Standard Nuclear (STDN)
Market Price (8/6/2026): $8.48 | Market Cap: $1.4 BilSector: Materials | Industry: Specialty Chemicals
Standard Nuclear (STDN)
Market Price (8/6/2026): $8.48Market Cap: $1.4 BilSector: MaterialsIndustry: Specialty Chemicals
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Megatrend and thematic driversMegatrends include Energy Transition & Decarbonization. Themes include Mini Nuclear. | Weak multi-year price returns2Y Excs Rtn is -73%, 3Y Excs Rtn is -101% | High stock price volatilityVol 12M is 116% Key risksSTDN key risks include [1] unproven commercial viability and market acceptance at an industrial scale, Show more. |
| Megatrend and thematic driversMegatrends include Energy Transition & Decarbonization. Themes include Mini Nuclear. |
| Weak multi-year price returns2Y Excs Rtn is -73%, 3Y Excs Rtn is -101% |
| High stock price volatilityVol 12M is 116% |
| Key risksSTDN key risks include [1] unproven commercial viability and market acceptance at an industrial scale, Show more. |
Qualitative Assessment
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Standard Nuclear (STDN) stock has lost about 35% since it went public on 7/16/2026 because of the following key factors:
1. Standard Nuclear's IPO experienced a weak debut and a significantly downsized offering.
Standard Nuclear (STDN) priced its Initial Public Offering (IPO) on July 16, 2026, at $15.00 per share, which was a sharp reduction from its original target range of $18.00 to $21.00 for 18.25 million shares. The company ultimately sold 10 million shares, raising $150 million, far less than the initially sought $355.88 million. The stock opened on the New York Stock Exchange at $13.50, already below its IPO price, and concluded its first day of trading at $12.40, marking a 17.33% loss. This immediate downturn and the reduced scale of the offering signaled weaker-than-anticipated investor demand and set a negative tone for its post-IPO performance.
2. The company's financials showed unprofitability and a high valuation relative to revenue.
As an early-stage company, Standard Nuclear is not profitable and is cash-consuming. For the 12 months ending March 31, 2026, the company reported a net loss of $14.97 million on revenues of only $3.36 million. An analyst noted a Q1 2026 net loss of $7.7 million (‑$0.55/share) against just $0.6 million in revenue. Despite these nascent financials, the IPO targeted a market capitalization of approximately $3.5 billion, which was roughly one thousand times its trailing sales. This extreme valuation, particularly for a company in its early stages of commercialization, likely pressured the stock downwards as investors reassessed its fundamentals post-IPO.
Show more
Standard Nuclear (STDN) stock has lost about 35% since it went public on 7/16/2026 because of the following key factors:
1. Standard Nuclear's IPO experienced a weak debut and a significantly downsized offering.
Standard Nuclear (STDN) priced its Initial Public Offering (IPO) on July 16, 2026, at $15.00 per share, which was a sharp reduction from its original target range of $18.00 to $21.00 for 18.25 million shares. The company ultimately sold 10 million shares, raising $150 million, far less than the initially sought $355.88 million. The stock opened on the New York Stock Exchange at $13.50, already below its IPO price, and concluded its first day of trading at $12.40, marking a 17.33% loss. This immediate downturn and the reduced scale of the offering signaled weaker-than-anticipated investor demand and set a negative tone for its post-IPO performance.
2. The company's financials showed unprofitability and a high valuation relative to revenue.
As an early-stage company, Standard Nuclear is not profitable and is cash-consuming. For the 12 months ending March 31, 2026, the company reported a net loss of $14.97 million on revenues of only $3.36 million. An analyst noted a Q1 2026 net loss of $7.7 million (‑$0.55/share) against just $0.6 million in revenue. Despite these nascent financials, the IPO targeted a market capitalization of approximately $3.5 billion, which was roughly one thousand times its trailing sales. This extreme valuation, particularly for a company in its early stages of commercialization, likely pressured the stock downwards as investors reassessed its fundamentals post-IPO.
3. Broader market skepticism towards speculative, unproven IPOs contributed to the decline.
Newly public companies, especially those in speculative, high-growth but currently unprofitable sectors like advanced nuclear fuel, often face significant challenges in their initial trading periods as early enthusiasm fades and valuation expectations reset. Standard Nuclear, while involved in a promising technology (TRISO fuel for advanced reactors), is considered a "speculative stock" with meaningful uncertainty. The market's cautious approach to IPOs, coupled with the company's "fundamentally loss-making and cash-consuming" status, contributed to the sustained selling pressure experienced by STDN during this period.
