The demand for AI computing power ignites a capital frenzy in nuclear energy: Holtec (HNUC.US) plans to raise $900 million through an IPO, aiming for a valuation of $10 billion.

Nuclear energy supplier Holtec Nuclear Corp. is seeking to raise up to $900 million through an IPO in the U.S., as major companies attempt to profit from the growing electricity demand of data centers. According to a filing submitted to the U.S. Securities and Exchange Commission (SEC) on Tuesday, Holtec plans to issue 50 million shares priced between $15 and $18 each. At the upper end of that price range, Holtec's market value would reach approximately $10.2 billion based on the number of shares outstanding listed in its filing. Holtec produces steel and concrete storage casks for nuclear waste and is a leading U.S. company involved in the decommissioning of closed reactors, including the Indian Point nuclear plant located north of New York City. The company is also developing its own reactor technology, with its small modular reactor (SMR) project receiving a $400 million grant from the U.S. Department of Energy in December. The company aims to make these reactors operational in the early 2030s. At the time of this offering, nuclear energy is receiving increasing attention as artificial intelligence data centers seek ways to meet their growing electricity demands. However, as small modular reactors have yet to be commercialized in the U.S., some nuclear stocks have experienced a pullback while investors await development progress. Standard Nuclear Inc. went public in July, but even after the company scaled back its U.S. IPO, its stock price still fell on debut. X-Energy Inc., which went public in April, has also seen its stock price drop below the IPO issue price since then. According to the filing, for the six months ended June 30, the company reported a net profit of $205.6 million and revenue of $269.9 million, compared to a net profit of $139 million and revenue of $286.6 million in the same period last year. This offering is being led by JPMorgan, Guggenheim Securities, Goldman Sachs, Citigroup, and Bank of America. The company expects its stock to be traded on the Nasdaq Stock Market and the Nasdaq Texas section under the ticker symbol HNUC.