Westinghouse Targeting Over $50 Billion Valuation in US IPO

(Bloomberg) -- Westinghouse Electric Co., a provider of reactor technology to nuclear power plants, is seeking a valuation of more than $50 billion in its US initial public offering, according to people familiar with the matter.

The company, which is jointly owned by Brookfield Renewable Partners and Cameco Corp., is targeting a public filing as soon as in October, the people said, asking not to be identified as the information isn't public. Details of the offering including the timing could still change, they said.

Cameco's US shares jumped as much as 3.6% on Friday, the most since Sept. 3, according to data compiled by Bloomberg, giving the company a market value of more than $41 billion.

Citigroup Inc. and Goldman Sachs Group Inc. are leading Westinghouse's IPO, the people said. The company said in July it had filed confidentially for a listing.

Canadian Imperial Bank of Commerce, JPMorgan Chase & Co. and Royal Bank of Canada are also working on the listing, the people said.

Representatives for Westinghouse, Brookfield, Cameco, Citigroup, Goldman Sachs and JPMorgan declined to comment. Spokespeople for CIBC and RBC didn't immediately respond to requests for comment.

AI companies and firms making the infrastructure to enable their operations have seen a wave of investment, including blockbuster IPOs like SpaceX's record-breaking debut, whose pitch focused squarely on its growing AI business. Few of the deals have been standout successes in the aftermarket, however.

Standard Nuclear Inc. went public in July in a downsized US IPO and is 14% below its listing price while X-Energy Inc., which went public in April, has fallen 32% below its IPO price. Holtec Nuclear Corp., a supplier of specialty services to the nuclear power industry, postponed its planned offering earlier this week.

Half of the 10 largest US IPOs this year comprise companies that are benefiting from the boom in AI data center construction. Their share prices have mostly struggled, with Innio NV and Madison Air Solutions Corp. down at least 13% from IPOs that brought in more than $2.5 billion each.

Westinghouse traces its roots back to the 1800s and touts its role as the creator of the world's first commercial pressurized water reactor in Pennsylvania, according to its website.