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Stock Movement Drivers
Fundamental Drivers
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Market Drivers
4/30/2026 to 8/5/2026| Return | Correlation | |
|---|---|---|
| STDN | ||
| Market (SPY) | 7.1% | 60.0% |
| Sector (XLB) | 2.3% | 33.9% |
Fundamental Drivers
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Market Drivers
1/31/2026 to 8/5/2026| Return | Correlation | |
|---|---|---|
| STDN | ||
| Market (SPY) | 11.5% | 60.0% |
| Sector (XLB) | 7.3% | 33.9% |
Fundamental Drivers
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Market Drivers
7/31/2025 to 8/5/2026| Return | Correlation | |
|---|---|---|
| STDN | ||
| Market (SPY) | 22.8% | 60.0% |
| Sector (XLB) | 21.7% | 33.9% |
Fundamental Drivers
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Market Drivers
7/31/2023 to 8/5/2026| Return | Correlation | |
|---|---|---|
| STDN | ||
| Market (SPY) | 74.1% | 60.0% |
| Sector (XLB) | 29.6% | 33.9% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| STDN Return | - | - | - | - | - | -32% | -32% |
| Peers Return | 40% | -1% | 31% | 134% | 95% | 1% | 730% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 106% |
Monthly Win Rates [3] | |||||||
| STDN Win Rate | - | - | - | - | - | 50% | |
| Peers Win Rate | 50% | 42% | 58% | 66% | 65% | 50% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| STDN Max Drawdown | - | - | - | - | - | - | |
| Peers Max Drawdown | -33% | -39% | -39% | -37% | -46% | -43% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: BWXT, LEU, SMR, CCJ, GEV.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 8/5/2026 (YTD)
How Low Can It Go
STDN has limited trading history. Below is the Materials sector ETF (XLB) in its place.
| Event | XLB | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -17.0% | -18.8% |
| % Gain to Breakeven | 20.5% | 23.1% |
| Time to Breakeven | 84 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -12.5% | -9.5% |
| % Gain to Breakeven | 14.3% | 10.5% |
| Time to Breakeven | 52 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -23.5% | -24.5% |
| % Gain to Breakeven | 30.7% | 32.4% |
| Time to Breakeven | 456 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -36.2% | -33.7% |
| % Gain to Breakeven | 56.8% | 50.9% |
| Time to Breakeven | 114 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -18.3% | -19.2% |
| % Gain to Breakeven | 22.4% | 23.8% |
| Time to Breakeven | 101 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -17.9% | -12.2% |
| % Gain to Breakeven | 21.7% | 13.9% |
| Time to Breakeven | 52 days | 62 days |
In The Past
State Street Materials Select Sector SPDR ETF's stock fell -17.0% during the 2025 US Tariff Shock. Such a loss loss requires a 20.5% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
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STDN has limited trading history. Below is the Materials sector ETF (XLB) in its place.
| Event | XLB | S&P 500 |
|---|---|---|
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -23.5% | -24.5% |
| % Gain to Breakeven | 30.7% | 32.4% |
| Time to Breakeven | 456 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -36.2% | -33.7% |
| % Gain to Breakeven | 56.8% | 50.9% |
| Time to Breakeven | 114 days | 140 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -23.8% | -6.8% |
| % Gain to Breakeven | 31.2% | 7.3% |
| Time to Breakeven | 171 days | 15 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -28.2% | -17.9% |
| % Gain to Breakeven | 39.3% | 21.8% |
| Time to Breakeven | 459 days | 123 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -56.6% | -53.4% |
| % Gain to Breakeven | 130.3% | 114.4% |
| Time to Breakeven | 701 days | 1085 days |
In The Past
State Street Materials Select Sector SPDR ETF's stock fell -17.0% during the 2025 US Tariff Shock. Such a loss loss requires a 20.5% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Standard Nuclear (STDN)
Standard Nuclear (STDN) is a leading independent company focused on supplying advanced nuclear fuels, primarily TRISO fuel, for safe, reliable, and scalable nuclear power generation. The company is unique as it operates the only dedicated, privately funded, industrial-scale TRISO manufacturing facilities in the United States. STDN designs, engineers, and manufactures these advanced fuels, which are critical components for next-generation Advanced Reactors, and is already producing and shipping fuel for demonstrations anticipated in 2026.
Standard Nuclear positions itself at the fuel manufacturing layer of the nuclear value chain. Its business model involves converting enriched uranium feedstock, provided by its customers, into finished TRISO fuel products. The company explicitly does not design, own, or operate nuclear reactors, nor does it procure uranium, thereby avoiding direct commercial exposure to uranium price volatility. STDN's primary customers include Advanced Reactor developers, utilities, reactor owners and operators, hyperscale data center operators, and domestic and international government entities that require TRISO fuel for their reactors.
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- Advanced TRISO Nuclear Fuel Manufacturing: Standard Nuclear manufactures and supplies finished TRISO fuel products, converting customer-provided enriched uranium feedstock for use in Advanced Reactors.
