ONE Nuclear Energy
ApprovedPre-revenueUtilities · advanced nuclear SMR and natural gas energy development · West Palm Beach, United States · founded 2025
- What it is
- Develop-own-operate GW-scale behind-the-meter power infrastructure: deploy high-efficiency natural gas generation (reciprocating engines/turbines) quickly for hyperscale AI data centers and industrial offtakers, then layer in factory-built SMRs for long-term low-carbon baseload; revenue intended from power sales/PPAs once projects are built - none exist yet and no project is under construction.
- What it’s doing now
- Merging with Hennessy Capital VII (HVII) — approved, announced Oct 22, 2025; shareholder vote Aug 24, 2026.
- What you should know
- It reports no meaningful revenue yet — this deal is priced on a story, not on financials. The real share count puts the effective valuation 23% above the announced $1.0B. The deal carries a $50M minimum-cash condition — heavy redemptions can break it.
The business, per its filings
SEC primaryONE Nuclear Energy LLC (Delaware LLC, mailing address West Palm Beach, FL; project begun 2022, entity formally incorporated February/Q1 2025) is a development-stage independent developer of behind-the-meter 'energy park' microgrids for AI data centers and industrial users, planning fast-track natural-gas generation first (first equipment delivery 2027, first generation Q2 2028, up to 2 GW gas by 2029) with staged advanced small modular reactors later (~3 GW additional nuclear by 2034). The 424B3 states plainly it is 'a development stage company, with nominal assets, no operating history or revenue to date and no developments currently under construction' - as of 2026-03-31 it had $40,492 of cash (its ONLY asset), a $1.75M members' deficit, going-concern doubt, and was being funded by a promissory note from the SPAC itself (max raised to $620,000 by the 2026-08-07 Third Omnibus Amendment, which also pushed the outside date to 2026-09-30) - yet is being merged at a $1.0 billion pre-money all-stock equity valuation (95,693,779 New ONE Nuclear shares at $10.00, no cash to sellers, existing holders ~77% pro forma) plus 13.0M earnout shares at $12.50/$15.00/$17.50 price milestones. Pipeline is MOUs/LOIs only: MSB Global Services (East Texas ~5,000-acre site, 3-6 GW contemplated), a New Mexico LOI (initial 1 GW next to a planned 10 GW data-center campus), a Washington-state master-developer MOU, Blackstart Digital (Oklahoma), Sunshine Partners (five-site LOI), plus a Quadrant Nuclear Industries MOU for Navy-standards nuclear ops/training and a FutureWorx business-development agreement. Founders: Richard Taylor (co-founder/Chairman/CEO since Jan 2022; 40 yrs energy incl. 25 at BP, former President of BP Brazil; Cambridge MA Eng., Warwick MBA), Robert Carilli (co-founder/CSO), Kevin Dowd (co-founder/COO); B. Riley advised ONE Nuclear; SPAC is Daniel J. Hennessy's Hennessy Capital VII.
| Cash | $0M |
| Debt | $0.4M |
| Book value | $-1.7M |
Source: S-4/A, accession 0001493152-26-034669 · as of Mar 31, 2026 · extraction confidence: high
What the company says about itself
Web research — not auditedSite markets 'Building baseload energy for the AI economy': 75+ identified sites, 3 development sites (East Texas, New Mexico, Washington) out of 10 priority sites, ~1.0 GW estimated online by end of 2028, and up to 15 GW of gas and nuclear projects underway by 2033; multi-technology vendor collaborations 'ranging from preliminary discourse to definitive agreements'; plans a JV for turnkey nuclear workforce training/operations services.
- Markets:
- AI/cloud data centers; industrial manufacturers; refineries; desalination; critical infrastructure; utilities
- Products:
- GW-scale behind-the-meter microgrids and energy parks combining fast-track natural gas (reciprocating units before turbines) with advanced nuclear SMRs; develop-own-operate model
- Customers:
- No named customers; site describes a 'collaborative relationship with one of the top 5 energy traders in the US' (unnamed) and execution support from Futureworx and Black & Veatch
None material. Website's '15 GW underway by 2033' and unnamed 'top-5 US energy trader' relationship are marketing claims that appear nowhere as commitments in the 424B3, which stresses that all sites are MOU/LOI-stage and that many necessary contracts 'have yet to be executed'.
