Westinghouse Electric Company is the largest Western nuclear technology company, owned 51% by Brookfield (with institutional partners) and 49% by uranium miner Cameco since their $7.9B acquisition closed in November 2023. Nearly half of the world's operating nuclear reactors are based on Westinghouse technology, and its fuel and operating-plant-services businesses serve PWR, BWR, and VVER fleets globally - generating about $5.0B of revenue in 2025. Its flagship AP1000 reactor is the only fully licensed advanced large reactor operating in the US (Vogtle Units 3 and 4 in Georgia), with four more units operating in China, a global pipeline Westinghouse counts at up to 91 potential reactors (~105 GWe), and orders or advanced programs in Poland, Bulgaria, and Ukraine. In October 2025 the US government announced an $80B+ strategic partnership with Westinghouse, Brookfield, and Cameco to build a fleet of AP1000 and AP300 reactors across the United States, followed in June 2026 by a conditional $17.5B DOE loan commitment to finance long-lead components for up to 10 AP1000s. On July 31, 2026, Westinghouse confidentially filed a draft S-1 registration statement for a US IPO; deal terms from the 2025 government partnership reportedly give the US government an option to take an 8% stake if Westinghouse's valuation reaches $30B. Alongside the large-reactor buildout, Westinghouse is developing the 330 MWe AP300 small modular reactor and the 5 MWe eVinci microreactor, which is slated for first fueled testing at Idaho National Laboratory and was selected for deployment at Malmstrom Air Force Base. Under CEO Dan Sumner, appointed in April 2026, the company sits at the center of the US nuclear renaissance.
Generation III+ pressurized water reactor with fully passive safety systems and modular construction - the only fully designed and licensed advanced large reactor operating in the United States, and the reference design for the US nuclear buildout and for new plants in Poland, Bulgaria, and Ukraine.
Operating at Vogtle Units 3 & 4 in Georgia (commercial operation 2023 and 2024) and at four units in China (Sanmen 1 & 2, Haiyang 1 & 2) - six AP1000 units in operation worldwide, with 14 more under construction in China (CAP1000 derivatives, none yet online) and 5 more under contract in Poland and Bulgaria. Also in advanced development for Ukraine (9 units planned starting at Khmelnytskyi); in the US, four units at Project Matador in Texas entered NRC environmental scoping in March 2026, and the VC Summer completion effort is advancing toward a final investment decision (targeted by 2028) with resumption aimed at early-mid 2030s commercial operation. In April 2026 Westinghouse designated Vogtle Unit 4 as the standard reference plant for fleet-scale US deployment.
Output1,100+ MWe per unit
Units in operation worldwide6 (2 in the US, 4 in China), with 14 more under construction in China and 5 more under contract in Poland and Bulgaria
US units covered by DOE long-lead financingUp to 10 ($17.5B conditional commitment)
AP1000 design certification renewalNRC granted a scheduling exemption on June 24, 2026, clearing the way for Westinghouse's April 2026 request to renew the AP1000 design certification (incorporating Vogtle 3 & 4 as-built lessons, with Vogtle 4 as the reference plant) by the end of 2026
330 MWe (990 MWt) single-loop small modular reactor derived directly from the licensed AP1000, reusing its passive safety architecture and supply chain to shorten the path through licensing and construction.
In NRC licensing engagement with design certification anticipated by 2027. First announced fleet: an agreement with UK's Community Nuclear Power to deploy four AP300 units in North Teesside, England, targeting commercial operation in the early 2030s; the AP300 is also part of the October 2025 $80B US government buildout partnership alongside the AP1000. On August 4, 2026, Westinghouse and Amentum agreed a series of collaboration deals under the new Westinghouse APX platform, aimed at accelerating AP300 NRC licensing and building out engineering/execution capacity alongside the AP1000 fleet buildout.
