US nuclear fuel developer Standard Nuclear (STDN.US) reduces IPO size by 58%, plans to raise $150 million

According to Zhitong Finance APP, Standard Nuclear (STDN.US), which produces TRISO fuel for small modular reactors (SMR) across the United States, on Wednesday reduced the proposed size of its upcoming initial public offering (IPO). The Oak Ridge, Tennessee-based company now plans to raise $150 million by offering 10 million shares at $15 each. The company previously filed to offer 18.3 million shares at a price range of $18 to $21 per share. Based on the revised terms, Standard Nuclear’s fundraising amount will decrease by 58% compared to previous expectations, and its fully diluted market capitalization will reach $2.7 billion.

Standard Nuclear is responsible for the design, engineering, manufacturing, and production of TRISO fuel, an advanced nuclear fuel used in small modular reactors and microreactors. The company operates the only dedicated, privately funded industrial-grade TRISO production line in the United States, with related underlying assets acquired from Ultra Safe Nuclear through a bankruptcy auction in 2024. The company's revenue comes mainly from fuel development agreements with commercial customers and US government agencies, with the total current contract backlog reaching up to $245 million.

Standard Nuclear was founded in 2024 and generated $3 million in revenue in the twelve months ending March 31, 2026. The company plans to list on the New York Stock Exchange under the ticker symbol STDN. BofA Securities, Goldman Sachs, Barclays, UBS Investment Bank, Evercore ISI, RBC Capital Markets, William Blair, and Stifel are acting as joint bookrunners for the offering. The company is expected to price the IPO this week.