Source: https://www.onenuclearenergy.com/ · captured Aug 14, 2026 · marketing claims are reported as claims, never merged into the filed figures above.
The deal it’s entering
ONE Nuclear Energy is merging with Hennessy Capital VII (HVII), a $190M SPAC currently marked Deal approved and trading at $10.80 against $10.53 in trust per share.
| Headline equity value | $1.0B |
| Effective valuation (all shares) | $1.2B+23% vs headline |
| Sponsor promote | 24.3% |
| PIPE | ≈ $15M · unsourcedPIPE Investment as presented in the 424B3 illustrative ownership case |
| Minimum cash to close | $50M |
| Pro-forma shares | 123.4M |
Structure per SEC accession(s) 0001493152-26-034669. How to read these numbers: headline vs effective valuation · what a definitive agreement commits
What exactly is being valued, and at what
Was this deal done at an expensive or a cheap valuation?
SpacBrain’s read on the price
No multiple can be computed
ONE Nuclear Energy has no meaningful revenue yet, so no multiple is computable — this is priced on a story, not on financials. The deal still values it at $1.23bn.
The company reports no meaningful sales yet, so there is nothing to divide the price by.
Post-dilution equity + target net debt.
No meaningful revenue in the most recent reported period.
Not computable — the filings show no meaningful revenue for the most recent reported period.
$1 of their sales costs $1358.93 on the open market. Median of 4 listed companies we judged a true comparable, which individually run from 3.76× to 5106.88×. Their share prices are from 15 August 2026, not today.
What qualifies the figures above
- Struck on the post-dilution value of $1.23bn, not the announced $1bn — new shares handed to the sponsor, warrant holders and the PIPE are part of what public buyers are really paying.
- FRMI, LTBR, NUAI, REPX, IMSR, NKLR, PR, CEG, PNRG, DVN have no revenue to divide by, so they are shown but left out of the peer median.
- STDN shown for context only — not close enough to move the median.
- The peer group does not agree with itself: its revenue multiples run from 3.76× to 5106.88×. A median drawn across that spread is a weak benchmark, so treat the verdict as a rough bearing, not a measurement.
The listed companies it is measured against
| Ticker | Company | Mkt cap | EV / revenue | EV / EBITDA | Why it’s comparable |
|---|---|---|---|---|---|
| FRMI | Fermi Inc. | $4.1B | — | — | Fermi Inc. is the comp the HVII board itself called 'a peer developer of baseload, multi-fuel energy generation also seeking funding to develop its initial site' - the same gas-plus-nuclear-for-AI-data-centers campus model at pre-commercial stage.more ▾less ▴ |
| LTBR | Lightbridge Corporation | $327M | — | — | Operational comp: Industrial Design Services (Energy group); small-cap ($422m); shares nuclear, reactors, meter, behind, plus, next with the target's own description; no forward EV/Sales published — counted as a peer, excluded from the median.more ▾less ▴ |
| OKLO | Oklo Inc. | $8.3B | 5106.9x | — | Filing-named pre-commercial advanced-nuclear comparable the board used to benchmark the $1bn valuation ($20.4bn as of 2025-10-21); the sentiment proxy for pre-revenue nuclear developers.more ▾less ▴ |
| NUAI | New Era Energy & Digital Inc | $157M | — | — | Operational comp: Oil & Gas Exploration and Production (NEC); micro-cap ($157m); shares campus, developer, gas, site, natural, energy with the target's own description; forward EV/Sales 189.2x.more ▾less ▴ |
| SMR | NuScale Power Corporation | $3.9B | 274.0x | — | NuScale Power - filing-named SMR technology comp ($10.9bn); the listed benchmark for the small-modular-reactor half of ONE Nuclear's dual-phase model. |
