Cameco and Brookfield-owned Westinghouse files for U.S. IPO

Westinghouse Electric Co., a company co-owned by Cameco Corp. and Brookfield Renewable Partners, has taken a significant step toward public trading by confidentially filing for an Initial Public Offering (IPO) with U.S. regulators. The filing was announced by Cameco alongside its second-quarter financial results.

While the specifics of the offering, including the number of shares and the price range, remain undisclosed, the move signals a potential new chapter for the nuclear power company. Cameco and Brookfield acquired Westinghouse in 2023, with Cameco holding a 49% stake and Brookfield the remaining interest.

This IPO filing comes as Cameco reported a notable drop in its second-quarter revenue and profit compared to the same period last year. The company's profit for the quarter ended June 30 was $25 million, or six cents per diluted share, a decrease from $321 million, or 74 cents per diluted share, in the second quarter of 2025. Revenue also fell to $814 million from $877 million year-over-year.

Cameco CEO Tim Gitzel attributed the financial results to "normal quarterly variability." He also noted that while uranium production was affected by challenging spring road conditions in northern Saskatchewan, the company's annual production outlook remains unchanged. The decrease in quarterly and first-half results compared to 2025 was primarily due to lower equity earnings from Cameco's investment in Westinghouse.

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Our second quarter financial results reflect normal quarterly variability, and while uranium production was impacted by challenging spring road conditions along our northern Saskatchewan supply routes, our annual production outlook remains unchanged.