Editor’s Note: Quantum computing IPOs have seen huge gains in the last couple years. This includes 756% for IonQ, 1,332% for BTQ and 2,637% for D-Wave.
Now a new quantum Pre-IPO could be the next big winner. And there’s still time for you to invest.
Westinghouse Electric is going public.
The company behind America's most advanced large reactor design filed a confidential draft registration statement with the SEC on Friday.
Westinghouse is owned by Brookfield with 51% and Cameco with 49%. The companies acquired Westinghouse for $8 billion in 2023.
Unlike every other nuclear IPO this year - Westinghouse actually makes money.
Cameco is a publicly traded company and discloses its share of revenues and profits from Westinghouse. Cameco's 49% share of Westinghouse revenue was $2.47 billion in 2025, up 20% from the year before. Cameco also guided its 49% share of Westinghouse adjusted EBITDA to $525 to $580 million for the year
That implies total revenue near $5 billion and EBITDA above $1 billion.
For comparison, BWX Technologies (NYSE: BWXT) did $2.35 billion in revenue last year and carries a $15 billion valuation.
The nuclear IPO class of 2026 has not done well.
· X-Energy (Nasdaq: XE) priced at $23 in April, jumped 27% on its first day, and now trades below its offer price.
· Deep Fission (Nasdaq: FISN) cut its raise to $40 million and fell 9% on debut.
· Standard Nuclear (NYSE: STDN) was forced to drop its IPO price to $15 – and the stock now trades below $8.
The winners came earlier.
Do you want the NAME of the #1 quantum Pre-IPO? Simply go here.
Oklo (NYSE: OKLO) went public at $10 in 2024 and peaked at $193.84 last October before settling near $49. GE Vernova (NYSE: GEV) started trading at $143 in April 2024 and now trading near $1,000 per share.
Washington is part of the Westinghouse story.
Under an October 2025 partnership, the U.S. government agreed to arrange financing for at least $80 billion in reactors built on Westinghouse technology. In return it can take 20% of cash distributions above $17.5 billion, or warrants worth up to 20% of the stock if the company goes public. And if Westinghouse is valued at $30 billion or more by January 2029, the government may have the right to require an IPO.
Desjardins currently values Cameco's 49% stake at about $10.8 billion. That implies roughly $22 billion for all of Westinghouse — below the $30 billion mark.
The risks are real and they are historical.
Westinghouse filed for bankruptcy in 2017 after AP1000 construction costs spiraled. The two Georgia reactors came in nearly $20 billion over budget and years late. The company has since handed construction to others and now earns money licensing the design and selling services. No AP1000s are under construction in the United States today, though Westinghouse says it plans to start 10 by 2030.
Growth is steady rather than explosive. Cameco has guided Westinghouse adjusted EBITDA growth at 6% to 10% annually over five years. And Cameco's own second-quarter profit fell to $25 million from $321 million a year ago, largely on weaker Westinghouse equity earnings.
One last thing worth holding onto. Brookfield and Cameco bought this business for about $8 billion and would be selling into a market that is paying up for nuclear. The public S-1 will tell you how much of this deal is new money for Westinghouse and how much is an exit for its owners.
Want to know my #1 Pre-IPO for 2026?
I was recently in NYC to meet with management. And I interviewed the team from the floor of the New York Stock Exchange. I’m personally investing in this deal – right before the IPO.
Ian Wyatt
Editor, IPO Watch