the U.S. government and Westinghouse are reportedly proposing partnerships with South Korean companies that have extensive nuclear construction experience to serve as construction partners. As part of trade agreements tied to tariffs, the United States secured commitments last year for large-scale investments from South Korea and Japan. The U.S. government is also reportedly developing plans to channel a portion of those investment funds into its domestic nuclear revival.

Advancing the eVinci(TM) microreactor through criticality testing. For the next frontier of nuclear, there is no substitute for putting design into practice. That principle is at the heart of how Westinghouse Electric Company is developing its eVinci(TM) microreactor. Its greatest advantage comes from the learnings gathered through execution and experimentation: seeing how components perform together, addressing challenges as they emerge and refining its approach with every iteration. Rather than relying on a simple trial-and-error process, Westinghouse Electric Company follow a disciplined, evidence-based approach. Criticality testing is an important part of that process. Its value lies not simply in completing a test, but in the insights gained through the work itself. By studying how reactor materials and components behave under carefully controlled conditions, Westinghouse Electric Company reduce uncertainty earlier in the development process and build a stronger path from technology advancement to repeatable deployment. The test results: * Validate the performance, operability and manufacturability of the eVinci technology * Refine its models and help identify and address challenges early * Support future reactor development and licensing activities These experiments further strengthen the technical foundation of the eVinci microreactor and support its continued development. Bringing the eVinci Technology Into the Experiment One of the tools helping support that effort is an experimental testbed developed at Los Alamos National Laboratory's National Criticality Experiments Research Center (NCERC). Designed to help researchers study how advanced reactor fuels and materials perform in real-world conditions, the testbed uses HALEU TRISO fuel and a flexible setup that mimics many of the environments expected in next-generation reactors. Building on that capability, Westinghouse was selected through a U.S Department of Energy - Nuclear Regulatory Commission initiative to support an experiment tailored specifically to the eVinci microreactor. The resulting experiment incorporated key elements of the eVinci microreactor's design, including the graphite core, heat pipe technology, control drums and supporting structures. By validating how these components perform together and refining the design through real-world testing, Westinghouse Electric Company is improving its understanding of how to build and deliver the product with greater certainty. Inside the eVinci Microreactor's Design Built for safety and reliability, the eVinci microreactor uses advanced technologies such as HALEU TRISO fuel, graphite moderation, heat pipes and control drums to provide resilient energy in virtually any environment, including defense applications and space. Its compact, transportable design makes deployment fast and flexible. More about HALEU TRISO fuel Putting the eVinci Technology to the Test Criticality testing allows Westinghouse Electric Company to collect high-quality data about microreactor performance and gain valuable insights from it. Zero-power criticality - also known as cold criticality - is a foundational step in that process. It is the point at which the technology achieves a self-sustaining nuclear chain reaction at room temperature without creating heat or electricity. This initial test is a critical step, as it confirms the design behaves as intended and as an integrated system. These experiments help researchers validate the eVinci technology's operability and better understand how it performs across its expected operating range. Experimental results improve its certainty about the eVinci microreactor's ability to safely and reliably achieve its performance objectives. As a transportable microreactor designed to deliver reliable energy in a variety of settings, the eVinci microreactor relies on rigorous testing and validation to move from concept to reality. More about the eVinci microreactor's key features and market applications With each milestone, Westinghouse Electric Company turn what Westinghouse Electric Company learn into practical improvements and build confidence that its technology can be successfully brought to life as a manufacturable product. Achieving zero-power criticality is a significant step that contributes to the broader cycle of building, testing, learning and refinement. Each step increases certainty around cost, schedule, manufacturability and future deployment. The results obtained will: | Provide evidence that supports future licensing reviews | Help turn innovative reactor concepts into practical energy solutions | Help refine the eVinci design | Move the eVinci microreactor closer to real-world deployment

Microreactor criticality milestones fuel Nuclear Renaissance. Westinghouse, which is 49% owned by Cameco Corp. (CCJ), recently achieved initial criticality for its eVinci microreactor this month, marking a notable milestone for advanced nuclear deployment. Key takeaways. * Westinghouse completed zero-power criticality testing for its 5 MWe eVinci microreactor at the Nevada National Security Site alongside DOE national laboratories. * Advanced nuclear developers continue pushing reactor designs through core iteration beyond the federal government's July 4 criticality target. * The Range Nuclear Renaissance ETF (NUKZ) captures pure-play exposure across next-generation reactor design and commercialization. Reactor iteration accelerates beyond initial goals. Westinghouse conducted the test in partnership with Los Alamos National Laboratory and Idaho National Laboratory. It validates core design assumptions and modeling for Westinghouse's heat pipe-cooled microreactor. The milestone follows Oklo's (OKLO) recent regulatory and operational progress on its radioisotope and fast-reactor designs, underscoring accelerating core reactor progress. While the broader industry celebrated the July 4 criticality goal set by executive mandates, private reactor design iteration and development remain robust. Advanced reactor developers are partnering with national labs. These collaborations build the foundation for scalable commercial rollouts to satisfy surging data center and industrial power demand. Investing in advanced microreactor deployment via NUKZ. For investors tracking the nuclear energy renaissance, nuclear deployment represents a long-term thematic growth driver. Oklo and Cameco are holdings of the Range Nuclear Renaissance ETF (NUKZ), which provides targeted exposure across the entire nuclear value chain. NUKZ delivers exposure to nuclear segments including advanced reactor developers, utilities, construction services, and fuel providers. As regulatory frameworks modernize and utility-scale microreactors move toward commercial deployment, index-based strategies like NUKZ allow advisors to capture broad supply-chain upside while mitigating single-company regulatory risk. vettafi.com is owned by VettaFi LLC ("VettaFi"). VettaFi is the index provider for NUKZ, for which it receives an index licensing fee. However, NUKZ is not issued, sponsored, endorsed, or sold by VettaFi. VettaFi has no obligation or liability related to the issuance, administration, marketing, or trading of NUKZ. Related topics.