Cameco’s (TSX: CCO)(NYSE: CCJ) Westinghouse Electric joint venture has filed for a US initial public offering at a yet-to-be-determined date to tap growing investor interest in nuclear technology and services.
Westinghouse has confidentially submitted a draft registration statement on Form S-1 with the Securities and Exchange Commission relating to the proposed IPO, Cameco said Friday as it reported second-quarter results.
Saskatoon-based Cameco owns 49% of Westinghouse while Brookfield Renewable Partners controls 51% after a 2022 deal that saw the partners pay about $7.9 million (C$11 billion) for the maker of the AP1000 nuclear reactors. The transaction combined Cameco’s expertise in the nuclear industry with Brookfield Renewable’s expertise in clean energy while creating a platform for growth across the sector.
The number of Westinghouse shares to be offered and the price range for the proposed offering have not yet been determined, Cameco said. The proposed offering will be subject to market and other conditions.
The IPO filing “is a normal progression of a process contemplated since October 2025 and a reminder of the potential value-creation opportunity at Westinghouse,” Desjardins Securities mining analyst Bryce Adams said Friday in a note. “With no details provided on valuation or timing, the potential IPO window remains broad and could extend as far as 2029.”
Adams values Cameco’s share of Westinghouse at about C$15.1 billion ($10.8 billion).
Profit falls
Cameco made the announcement as it reported adjusted net earnings for the second quarter of $77 million, or 18 cents a share — half the 36-cent average estimate of analyst forecasts. On that basis, Cameco earned $308 million, or 77 cents a share, in the same quarter a year ago.
“While the company posted a softer quarter, a potential Westinghouse Electric IPO is likely to be positively received by investors,” Scotia Capital mining analyst Orest Wowkodaw said in a separate note. “The timing for a potential IPO is several years earlier than anticipated.”
Westinghouse’s current business contributes about 25% annually to Cameco’s earnings before taxes, depreciation and amortization (EBITDA).
Cameco said Friday its share of Westinghouse’s adjusted second-quarter EBITDA was $163 million, compared to $352 million in the second quarter of 2025. Westinghouse swung to a net loss of $10 million in the quarter, down from a year-ago profit of $126 million, Cameco also said.
US partnership
In October, Westinghouse announced a partnership with the U.S. government that could see at least $80 billion of new AP1000 reactors be built across the country.
The accord came on the heels of a May 2025 executive order from US President Donald Trump that aimed to quadruple the country’s nuclear energy capacity to about 400 gigawatts by 2050.
Last month, the United States Department of Energy said it’s planning to provide $17.5 billion in loans to accelerate the nationwide buildout of 10 large-scale commercial nuclear reactors by up to three years. Westinghouse will partner with selected companies to procure long-lead items at a fixed price and will have joint ownership in each project.
Westinghouse is “well positioned to benefit from an expansion of nuclear capacity,” TD Cowen analysts said in an industry note published in October. The AP1000 model “is likely to be the large reactor of choice for many Western installations,” they added.
Cameco shares fell 3.7% to C$118.98 Friday morning in Toronto, valuing the company at about C$52 billion. The stock has ranged between C$95.60 and C$182.72 in the past year.
