Standard Nuclear, which manufactures TRISO fuel for small modular reactors across the US, lowered the proposed deal size for its upcoming IPO on Wednesday.
The Oak Ridge, TN-based company now plans to raise $150 million by offering 10 million shares at $15. The company had previously filed to offer 18.3 million shares at a price range of $18 to $21. At the revised terms, Standard Nuclear will raise 58% less in proceeds than previously anticipated and command a fully diluted market value of $2.7 billion.
Standard Nuclear designs, engineers, and manufactures TRISO fuel, an advanced nuclear fuel used in small modular reactors and microreactors. The company operates the only dedicated, privately funded industrial-scale TRISO production line in the United States, having acquired the underlying assets from Ultra Safe Nuclear through a bankruptcy auction in 2024. It generates revenue primarily through fuel development agreements with commercial customers and US government agencies, and had a total contract backlog of up to $245 million.
Standard Nuclear was founded in 2024 and booked $3 million in revenue for the 12 months ended March 31, 2026. It plans to list on the NYSE under the symbol STDN. BofA Securities, Goldman Sachs, Barclays, UBS Investment Bank, Evercore ISI, RBC Capital Markets, William Blair, and Stifel are the joint bookrunners on the deal. It is expected to price the week of July 13, 2026.
