Holtec Nuclear IPO Preview: Established Nuclear Supplier and SMR-300 Developer Files for Nasdaq Listing
Holtec’s Palisades nuclear plant in Covert, Michigan, the site of the planned Pioneer One and Pioneer Two SMR-300 units. Photo Credit: U.S. Nuclear Regulatory Commission (public domain)
Nearly every small modular reactor developer that has come to market, from NuScale to Oklo to X-Energy, has arrived as a pre-revenue story stock. Holtec Nuclear Corporation arrives with four decades of operating history behind it. The Camden, New Jersey company behind the SMR-300 filed its Form S-1 with the United States Securities and Exchange Commission on July 10, 2026.1
Its predecessor, Holtec International, reported $576.6 million USD of 2025 revenue and $386.6 million USD of historical net income. That profit comes from established spent-fuel storage and nuclear-services businesses, not the SMR-300, and it benefited materially from gains on investments held principally in nuclear decommissioning trusts.
The company intends to apply to list its Class A common stock on The Nasdaq Stock Market and Nasdaq Texas under the ticker HNUC. Founded in 1986 by Dr. Krishna P. Singh, Holtec holds approximately 75% United States market share in dry spent-fuel storage for operating plants, owns the Palisades nuclear plant in Michigan, and was the only SMR developer selected for a United States Department of Energy (DOE) Tier 1 First Mover Award of up to $400 million USD, subject to negotiation and execution of a funding agreement.
The offering arrives at a singular moment for the company. Palisades is a first-of-a-kind United States effort to return a reactor that entered decommissioning to commercial operation. Holtec expects to complete the remaining restart work in 2026, ahead of the March 2027 commitment date in its power purchase agreements, though the restart remains prospective.
Key Points
- Holtec Nuclear, the vertically integrated nuclear technology company behind the SMR-300, filed its S-1 on July 10, 2026 and intends to apply to list on Nasdaq and Nasdaq Texas under ticker HNUC.
- Predecessor Holtec International reported 2025 revenue of $576.6 million USD and historical net income of $386.6 million USD, boosted by investment gains; unaudited pro forma net income was $200.3 million USD.
- The company holds roughly 75% United States market share in dry spent-fuel storage and more than 90% in wet storage, serving over 150 commercial reactors across five continents.
- Holtec owns the 800 MWe Palisades plant, whose planned 2026 restart is backed by a DOE loan guarantee facility of up to $1.52 billion USD and a $300 million USD Michigan state grant.
- Price range and share count are not yet set; founder Dr. Krishna P. Singh will retain voting control through super-voting Class B shares carrying 10 votes each.
Company overview
Holtec Nuclear Corporation was formed as a Delaware corporation on December 16, 2025 and will become the holding company for Holtec International, the nuclear technology business Dr. Singh has led since its founding in 1986, through the reorganization described in the prospectus. Headquartered at the Krishna P. Singh Technology Campus in Camden, New Jersey, the company operates on five continents through 13 operation centers and serves a client base of more than 150 commercial nuclear reactors.
Holtec describes itself as the only company in North America that supplies a broad range of nuclear systems, structures and components, is licensed to operate a nuclear reactor, and has pioneered the restart of a shuttered plant. Its technology portfolio is protected by 217 granted patents worldwide as of March 31, 2026. Three advanced manufacturing plants in New Jersey, Pennsylvania and Ohio provide over one million square feet of combined production capacity.
The company is a leader in four primary activities: spent nuclear fuel storage and transportation, nuclear plant restarts and decommissioning services, development and turnkey supply of SMRs, and emerging solar and thermal energy storage technologies. Its dry storage contracts often run to the end of client plants’ operating lives, well into the 2040s and 2050s, providing long-duration contracted cash flows.
Business model
Holtec reports through two segments: the Nuclear Power Division (NPD), which houses manufacturing, engineering and services, and Palisades, the 800 MWe Michigan plant it owns and is restarting. Revenue today is dominated by construction and site services, which contributed $529.0 million USD of the $576.6 million USD total in 2025.
| Revenue Line | FY 2025 (USD) | FY 2024 (USD) |
|---|---|---|
| Construction and Site Services | $529.0 million | $581.4 million |
| Decommissioning Site Services | $23.1 million | $157.2 million |
| Engineering and Consulting Services | $24.5 million | $27.0 million |
| Total revenues | $576.6 million | $765.5 million |
The decommissioning decline reflects the completion of major site cleanup at Indian Point in 2024 rather than lost business.