Output330 MWe (990 MWt)
First planned fleet4 units, North Teesside (UK), early 2030s
Transportable 5 MWe heat-pipe-cooled microreactor with TRISO fuel and no water cooling, designed to run for eight-plus years without refueling - targeting remote communities, mining, industry, data centers, and military installations.
First microreactor developer to complete front-end engineering (FEEED) and win DOE approval of its Preliminary Safety Design Report for the DOME test bed at Idaho National Laboratory, where a fueled test-reactor experiment is slated to begin in 2026 - still pending as of early August 2026, with DOE's most recent guidance still targeting sometime this year. Selected by the US Air Force and Defense Innovation Unit in April 2026 for deployment at Malmstrom Air Force Base, and targeted for a first Canadian commercial deployment with the Saskatchewan Research Council by 2029.
Output5 MWe (15 MWt core)
Refueling interval8+ years
First deploymentsMalmstrom AFB (US); Saskatchewan, Canada (target 2029)
What's Next
Advance the confidential IPO process toward public listing
Following the July 31, 2026 confidential S-1 submission, watch for Westinghouse's public filing, share count, price range, and listing timeline, all still undetermined and subject to market conditions. If Westinghouse's valuation reaches $30B, the US government's option for an 8% equity stake (per the 2025 strategic partnership terms) would be triggered. As of mid-August 2026 no public filing had followed the confidential submission.
2026-2027
First fueled eVinci test at INL's DOME test bed
Begin the fueled eVinci test-reactor experiment (a 3 MWt scaled unit) at the National Reactor Innovation Center's DOME facility at Idaho National Laboratory - the first US microreactor test of its kind, de-risking the commercial eVinci design. Still pending as of mid-August 2026, past DOE's earlier 'as early as spring 2026' framing; the most recent public guidance (late June 2026) continued to target the opening run sometime this year.
2026
Convert DOE $17.5B commitment into firm US AP1000 orders
Finalize loan documentation for the conditional $17.5B DOE long-lead-item commitment and convert letters of intent (signed with seven potential partners) into firm orders with up to five utilities, at two AP1000 reactors per project. As of mid-August 2026 the five recipient utilities had not yet been officially named; sector analyst Capstone has flagged Dominion Energy, DTE Energy, WEC Energy Group, Public Service Enterprise Group, and Entergy as best-positioned candidates, with formal selections expected in the second half of 2026.
H2 2026
VC Summer AP1000 completion - final investment decision
The Brookfield / The Nuclear Company joint venture (formed May 2026) is running due diligence toward a final investment decision on completing the two abandoned VC Summer AP1000 units in South Carolina, on a staged timeline: Brookfield is due to apply for a federal loan by December 31, 2026, select an operator for the AP1000 units by February 28, 2027, complete its cost and schedule analysis by the end of 2027, and disclose whether it will commit to the roughly $2.7B revival by March 31, 2028. Westinghouse's IPO-related pipeline disclosures (August 2026) list VC Summer's resumption with a target of early-mid 2030s commercial operation.
2028
Bulgaria's final investment decision on Kozloduy 7 & 8
Bulgaria and NPP Kozloduy - New Capacities agreed a contract extension in April 2026 to continue site-specific design, licensing support, and localization work with Westinghouse and Hyundai E&C, refining the cost and schedule estimate that will go before the Bulgarian Parliament for a final investment decision targeted in the second half of 2026, with commercial operation of Unit 7 in 2035 and Unit 8 in 2037. The required state-aid notification to the European Commission, a precondition for the FID, had still not been submitted as of the most recent reporting, with the task now falling to the energy team under President Radev's newly appointed government - a potential source of slippage in the H2 2026 target.
H2 2026
Poland's first AP1000 - construction licence review and start of construction
Following PEJ's construction licence application for the three-unit Lubiatowo-Kopalino plant at Choczewo (submitted 2026, one of the largest licensing filings in Polish history), Bechtel formally took over site management from PEJ on August 3, 2026, with Budimex selected as main earthworks contractor - grading, drainage upgrades, and about 16 km of temporary access roads - moving the project from planning into large-scale site preparation. Westinghouse and Bechtel continue engineering and equipment procurement (including the selection of Arabelle Solutions to supply steam turbine-generators) ahead of a targeted Q4 2028 start of construction on the first unit, with commercial operation of Unit 1 targeted for 2036.
