Nuclea Energy, which is developing a nuclear microreactor for off-grid markets and data centers, withdrew its plans for an initial public offering on Friday. It had filed in April to raise $50 million by offering 5.6 million shares at a price range of $8 to $10.
Nuclea Energy's main product is the Morpheus Microreactor, a transportable, factory fabricated, sealed core nuclear reactor designed for remote Canadian Arctic and indigenous communities, mining and resource extraction, data centers and critical infrastructure, and defense and national security. The company is still development stage and has not generated revenues to date.
Several recent IPOs in the nuclear energy space are trading below offer, including X-Energy (XE), Standard Nuclear (STDN), and Deep Fission (FISN). Another nuclear energy company, Holtec Nuclear (HNUC), is on file for an IPO that we estimate could raise more than $1 billion.
The Mississauga, Canada-based company was founded in 2023. It had planned to list on the NYSE American under the symbol NCLA. Joseph Gunnar was set to be the sole bookrunner on the deal.
