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Cameco Westinghouse unit files for US IPO as nuclear interest grows
The draft Form S-1 follows a 2022 deal that gave Cameco and Brookfield Renewable Partners control of Westinghouse, and Westinghouse currently contributes about 25% of Cameco’s annual EBITDA.
Cameco said its Westinghouse Electric nuclear joint venture has confidentially filed a draft registration statement on Form S-1 with the U.S. Securities and Exchange Commission for a potential initial public offering, with the timing and terms not yet determined.
Cameco owns 49% of Westinghouse, while Brookfield Renewable Partners controls 51% following a 2022 transaction in which the partners paid about $7.9 million (C$11 billion) for the AP1000 reactor maker. The IPO offering details, including the number of shares and price range, have not been set, and the deal will be subject to market and other conditions, Cameco said.
Mining.com reports that Cameco made the filing alongside its second-quarter results. Cameco’s adjusted net earnings were $77 million, or 18 cents per share, and Westinghouse’s current business contributes about 25% annually to Cameco’s earnings before taxes, depreciation and amortization (EBITDA).
Cameco said its share of Westinghouse’s adjusted second-quarter EBITDA was $163 million, down from $352 million in the second quarter of 2025, and Westinghouse swung to a net loss of $10 million in the quarter, compared with a year-ago profit of $126 million. Desjardins analyst Bryce Adams said the filing is a normal progression of a process contemplated since October 2025 and noted a broad potential IPO window that could extend as far as 2029, while Scotia Capital analyst Orest Wowkodaw said the timing appears earlier than previously anticipated.