2028
AP300 NRC design certification
Complete US NRC design certification of the AP300 small modular reactor, anticipated by 2027, opening the door to site-specific licensing and construction of the first unit toward the end of the decade. On August 4, 2026 Westinghouse and Amentum signed agreements under the APX platform strategy in which Amentum will support the engineering work needed for the AP300 licensing process, while the companies also work together to expand engineering and execution capacity for fleet-scale AP1000 deployment.
2027
First commercial eVinci deployment in Saskatchewan
Deliver the first Canadian eVinci microreactor with the Saskatchewan Research Council under its CAD 80M project, projected to be operational by 2029 subject to licensing and regulatory approval.
2029
Convert the US-Saudi nuclear pact into an AP1000 order
Following the July 23, 2026 US-Saudi peaceful nuclear cooperation agreement, the deal remains in diplomatic limbo: one day after the signing, President Trump conditioned approval on Saudi Arabia joining the Abraham Accords to normalize relations with Israel, and Saudi Arabia has so far resisted signing, insisting on progress toward Palestinian statehood first. Congressional review is also still pending. A potential multi-decade, multi-billion-dollar Saudi AP1000 program with Westinghouse as likely builder cannot proceed until these preconditions are resolved.
Westinghouse and Amentum entered a series of agreements on August 4, 2026 supporting Westinghouse's APX technology platform, expanding delivery capacity for fleet-scale AP1000 reactor deployment and advancing development of the AP300 small modular reactor. Amentum will support the engineering work needed for AP300 to obtain US Nuclear Regulatory Commission design certification, while the companies also work to strengthen AP1000 engineering and execution capacity for building 1-gigawatt reactors at scale.
Westinghouse Electric, the nuclear reactor and fuel-services giant owned 51% by Brookfield and 49% by Cameco, confidentially submitted a draft S-1 registration statement to the SEC on July 31, 2026 for a proposed US initial public offering. Share count and price range are undetermined, and under the terms of a 2025 US government strategic partnership, Washington holds an option to take an 8% equity stake if Westinghouse's valuation reaches $30 billion.
The United States and Saudi Arabia signed a peaceful nuclear cooperation and safeguards agreement on July 23, opening the door to a Saudi civilian nuclear program that could see Westinghouse build AP1000 reactors under a multi-decade, multi-billion-dollar deal. The agreement is contingent on Saudi Arabia joining the Abraham Accords and still requires congressional review before any reactor contracts can be finalized.
Fully operational at the core: the nuclear fuel and operating-plant-services businesses serve reactor fleets worldwide (about $5.0B of 2025 revenue), boosted by work on the Dukovany new-build in the Czech Republic. Q2 2026 was softer at the JV level - Cameco's 49% share of Westinghouse swung to a $10M net loss (from +$126M in Q2 2025) on the absence of a prior-year one-off tied to Dukovany, though Cameco still guides its 2026 share of Westinghouse adjusted EBITDA to $370-430M. The growth engine remains the AP1000 buildout - Vogtle 3 & 4 operating in Georgia, Bechtel now managing physical site preparation for Poland's first plant at Choczewo, engineering contracts executing for Kozloduy 7 & 8 in Bulgaria (though Bulgaria's required state-aid notification to the European Commission remains unsubmitted, delaying the path to a second-half-2026 final investment decision), licensing started for nine units in Ukraine, NRC environmental scoping underway for four units at Project Matador in Texas, and the VC Summer completion effort advancing on a staged timeline toward a final investment decision (Brookfield due to apply for a federal loan by end-2026, select an operator by February 2027, complete a cost/schedule analysis by end-2027, and disclose its FID by March 2028, with resumption of the two abandoned units aimed at early-mid 2030s commercial operation) - backed by the October 2025 $80B US government partnership, a conditional $17.5B DOE loan commitment (June 2026) for long-lead items on up to 10 US reactors, and an August 2026 Amentum partnership on the new Westinghouse APX platform to expand engineering/execution capacity for AP1000 fleet delivery and AP300 licensing. On July 31, 2026, Westinghouse confidentially filed for a US IPO. A potential Saudi Arabia AP1000 program remains in diplomatic limbo, conditioned by the White House on Saudi accession to the Abraham Accords, which Riyadh has so far resisted absent progress on Palestinian statehood. The eVinci microreactor test unit is still preparing for first fueled testing at Idaho National Laboratory, which DOE's most recent guidance continues to target within 2026.
