The TRISO fuel manufacturer, formed from Ultra Safe Nuclear assets in 2025, plans to raise as much as $383.25 million as investors bet on small modular reactors and rising power demand from AI data centers.
Standard Nuclear is seeking a valuation of up to $3.55 billion in a U.S. initial public offering after a rapid rise from assets bought out of the bankruptcy of Ultra Safe Nuclear Corporation in 2025. The Oak Ridge, Tennessee-based company plans to raise as much as $383.25 million by offering 18.25 million shares at $18 to $21 each. Standard Nuclear focuses on manufacturing TRISO fuel particles for small modular reactors rather than building reactors itself. The company acquired Ultra Safe Nuclear assets for about $28 million, raised $42.5 million in seed funding in June 2025 at a $150 million valuation, and then raised $140 million in a Series A round in January 2026 at an $838 million valuation. Backers include Andreessen Horowitz and Chevron Technology Ventures. The listing comes as investors show growing interest in nuclear energy companies tied to expected electricity demand from AI data centers, though commercial-scale TRISO manufacturing remains unproven and no small modular reactor has yet reached full commercial deployment in the United States.