Newcleo wins over Wall Street with a $2.4 billion market debut
Newcleo is preparing to go public through a merger with the special purpose acquisition company (SPAC) NewHold Investment Corp III. The transaction values the company at $2.4 billion and could allow it to raise up to $429 million. Driven by Wall Street’s growing enthusiasm for advanced nuclear technologies, the Franco-Italian startup is part of a broader trend of nuclear-sector financing in the United States, while Europe continues to lag behind.
Having raised $780 million in private funding since 2021, the company specialising in lead-cooled fast reactors (LFRs) continues its fundraising momentum. In May 2026, Newcleo announced its planned stock market listing through a merger with NewHold Investment Corp III (NHIC), a special purpose acquisition company (SPAC).
The transaction values the Franco-Italian company, which specialises in lead-cooled fast reactors (LFRs) and the closed MOX fuel cycle, at approximately $2.4 billion. The deal could generate up to $429 million in gross proceeds from two complementary sources of financing.
A first tranche of $220 million comes from a private investment in public equity (PIPE), a transaction conducted ahead of the public listing that allows institutional investors to commit to purchasing shares in the company. Priced at $10 per share, the offering was oversubscribed, a generally positive signal indicating demand exceeded the number of shares available.
An additional $229 million held in the SPAC’s trust account will also be contributed. In practical terms, a SPAC raises capital that is placed in trust at the time of its initial public offering. These funds are subsequently used to finance the acquisition of the target company.
NewHold Investment Corp III focuses on industrial technologies. This marks the first time the company has invested in a nuclear technology venture. Its previous portfolio and acquisitions were primarily concentrated in industrial services, engineering and waste management.
Wall Street embraces nuclear startups
“This is not only a major milestone for the company, but also a tremendous vote of confidence from Wall Street in advanced nuclear infrastructure,” said Daniela Wilson, Chief Operating Officer and Chief Sustainability Officer, in a LinkedIn post.
She added: “Financial markets are beginning to recognise that advanced reactors, such as Newcleo’s lead-cooled fast reactors, are essential for building low-carbon economies.” The nuclear sector is currently receiving a very favourable reception on Wall Street. Newcleo is following in the footsteps of NuScale and Oklo Power, two nuclear startups that also went public in 2022 and 2024 respectively.
NuScale, a pioneer in the development of small modular reactors, saw its share price rise by 212% in 2025 compared with its listing price at the time of its public debut in 2022. At the beginning of 2026, however, the stock price began to decline. Oklo, backed by OpenAI CEO Sam Altman, raised more than $306 million in May 2024, and its share price increased by 480% within a matter of weeks.
The White House also played an important role in securing investor confidence through executive orders issued by President Donald Trump in May 2025. Licensing procedures for advanced reactors were simplified, and modular nuclear energy was designated a national priority, particularly from a sovereignty perspective.
Europe still trailing behind
In the United States, public funding and government contracts have helped create a favourable environment for nuclear innovation. At the same time, abundant private capital and the strong appetite of American investors for innovative technologies, whether in nuclear energy or artificial intelligence, have also contributed to this growth.
Europe, by contrast, still lags behind. Several financing mechanisms are currently being examined by the European Commission, notably in France and the Czech Republic. The inclusion of nuclear energy in the European green taxonomy already provides access to certain sources of private financing.
Nevertheless, the sector continues to rely heavily on public-sector support. In contrast, North American financial markets offer broader access to private capital, helping to attract nuclear startups. The implementation of more consistent support mechanisms and financial incentives at the European level could strengthen the continent’s attractiveness for these innovative companies. ■