Revenue Streams
Nuclear fuel
Fuel fabrication for PWR, BWR, and VVER reactors from plants in Columbia (South Carolina), Springfields (UK - 80 years of fuel manufacture in 2026), and Västerås (Sweden). Westinghouse is the Western supplier of VVER fuel, enabling Ukraine and Eastern European operators to replace Russian supply.
Operating plant services
Outage services, maintenance, modernization, instrumentation and controls, and spare parts for the roughly half of the world's reactors built on Westinghouse technology - the company's largest and steadiest business.
New plant deployment (AP1000)
Reactor technology, engineering, and equipment for new AP1000 plants: the US fleet buildout under the $80B government partnership, Poland's three-unit first plant, Bulgaria's Kozloduy 7 & 8, nine planned units in Ukraine, and participation in the Czech Dukovany project.
Next-generation product lines in development: the 330 MWe AP300 small modular reactor derived from the AP1000, and the 5 MWe transportable eVinci microreactor targeting remote sites, industry, data centers, and defense installations.
Key Metrics
Employees
12,500+
Est. Annual Revenue
$5.0B (2025)
Global reactor footprint
Nearly half of the world's operating reactors run on Westinghouse technology
Revenue (2025)
$5.0B
Employees
12,500+ across 21 countries
AP1000 units operational worldwide
6 in operation (2 in the US, 4 in China), 14 more under construction in China, 5 more under contract in Poland and Bulgaria
US government partnership (Oct 2025)
$80B+ AP1000/AP300 fleet buildout
DOE conditional loan commitment (Jun 2026)
$17.5B for long-lead items for up to 10 AP1000 reactors
Global AP1000 pipeline
Up to 91 potential reactors (~105 GWe) across the US, Europe, Canada, India, Saudi Arabia and other markets, with commercial-operation dates ranging from the early 2030s to the early 2040s
Timeline
2026Brookfield and The Nuclear Company form JV to project-manage VC Summer completion
In May 2026, Brookfield and nuclear project developer The Nuclear Company form a joint venture to serve as project manager for completing the two abandoned AP1000 units at the VC Summer site in South Carolina, providing licensing support and EPC oversight as the project continues toward a completion decision.
2026DOE commits $17.5B for AP1000 long-lead items
On June 23, 2026, Westinghouse and the DOE's Office of Energy Dominance Financing announce a conditional $17.5B commitment under the American Nuclear Supply Chain Loans program to finance long-lead components for up to 10 AP1000 reactors - advance procurement that could accelerate project timelines by up to three years.
2026US-Saudi nuclear pact opens a path to a new AP1000 market
On July 23, 2026, the US and Saudi Arabia sign a peaceful nuclear cooperation and safeguards agreement that could enable a Saudi civilian nuclear program, with Westinghouse positioned to build AP1000 reactors under a potential multi-decade, multi-billion-dollar program contingent on Saudi Arabia joining the Abraham Accords and congressional review.
2026Confidentially files for a US IPO
On July 31, 2026, Westinghouse confidentially submits a draft S-1 registration statement to the SEC for a proposed US initial public offering, with share count and pricing undetermined and timing dependent on market conditions. Under the terms of the 2025 US government strategic partnership, the US government holds an option to take an 8% equity stake if Westinghouse's valuation reaches $30B.