Holtec has begun restructuring its decommissioning holdings. In Phase I, equity interests in the entities that own Oyster Creek, Pilgrim, Indian Point and Big Rock Point were transferred to DEAMCO, an affiliate of Holtec Holdings, but those entities remain consolidated in Holtec’s financial statements. Subject to NRC and other regulatory approvals, Phase II is expected to allow Holtec to deconsolidate DEAMCO and the associated assets and liabilities. HDI expects to continue providing decommissioning services under new arm’s-length agreements, although those agreements have not yet been executed.
Palisades anchors the power generation side. The restart is supported by a $300 million USD grant from the State of Michigan and a DOE loan guarantee facility of up to $1.52 billion USD, with power contracted to Wolverine Power Cooperative and Hoosier Energy under long-term power purchase agreements (PPAs). Management expects the plant, aided by federal production tax credits, to generate a steady income stream for three decades.
The SMR-300 program
The SMR-300 is a Generation III+ pressurized water reactor that deliberately avoids exotic technology. It uses borated water coolant and conventional nuclear fuel, drawing on 70 years of operating experience across more than 300 plants, a choice management made to sidestep the fuel and licensing uncertainties facing Generation IV designs. The reactor is engineered to be walk-away-safe, deployable with or without a natural cooling water source, and to store its used fuel in underground bunkers on site.
“Our SMR-300 development has been carried out using the same disciplined, manufacturing and licensability-focused approach that we applied when building our used fuel management program, resulting in a construction-friendly, walk-away-safe, compact reactor that can be deployed at practically any place on earth with or without a natural source of cooling water, creating an intellectual moat against competitors’ intrusion.”Dr. Krishna P. Singh, Founder, CEO and Chairman, Holtec Nuclear Corporation
The first deployment, dual units named Pioneer One and Pioneer Two, is planned at the Palisades site. Holtec submitted Part I of its construction permit application to the Nuclear Regulatory Commission (NRC) on December 31, 2025 under the 10 C.F.R. Part 50 pathway, the process used for nearly every operating United States plant, and expects the units to be commissioned in the early 2030s. In December 2025, the DOE selected Holtec’s proposed dual-unit project, alone among SMR developers, for a Tier 1 First Mover Award of up to $400 million USD. The final amount and terms remain subject to negotiation and execution of a funding agreement, and the DOE has no financial obligation until that agreement is completed.
Internationally, the pipeline is building, though none of it is contracted. Ukraine has signed a Memorandum of Agreement to deploy Holtec SMRs, and EDF Energy Nuclear Generation Limited has executed a memorandum of understanding for multiple SMR-300s in the United Kingdom, including at the Cottam site. The filing describes earlier-stage opportunities and discussions in Sweden, Finland, Turkey, Hungary and India. Construction at customer sites would be delivered with Hyundai Engineering and Construction, Holtec’s execution partner. Access to four additional shuttered plant sites through DEAMCO, which once produced roughly 3.4 gigawatts, gives the company what it calls the largest privately held portfolio of grid-connected, SMR-amenable nuclear sites in the United States.
Financial performance
Holtec’s headline numbers require careful reading. Reported net income is inflated by investment gains on the roughly $2.8 billion USD in nuclear decommissioning trust funds that would largely leave the company in the decommissioning restructuring described above. The filing’s unaudited pro forma figures illustrate the contemplated post-transaction structure, giving effect to the IPO, the deconsolidation of Holtec Asia and that restructuring: pro forma 2025 revenue of $893.4 million USD and pro forma net income of $200.3 million USD. Its second phase still requires regulatory approvals, so these figures are an illustration, not a guarantee.
| Metric (USD) | FY 2025 | FY 2024 | Change |
|---|---|---|---|
| Revenues | $576.6 million | $765.5 million | -24.7% |
| Gross operating profit | $199.5 million | $332.8 million | -40.1% |
| Net income | $386.6 million | $595.8 million | -35.1% |
| Pro forma revenues | $893.4 million | – | – |
| Pro forma net income | $200.3 million | – | – |
First-quarter 2026 revenue was $165.3 million USD against $177.7 million USD a year earlier, with net income of $17.8 million USD and earnings before interest, taxes, depreciation and amortization (EBITDA), a non-GAAP measure, of $40.7 million USD. On a pro forma basis, Q1 2026 revenue was $273.6 million USD with net income of $70.6 million USD. The revenue decline from 2024 largely reflects the Indian Point cleanup completion; decommissioning site services revenue fell $134.0 million USD year over year.
The balance sheet is stretched: cash and equivalents stood at just $10.0 million USD at March 31, 2026, down from $23.4 million USD at the end of 2025, with working capital negative at $193.1 million USD. The filing attributes its liquidity needs to the Palisades restart, manufacturing expansion, operating expenses and working capital. Holtec notes the company has been conservatively managed since inception with limited indebtedness, and its growth to date, including the $300 million USD Camden technology campus, has been financed through retained earnings and non-dilutive government support.
