NuCube Energy, a developer of factory-built microreactors, is going public through a merger with Launch Two Acquisition
NuCube Energy, Inc., founded in 2023 and headquartered in Idaho Falls, Idaho, has entered into a definitive business combination agreement with Launch Two Acquisition Corp., a Nasdaq-listed special purpose acquisition company. Upon closing, the combined company is expected to trade on Nasdaq or NYSE.
NuCube develops factory-built microreactors under its NuSun platform, designed to deliver firm, carbon-free electricity and high-temperature process heat at the point of use. The company's solid-state, heat-pipe-cooled reactor eliminates coolant pumps, complex heat exchangers, and large pressure vessels found in conventional reactors, supporting a passively safe design intended to simplify licensing, lower lifecycle costs, and accelerate commercialization. The platform employs proprietary, AI-optimized Fuel Moderator and Absorber assembly technology with TRISO fuel, capable of operating on currently available LEU+ or HALEU uranium fuel. The reactor can deliver output in three modes: industrial high-temperature heat, combined heat and power, and electricity via a patent-pending thermophotovoltaic conversion system.
NuCube's small unit size, high-temperature output, and competitive projected cost target three distinct markets: remote microgrids, industrial heat applications, and data centers. U.S. installed microgrid capacity reached 8.6 GW in 2023 and continues to grow; U.S. industrial process heat consumes roughly 7.6 quadrillion BTUs per year; and U.S. data-center power demand is projected to nearly triple to approximately 134 GW by 2030. The company's high-temperature output positions it among the few nuclear platforms capable of directly serving the highest-value industrial heat processes, while modular units of approximately 15 MWe can scale behind the meter at hyperscale data-center campuses.
NuCube operates an integrated develop-build-operate model spanning site selection and licensing, factory fabrication, fuel procurement, long-life operation, and commercialization through reactor sales, operations-as-a-service, and technology licensing. Halliburton Labs has selected and invested in NuCube, contributing supply-chain, remote-operations, and modularization expertise. The company has collaboration agreements focused on integrating energy storage and controls and producing hydrogen and solid carbon products using NuCube heat. NuCube has been accepted into the Department of Energy Launch Pad program for a planned demonstration at Idaho State University, with additional potential demonstration sites under evaluation.
The transaction values NuCube at approximately $500 million pre-money equity value and implies a pro-forma enterprise value of the new public company of approximately $579 million and pro-forma equity value of approximately $683 million, assuming 78% redemptions and including $75 million of anticipated proceeds from a PIPE investment. Existing NuCube equity holders will roll 100 percent of their equity into the combined company and are expected to own approximately 73 percent at close. The combined company is expected to have no debt and up to approximately $104 million of net cash on its balance sheet to fund growth. Thomas Hennessy, President of Hennessy Capital Group, is expected to be a member of the board of directors upon closing. The transaction has been approved by the boards of both companies and is expected to close in the second half of 2026, subject to shareholder and stockholder approval, applicable regulatory approvals, and customary closing conditions.