Newcleo to list on Nasdaq via $2.4B SPAC merger with NewHold Investment Corp III
What's the deal? Newcleo, an Italian-founded startup developing next-generation nuclear reactors, plans to go public on the Nasdaq through a merger with SPAC NewHold Investment Corp IIIDealroom has a profile for this one. Try Dealroom → in a deal valuing the company at roughly $2.4 billion. The combined entity will trade under the ticker NWCL.
Founded in 2021 by physicist and entrepreneur Stefano Buono, Newcleo builds small modular reactors fuelled by recycled nuclear waste. It is headquartered in Paris with operations across seven countries, including Italy, the UK, and the US, and employs over 900 people.
The company has raised more than $780 million since inception. The listing is expected to generate over $420 million in gross proceeds — $220 million from a PIPE round backed by institutional investors and existing shareholders, plus $209 million from NewHold Investment's investors. Newcleo's current management team will remain in place after the deal closes.
Why now? Demand for nuclear energy is surging, driven largely by the massive power needs of AI data centres. Newcleo is riding that wave — and a timely US government endorsement adds momentum.
Days before the Nasdaq announcement, the US Department of Energy selected Newcleo alongside American firm Oklo for advanced negotiations in a programme to repurpose excess weapons-grade plutonium for civilian reactor fuel. That selection bolsters the startup's credibility in the American market, which it plans to enter with the listing proceeds.
The OECD's Nuclear Energy Agency ranks Newcleo second globally among developers of fourth-generation reactors, behind only Bill Gates-backed TerraPower.
What could go wrong? SPAC mergers have a chequered track record — many post-merger companies have seen sharp share-price declines. Newcleo generated only about $80 million in revenue in 2024, modest relative to its $2.4 billion valuation.
Advanced nuclear technology also faces long development timelines and heavy regulatory scrutiny across multiple jurisdictions. The company must secure approvals in Europe and the US simultaneously, and any delays could strain its capital runway.
The signal: Newcleo's $2.4 billion SPAC listing caps a rapid ascent for a company barely four years old, now classified by Dealroom as "late growth" stage — a trajectory that underscores how quickly the nuclear energy narrative has shifted from political liability to strategic priority. The choice of Nasdaq over European exchanges mirrors a broader pattern of capital-intensive deep-tech ventures seeking the deeper liquidity and higher risk appetite of US public markets, particularly as AI-driven power demand turns advanced nuclear from a niche bet into a mainstream infrastructure play.
Read more: Finanza Online