IPO details
The initial S-1 leaves the price range, share count and valuation blank; these will come in an amended filing closer to pricing. The structure and underwriting syndicate are set: J.P. Morgan, Guggenheim Securities and Goldman Sachs lead a nine-firm group. Proceeds will first purchase Class A interests in Holtec International, which will then distribute part of the cash to Holtec Holdings and Holtec International Holdco, with the remainder for general corporate purposes. Those purposes may include SMR-300 licensing, deployment and manufacturing capacity, commercialization of the Holtec Green Boiler and HI-THERM HCSP, and expansion into cybersecurity and national-defense programs.
| Detail | Value |
|---|---|
| Expected Ticker | HNUC |
| Proposed Exchanges | Nasdaq and Nasdaq Texas (intends to apply) |
| Shares Offered | Not yet disclosed |
| Price Range | Not yet disclosed |
| Security | Class A common stock (one vote per share) |
| Use of Proceeds | Purchase of Holtec International interests; distributions to founder entities; general corporate purposes, which may include SMR-300 licensing and manufacturing |
| Joint Book-Running Managers | J.P. Morgan, Guggenheim Securities, Goldman Sachs, Citigroup, BofA Securities, Morgan Stanley, Cantor, BMO Capital Markets, Oppenheimer |
| S-1 Filed | July 10, 2026 |
Holtec is an emerging growth company and will not pay dividends in the foreseeable future, retaining earnings to fund growth.
Ownership and structure
Holtec comes to market with a dual-class, umbrella partnership C-corporation (UP-C) structure. Public investors receive Class A shares carrying one vote each and, initially, only a minority economic position in Holtec International. Holtec Holdings, an entity affiliated with Dr. Singh, retains the majority economic interest through underlying Holtec International interests and will hold the super-voting Class B shares, which carry 10 votes each but no economic rights at the public-company level.
The company will qualify as a controlled company, and its Tax Receivable Agreement generally directs 85% of qualifying net cash tax savings to the founder-related entities. Before the reorganization, Holtec International was held entirely by two trusts beneficially owned by Dr. Singh, and the company states that its growth has been funded from retained earnings, grants and tax credits rather than dilutive capital raises.
“I must confess to being astonished by the rising interest in our SMR-300s, in the United States and overseas. We are fortunate to have an array of operations centers around the world, which we believe are ideally placed to introduce our SMR technology to their local regions.”Dr. Krishna P. Singh, Founder, CEO and Chairman, Holtec Nuclear Corporation
Key risks
The SMR-300 has no binding customers. Holtec has not constructed or received all necessary regulatory approvals for any SMR-300, and has not entered definitive agreements with customers to take delivery of or off-take power from one. The international pipeline consists of memoranda, not contracts, and the time and funding needed to reach market may exceed expectations.
Palisades concentrates operational and counterparty risk. Owning and operating a nuclear plant carries substantial financial assurance requirements, and unplanned outages or reduced output would directly hit energy margins. The plant’s economics rest on PPAs with two cooperatives, and nonperformance on either side of those agreements would flow through to results.
The decommissioning restructuring is not complete. Phase II remains subject to NRC and other regulatory approvals and may be delayed, conditioned or not completed. Until it closes, Holtec will continue to consolidate the DEAMCO entities and remain bound by existing guarantees, settlement obligations and nuclear decommissioning trust funding requirements. If Phase II closes, Holtec expects to deconsolidate DEAMCO, but the replacement decommissioning-service agreements have not been signed and may not be entered into on favorable terms, or at all.
Founder control and related-party complexity. The 10-to-1 super-voting structure, the Tax Receivable Agreement, distributions of IPO proceeds to founder entities, and commercial relationships with founder-controlled Holtec Asia all concentrate power and economics with Dr. Singh, who has led the company for 40 years. Minority shareholders will have limited influence over strategy or succession.
Thin liquidity against capital-intensive commitments. Holtec held $10.0 million USD of cash at March 31, 2026 against negative working capital of $193.1 million USD, while funding a nuclear restart, manufacturing expansion and SMR-300 development. Much of the external support is conditional rather than committed: advances under the $1.52 billion USD DOE-guaranteed facility depend on satisfying its terms, and the $400 million USD First Mover award requires a funding agreement that has not been executed. Nuclear projects are capital-intensive and exposed to delays and cost overruns, so any shortfall in this funding would have to be met from operations, the IPO proceeds or new financing.