At Nasdaq

Nuclear, Newcleo towards Nasdaq listing: 2.4 billion IPO

Transaction through a business combination with Spac NewHold Investment Corp. Pre-money valuation of approximately $2.4 billion

by Carlo Festa

27 May 2026

3' min read

Translated by AI

Versione italiana

3' min read

Translated by AI

Versione italiana

Newcleo accelera verso Wall Street. The company specialising in the development of advanced modular nuclear reactors, founded and led by physicist Stefano Buono, has announced its path to listing on the Nasdaq through a business combination with US Spac NewHold Investment Corp III.

The transaction represents a crucial step for the group, which aims to strengthen its international presence and, above all, to accelerate its expansion plans in the United States, one of the most strategic markets today for the relaunch of nuclear energy. But it also represents a way to find fresh resources in a difficult financial situation. Last August, auditors warned of a liquidity crisis for the company without the entry of new investors.

The deal gives Newcleo a pre-money valuation of about$2.4 billion and could provide the company with up to $429 million in new financial resources. The capital will come from two main sources: a $220m Pipe (Private Investment in Public Equity) and up to $209m from the cash held in the US Spac's trust account.

Nucleare, il gioco vale la candela?

The Pipe, which the company reportedly oversubscribed, was subscribed at a price of $10 per share and involves the issuance of 22 million ordinary shares. Backing the deal is a group of strategic and institutional investors, along with a number of shareholders already in the company's capital, which is being interpreted by the market as a sign of confidence in the technology developed by Newcleo and in the growth prospects of the advanced nuclear sector.

Upon completion of the transaction, expected in the second half of 2026, the resulting new entity will be listed on the Nasdaq with the ticker 'NWCL'. The choice of the US technology list confirms the group's desire to position itself in a strategic market, at a time when nuclear power is returning to the centre of international debate.

The transaction is also particularly relevant in light of the company's recent financial situation. Last August, in fact, the auditors had reported uncertainty about the company's ability to continue as a going concern in the absence of new capital injections from investors. The 2024 balance sheet had shown worsening losses, which had risen to around €110 million, almost double the previous year's figure. The raising of new resources through the listing therefore appears essential to support the huge investments required for research, technological development, and the industrial production of advanced modular reactors.

Newcleo is active in the development of Small Modular Reactors (SMR) next-generation liquid-lead-cooled reactors, a technology that aims to improve safety, sustainability and efficiency compared to conventional nuclear power plants. The group is also working on systems capable of using part of the existing nuclear waste as fuel, with the aim of reducing both costs and the environmental impact of the nuclear cycle.

The company currently operates in seven countries and employs over 900 people. In 2024, it recorded approximately $80 million in revenue, other income and financial income generated by its operating companies involved in the nuclear supply chain. Despite the growth in size, the group still remains loss-making.

The business combination with the American Spac therefore represents not only a way to quickly enter the US financial markets, but also a means to raise the necessary resources to support a decisive phase of industrial growth.