| REPX | Riley Exploration Permian Inc | $573M | — | — | Operational comp: Oil & Gas Exploration and Production (NEC); small-cap ($573m); shares riley, gas, natural, mexico, cash, texas with the target's own description; forward EV/Sales 1.8x.more ▾less ▴ |
| NNE | Nano Nuclear Energy Inc. | $1.1B | 2443.8x | — | Nano Nuclear Energy - filing-named pre-commercial SMR/microreactor developer ($1.8bn), closest in market-cap scale to the $1bn deal value. |
| VST | Vistra Corp. | $49.7B | 3.8x | 10.9x | Operational comp: Electric Utilities (NEC); mega-cap ($54.5bn); shares nuclear, generation, gas, site, west, east with the target's own description; forward EV/Sales 3.0x.more ▾less ▴ |
| IMSR | Terrestrial Energy Inc. | $761M | — | — | Terrestrial Energy - filing-named comp and the most recent nuclear de-SPAC precedent ($0.9bn implied), completed October 2025. |
| NKLR | Terra Innovatum Global N.V. | $674M | — | — | Terra Innovatum Global - filing-named pre-commercial micro-modular reactor developer ($0.7bn), the low anchor of the board's comp set. |
| PR | Permian Resources Corporation | $11.7B | — | — | Operational comp: Oil & Gas Exploration and Production (NEC); large-cap ($11.7bn); shares mexico, gas, west, texas, delaware, natural with the target's own description; forward EV/Sales 3.4x.more ▾less ▴ |
| CEG | Constellation Energy Corp | $110.3B | — | — | Operational comp: Electric Utilities (NEC); mega-cap ($110.3bn); shares nuclear, energy, gas, natural, generation, power with the target's own description; forward EV/Sales 3.5x.more ▾less ▴ |
| PNRG | Primeenergy Resources Corp | $280M | — | — | Operational comp: Oil & Gas Exploration and Production (NEC); micro-cap ($280m); shares gas, site, natural, oklahoma, independent, additional with the target's own description; forward EV/Sales 1.8x.more ▾less ▴ |
| DVN | Devon Energy Corporation | $23.0B | — | — | Operational comp: Oil & Gas Exploration and Production (NEC); large-cap ($23.0bn); shares delaware, gas, natural, oklahoma, texas, development with the target's own description; forward EV/Sales 2.5x.more ▾less ▴ |
| STDNcontext only | Standard Nuclear Inc | — | — | — | Adjacent: Commodity Chemicals (NEC) — the businesses read alike, the vendor classification does not agree; shares nuclear, reactors, next, generation, advanced, industrial with the target's own description; forward EV/Sales 122.6x.more ▾less ▴ |
Which companies belong on this list is our judgement, and the sentence beside each one is the whole of our reasoning — disagree with it and the verdict above changes. Rows marked context only are shown because they are informative, but they are deliberately left out of the median. The multiples come from listed-company data priced Aug 15, 2026; a private target’s deal multiple is not audited the way theirs are.
Common questions
Is ONE Nuclear Energy going public?
ONE Nuclear Energy has an approved merger with the SPAC Hennessy Capital VII (HVII), announced Oct 22, 2025. Deal status: Approved.
What is ONE Nuclear Energy's SPAC deal valuation?
The announced headline equity value is $1.0B, but counting every share class — founder promote, PIPE and public shares — the effective valuation is $1.2B, 23% above the headline.
Was ONE Nuclear Energy bought at an expensive or a cheap valuation?
ONE Nuclear Energy has no meaningful revenue yet, so no multiple is computable — this is priced on a story, not on financials. The deal still values it at $1.23bn.
Does ONE Nuclear Energy have revenue?
No meaningful reported revenue in its most recent filed period — the deal is priced on a story and projections, not on financial results. Treat every valuation multiple accordingly.
Educational content, not investment advice.
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