Holtec Nuclear seeks $900M in US IPO to meet surging power demand

A New Jersey nuclear company wants nearly a billion dollars from public markets, and it’s betting the pitch is simple: AI needs electricity, and reactors don’t emit carbon.

Holtec Nuclear Corp. has filed an amended S-1 with the SEC to raise up to $900 million through a US initial public offering. The company plans to offer roughly 50 million shares priced between $15 and $18 each, which would value the firm at approximately $10.2B at the top of that range.

The nuclear bet on data center power

The offering is being led by J.P. Morgan, Goldman Sachs, and Citigroup. Shares are expected to trade on Nasdaq under the ticker HNUC.

The company reported net income of $453.89 million on $559.92 million in revenue for the fiscal year ending June 30, 2026. That’s an eye-popping profit margin north of 80%, driven largely by its legacy businesses in spent fuel storage, transportation casks, and nuclear plant decommissioning.

Holtec holds a dominant share of the US spent-fuel storage market. It’s been quietly essential to the nuclear industry since Dr. Krishna P. Singh founded the company back in 1986.

Palisades: the restart heard round the industry

The centerpiece of Holtec’s growth narrative is the Palisades Nuclear Generating Station in Michigan. It’s an 800-plus megawatt plant that Holtec is bringing back to life, making it the first commercial reactor in US history to restart after a full shutdown.

Fuel loading at Palisades began on August 30, 2026, with a planned restart targeted for early 2027.

Small modular reactors and the DOE’s backing

Beyond Palisades, Holtec is developing its proprietary SMR-300 design, a small modular reactor that represents the company’s longer-term strategic pivot.

Holtec received a $400 million Tier 1 grant from the DOE in December 2025 to advance the SMR-300 program, with first deployments targeted for the early 2030s.

The IPO proceeds will fund this SMR transition alongside manufacturing expansion and broader clean energy initiatives.

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