American nuclear fuel developer Standard Nuclear (STDN.US) has reduced its IPO size by 58% and plans to raise $150 million.

Standard Nuclear (STDN.US), which produces TRISO fuel for small modular reactors (SMRs) across the United States, lowered the proposed size of its upcoming initial public offering (IPO) on Wednesday. The company, headquartered in Oak Ridge, Tennessee, now plans to issue 10 million shares at $15 per share, raising $150 million. Previously, the company had applied to issue 18.3 million shares in a price range of $18 to $21 per share. With the revised terms, Standard Nuclear's fundraising amount will be reduced by 58%, and its fully diluted market value 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 SMRs and micro-reactors. The company operates the only dedicated industrial-grade TRISO production line in the United States, acquired through bankruptcy auction from Ultra Safe Nuclear in 2024. The company's revenue primarily comes from fuel development agreements with commercial customers and U.S. government agencies, with a backlog of contracts totaling up to $245 million. Established in 2024, Standard Nuclear reported revenue of $3 million in the 12 months ending March 31, 2026. The company plans to list on the New York Stock Exchange under the ticker symbol STDN. Bank of America Securities, Goldman Sachs Group, Inc., Barclays, UBS Group AG, Evercore ISI, RBC Capital Markets, William Blair, and Stifel are serving as joint book-runners for the offering. The company expects pricing to take place later this week.