Holtec files $165M IPO to expand nuclear reactors

Holtec Nuclear Corporation just filed to go public on the Nasdaq under the ticker HNUC, seeking fresh capital to fuel its push into small modular reactors.

The company is already a player in nuclear services, managing waste and supplying equipment, which gives it revenue and earnings today. That contrasts with Oklo, the other nuclear hopeful preparing to list, which has no revenue and heavy losses. Investors chasing the nuclear resurgence now have a safer bet: Holtec’s existing business funds its future reactor projects, while Oklo is years away from selling power. The filing arrives as U.S. policymakers and utilities race to revive nuclear energy, creating a crowded field of companies vying for scarce dollars.

Holtec’s numbers tell the story. In the first quarter it booked $165 million in revenue and $17.8 million in net income, down from a year earlier but still real money. The company is reviving the Palisades plant in Michigan and plans to build two SMR-300s there, having secured $400 million from the Department of Energy. It also eyes New Jersey’s Oyster Creek site for four more units. The IPO proceeds will expand manufacturing and accelerate multiple SMR projects. Oklo, by contrast, generated just $1.2 million in the second quarter and lost $48.5 million, with no commercial revenue expected before 2028.

Investors may now favor Holtec’s proven model over Oklo’s distant promise. Holtec’s revenue stream lowers risk, while Oklo’s reliance on future power sales leaves it exposed to delays and funding gaps. For anyone betting on the nuclear comeback, the arrival of a cash-flow-positive rival with government backing and multiple sites makes the choice clearer.