2026Bechtel takes over Choczewo site management for Poland's first AP1000 plant
On August 3, 2026, Bechtel formally assumes site management for the Lubiatowo-Kopalino plant site in Choczewo, Poland from project company PEJ, with Polish contractor Budimex selected as main earthworks contractor for grading, drainage upgrades, and roughly 16 km of temporary access roads - moving Poland's first AP1000 project from planning and licensing into large-scale physical site preparation ahead of a targeted Q4 2028 start of construction.
2026Amentum partnership backs the APX fleet platform
On August 4, 2026, Westinghouse and Amentum sign a series of agreements supporting the Westinghouse APX technology platform - the single reuse-based strategy pairing fleet-scale AP1000 delivery with AP300 SMR development. The collaboration is aimed at expanding engineering and execution capacity for 1-gigawatt-scale reactor delivery and accelerating AP300 NRC licensing.
2025$80B US government strategic partnership
In late October 2025 the US government announces a strategic partnership with Westinghouse, Brookfield, and Cameco to build at least $80B of new AP1000 and AP300 reactors across the United States, with the government facilitating financing, permitting, and regulatory approvals.
2025VC Summer AP1000 completion effort revived
Santee Cooper's board approves Brookfield's proposal to purchase and complete the two abandoned AP1000 units at the VC Summer site in South Carolina for $2.7B, aiming to add 2,200 MWe; Westinghouse engineers are already on site for feasibility work.
2024Vogtle Unit 4 completes the first US AP1000 pair
Vogtle Unit 4 enters commercial operation on April 29, 2024, making Plant Vogtle the largest clean-energy generator in the US and giving Westinghouse two operating flagship AP1000 units on American soil.
2023Vogtle Unit 3 enters commercial operation
On July 31, 2023, Vogtle Unit 3 in Georgia becomes the first Westinghouse AP1000 to enter commercial operation in the United States - the first newly constructed US nuclear unit in over three decades.
On November 7, 2023, Brookfield Renewable (with institutional partners, 51%) and Cameco (49%) complete their acquisition of Westinghouse at a $7.9B enterprise value, pairing the reactor and fuel-services company with the West's largest uranium producer.
2018Brookfield buys Westinghouse out of bankruptcy
Brookfield Business Partners and institutional partners acquire Westinghouse out of Chapter 11 for $4.6B, refocusing the company on its profitable fuel and services core.
2017Chapter 11 bankruptcy
Massive cost overruns on the first US AP1000 construction projects at Vogtle (Georgia) and VC Summer (South Carolina) drive Westinghouse into Chapter 11 bankruptcy in March 2017, nearly taking parent Toshiba down with it. The VC Summer project is abandoned; Vogtle continues.
2006Toshiba acquires Westinghouse for $5.4B
Toshiba leads a $5.4B acquisition of Westinghouse from BNFL, betting on a global nuclear renaissance and the newly certified AP1000 design.
1999Modern Westinghouse Electric Company formed
The current Westinghouse Electric Company is created from the nuclear businesses of the original Westinghouse corporation, acquired by British Nuclear Fuels Ltd (BNFL), headquartered in the Pittsburgh area.
1957Shippingport - first commercial PWR
Westinghouse builds the world's first full-scale commercial pressurized water reactor at Shippingport, Pennsylvania, establishing the PWR architecture that now underpins most of the global nuclear fleet.
1886Westinghouse heritage begins
George Westinghouse founds the original Westinghouse Electric Corporation, which commercializes alternating current and later pioneers commercial nuclear power. Today's Westinghouse Electric Company traces its brand and nuclear business to this lineage.
Funding
Cumulative disclosed raise · dated rounds
Round
Date
Amount
Investors
Source
Acquisition (Toshiba)
2006-10
$5.4B
Toshiba-led consortium
Chapter 11 exit acquisition
2018-08
$4.6B
Brookfield Business Partners & institutional partners
