Holtec Nuclear Corporation (HNUC) is preparing to sell 50.0 million shares of Class A common stock on the Nasdaq and Nasdaq Texas at an expected price of $15.00 to $18.00 per share. At the $16.50 midpoint, the offering would raise $825.0 million and value the company at approximately $9.35 billion. J.P. Morgan, Guggenheim Securities, Goldman Sachs, Citigroup and BofA Securities are serving as joint book-running managers.
Holtec is a vertically integrated nuclear technology company founded in 1986 by Dr. Krishna “Kris” Singh. The company provides equipment, engineering, manufacturing, construction, operational and decommissioning services across the nuclear power lifecycle. Its customer base includes more than 150 commercial nuclear reactors, supported by 13 operating centers across five continents and more than one million square feet of manufacturing capacity in New Jersey, Pennsylvania and Ohio.
The company’s established business is built around the management, storage and transportation of spent nuclear fuel. Holtec estimates that its systems hold more than a 90% share of the U.S. wet spent-fuel storage market and approximately 75% of the dry-storage market for operating nuclear plants. These businesses provide the operating foundation for a broader growth strategy centered on restarting shuttered nuclear plants, developing small modular reactors and introducing complementary energy-storage technologies.
Holtec’s highest-profile project is the planned restart of the Palisades Nuclear Plant in Michigan. The company acquired the plant after it ceased operations in 2022 and is attempting what would be the first restart of a permanently shuttered commercial nuclear plant in the United States. Holtec said the major plant upgrades have been completed, with final modifications and commissioning expected during 2026 ahead of its March 2027 contractual commitment date. Palisades has not yet generated power revenue under Holtec’s ownership.
Beyond the restart, Holtec is developing the SMR-300, a 300-megawatt small modular reactor intended to provide continuous carbon-free power. The company expects to deploy its first two units, Pioneer One and Pioneer Two, at the Palisades site. Holtec was selected by the Department of Energy in December 2025 for a Tier 1 First Mover Award that the company expects could provide up to $400 million, subject to negotiation and execution of a final funding agreement.
The SMR-300 remains in the pre-construction stage. Holtec has completed the technical design, selected its initial site and begun preliminary site preparation, but the reactor has not received all required regulatory approvals and has not been commercially deployed. The company also has not entered into definitive agreements with customers to take delivery of, or purchase power from, an SMR-300. That leaves the timing, cost and ultimate commercial performance of the program subject to considerable uncertainty.
Holtec also owns or has access to the Oyster Creek, Pilgrim, Indian Point and Big Rock Point nuclear sites, which could provide future locations for SMR-300 projects, subject to regulatory approval. Its Energetics subsidiary is intended to develop these projects using either a build-own-and-operate structure or a develop-to-deploy model for utilities, governments, industrial customers and data-center operators.
Additional technologies include the Holtec Green Boiler, a long-duration thermal energy-storage system, and HI-THERM HCSP, a hybrid solar-energy capture platform. Both have completed technical design but remain pre-commercial. Holtec Asia, an affiliated company controlled by the Singh family, expects to begin scale-model prototype testing of the Green Boiler during 2026.
Holtec reported $576.6 million in revenue for 2025, down 24.7% from $765.5 million in 2024. Gross profit declined 40.0% to $199.5 million, while gross margin narrowed to 34.6% from 43.5%. The revenue decline primarily reflected lower decommissioning activity and reduced dry-cask-related project volume.
For the six months ended June 30, 2026, revenue declined 5.8% to $269.9 million from $286.6 million in the comparable 2025 period. Gross profit, however, increased 50.4% to $118.5 million as gross margin expanded to 43.9% from 27.5%, reflecting lower direct operating costs and a more favorable project mix.
Holtec’s reported earnings require additional context. The company generated $386.6 million of net income in 2025 and $205.6 million during the first half of 2026, but those results included investment gains from nuclear decommissioning trust funds and gains associated with changes in asset-retirement obligations. During the first half of 2026 alone, Holtec recorded $202.2 million of realized investment gains, partly offset by a $44.0 million unrealized loss.
