Holtec Nuclear Corp. is seeking a valuation of up to $10.2 billion in a U.S. initial public offering that could raise $900 million in gross proceeds. The Camden, New Jersey-based nuclear technology company plans to sell 50 million Class A shares at $15 to $18 each and list on Nasdaq and Nasdaq Texas under the symbol HNUC. At the midpoint, Holtec expects about $775.2 million in net proceeds, rising to $893.1 million if underwriters exercise an option for 7.5 million additional shares. The funds would support licensing and deployment of the SMR-300 small modular reactor, manufacturing expansion and other energy technologies. Holtec plans to build its first two SMR-300 units, Pioneer One and Pioneer Two, at the Palisades site in Michigan, providing up to 680 megawatts with commercial operation targeted for the early 2030s. It is also seeking to restart the roughly 800-megawatt Palisades reactor, with the latest filing targeting 2026, while earlier offering materials cited an early-2027 restart after fuel loading began Aug. 30, 2026. The project has access to a U.S. Department of Energy loan guarantee facility of up to $1.52 billion and is supported by long-term power purchase agreements. Holtec reported $269.9 million in revenue and $205.6 million in net income for the first six months of 2026, with investment-related gains contributing significantly to earnings. Founder-affiliated Holtec Holdings is expected to retain about 99% of voting power after the IPO through a dual-class structure, despite new investors representing about 8.8% of the company on a fully exchanged economic basis before the additional-share option.