US nuclear fuel developer Standard Nuclear (STDN.US) cuts the size of its IPO by 58% and plans to raise US$150 million

The Zhitong Finance App learned that Standard Nuclear (STDN.US), which produces Triso fuel for small modular reactors (SMR) across the US, cut the proposed transaction size for its upcoming initial public offering (IPO) on Wednesday. The Oak Ridge, Tennessee company now plans to raise $150 million by issuing 10 million shares at a price of $15 million each. The company had previously applied to issue 18.3 million shares in the price range of $18 to $21 per share. Based on the revised terms, Standard Nuclear's fund-raising amount will be reduced by 58% compared to previous expectations, and the fully diluted market value will reach 2.7 billion US dollars.

Standard Nuclear is responsible for the design, engineering, and production of TRISO fuel — an advanced nuclear fuel for small modular reactors and micro reactors. The company operates the only dedicated, privately invested, industrial-grade TRISO production line in the US, and its underlying assets were acquired from Ultra Safe Nuclear through a bankruptcy auction in 2024. The company's revenue mainly comes from fuel development agreements signed with commercial customers and US government agencies. Up to now, the total contract backlog has reached a maximum of US$245 million.

Established in 2024, Standard Nuclear achieved $3 million in revenue over the 12 months ending March 31, 2026. The company plans to list on the New York Stock Exchange under the ticker symbol STDN. Bank of America Securities, Goldman Sachs, Barclays, UBS Investment Bank, Evercore ISI, Royal Bank of Canada Capital Markets, William Blair, and Stifel acted as joint bookkeepers for this offering. The company expects pricing this week.