The planned reorganization will remove several decommissioning entities and their related trust funds and asset-retirement obligations from Holtec’s consolidated financial statements. On the company’s pro forma basis, 2025 revenue would have been $893.4 million, operating income would have been $140.2 million and net income attributable to Holtec Nuclear would have been approximately $20.0 million. For the first six months of 2026, pro forma revenue was $488.4 million, operating income was $104.7 million and net income attributable to the company was $13.2 million.
That distinction is important for investors evaluating the offering. Holtec’s historical net income and EBITDA figures are heavily influenced by investment performance and decommissioning accounting, while the pro forma results are designed to reflect the business investors will own following the restructuring and IPO.
As of June 30, 2026, Holtec had $27.4 million of cash and $1.06 billion of debt, including current maturities. After the offering and restructuring, the company expects to have approximately $802.7 million of cash, $1.06 billion of debt and $625.0 million of working capital.
Holtec reported approximately $20.8 billion of historical backlog at June 30, 2026, consisting of $10.6 billion from its Nuclear Power Division and $10.2 billion associated with Palisades. On a pro forma basis, Nuclear Power Division backlog would rise to approximately $12.8 billion. Only about $574.5 million of the historical backlog is expected to convert into revenue during the next 12 months, illustrating the unusually long-duration nature of many of Holtec’s contracts.
The company expects approximately $775.2 million in net proceeds at the midpoint. The funds will be contributed to Holtec International for general corporate purposes, including SMR-300 licensing, deployment and manufacturing capacity; commercialization of the Green Boiler and HI-THERM technologies; and expansion into cybersecurity and national-defense programs.
At the midpoint, Holtec’s fully exchanged equity value would be approximately $9.35 billion. After incorporating $1.06 billion of debt and approximately $802.7 million of pro forma cash, the company would carry an estimated enterprise value of approximately $9.60 billion. That represents about 10.7 times 2025 pro forma revenue and approximately 39 times 2025 pro forma EBITDA.
Holtec does not fit neatly into a single peer group. BWX Technologies provides exposure to nuclear components and government programs; Constellation Energy owns and operates nuclear generating assets; GE Vernova sells large-scale power-generation equipment; and Oklo and NuScale offer more direct exposure to the developing advanced-reactor market. Holtec sits between those categories, combining a mature nuclear-services platform with plant ownership, decommissioning operations and a pre-commercial SMR program.
Founder-controlled Holtec Holdings will retain approximately 99% of the voting power after the IPO through Class B shares carrying 10 votes apiece. Public investors will collectively hold approximately 8.8% of the economic interests in Holtec International but only about 1% of the voting power. The company will therefore qualify as a controlled company under Nasdaq and Nasdaq Texas rules.
Holtec will also enter into a tax receivable agreement requiring it to pay the pre-IPO owners 85% of certain cash tax savings generated by exchanges of their ownership interests. In addition, Holtec International must make an aggregate of $555 million in preferential distributions to the pre-IPO ownership entities before discretionary distributions can be paid to Holtec Nuclear and its public shareholders. The company does not expect to pay a cash dividend in the foreseeable future.
Holtec brings an unusual combination of established nuclear-industry market share, substantial long-term backlog and ambitious exposure to the next phase of nuclear development. The spent-fuel operation supplies a mature commercial foundation that many advanced-reactor companies lack, while the Palisades restart and SMR-300 provide potentially significant growth opportunities.
The offering’s valuation, however, places considerable weight on the company successfully converting those opportunities into commercial earnings. Investors must also navigate an intricate reorganization, related-party relationships, heavily concentrated founder control and financial statements whose historical profitability is not directly comparable with the post-IPO business. Holtec’s nuclear credentials and market position are substantial, but at an enterprise value approaching $10 billion, the offering asks investors to pay today for a meaningful portion of the company’s long-term nuclear ambitions.