- Nuclear Fuel Fabrication and Engineering Services: The company provides specialized design, engineering, and fabrication services for advanced nuclear fuels, primarily TRISO, tailored to various Advanced Reactor designs and customer specifications.
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Based on the provided company description, Standard Nuclear (STDN) has not yet achieved large-scale commercial sales for its products, stating, "we have never sold our products at large-scale commercial levels." Therefore, no specific major customer companies are identified by name in the prospectus.
However, Standard Nuclear primarily sells its advanced nuclear fuel products to other companies and entities, not individuals. The company indicates that its fuel products can be used by the following categories of customers:
- Reactor owners and operators
- Utilities
- Hyperscale data center operators
- Domestic and international government entities that own or operate such reactors
The company also notes that it is "currently producing and shipping fuel for Advanced Reactor demonstrations scheduled for 2026," implying its current clients are developers of these early-stage advanced reactor projects, though specific names are not provided.
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Kurt Terrani Chief Executive Officer and Director
Dr. Kurt Terrani was appointed Chief Executive Officer and Director of Standard Nuclear, Inc. in January 2025. An internationally recognized nuclear fuel expert, Dr. Terrani’s career is dedicated to the development and manufacturing of advanced nuclear fuels and materials. He spent over a decade at Oak Ridge National Laboratory, serving as National Technical Director for the U.S. Department of Energy (DOE). He earned his Ph.D. in Nuclear Engineering from the University of California, Berkeley in 2010. Prior to Standard Nuclear, Dr. Terrani served as Executive Vice President at Ultra Safe Nuclear Corporation (USNC) from 2022 and as interim CEO during USNC's bankruptcy proceedings. Standard Nuclear was formed after a consortium of venture capital funds, led by Decisive Point, acquired USNC's TRISO fuel assets, at which point Dr. Terrani became CEO. Many of his technical team members from USNC joined him at Standard Nuclear, with some working for months without pay to keep the fuel line operational during the bankruptcy. Standard Nuclear is backed by venture capital firms, including Decisive Point and Andreessen Horowitz.
Kevin Harrill Chief Financial Officer
Kevin Harrill serves as the Chief Financial Officer for Standard Nuclear.
Thomas Hendrix Executive Chairman
Thomas Hendrix is the Executive Chairman of Standard Nuclear and a founding partner of Decisive Point. He led the consortium of venture capital funds that acquired the TRISO fuel assets of the bankrupt Ultra Safe Nuclear Corporation (USNC) for $28 million in February 2025, which subsequently formed Standard Nuclear. This demonstrates a pattern of managing companies backed by private equity firms.
Keeley Marrocco Chief Operating Officer
Keeley Marrocco serves as the Chief Operating Officer for Standard Nuclear.
Shahram Ghasemian Chief Legal & Compliance Officer and Corporate Secretary
Shahram Ghasemian holds the position of Chief Legal & Compliance Officer and Corporate Secretary at Standard Nuclear.
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Key Risks to Standard Nuclear (STDN)
- Unproven Commercial Viability and Market Acceptance at Industrial Scale: Standard Nuclear has not yet sold its products at large-scale commercial levels, and the production of TRISO fuel at an industrial scale is generally untested. This results in limited data regarding the full cycle economics of manufacturing, marketing, pricing, and selling TRISO fuel, leaving the company with limited visibility into customer willingness to pay and the cost structures required for positive profit margins.
- History of Significant Operating Losses and Negative Cash Flows: The company has historically incurred substantial operating losses and negative cash flows, with an accumulated deficit of $79.9 million as of March 31, 2026. This indicates that Standard Nuclear's financial sustainability is highly dependent on achieving successful large-scale commercialization and profitability in the future to reverse these trends.
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The addressable markets for Standard Nuclear's main product, TRISO fuel, include both a U.S. cumulative opportunity and global market valuations.
- Standard Nuclear estimates a cumulative TRISO fuel opportunity exceeding $4 billion through 2030 within the U.S..
- The broader advanced nuclear capacity in the U.S. is projected to surpass 58 GWe by 2040.
- The global Tri-structural Isotropic (TRISO) fuel market was valued at approximately US$ 382.49 million in 2024 and is projected to reach about US$ 554.28 million by 2033, growing at a compound annual growth rate (CAGR) of 4.28%. Another estimate placed the global TRISO fuel market at US$ 370.0 million in 2023, with a projection to reach US$ 557.7 million by 2034, at a CAGR of 3.8%. Additionally, the global market was valued at USD 387.7 million in 2024 and is predicted to reach USD 558.4 million by 2034 with a 3.9% CAGR.
- Specifically for the United States, the market for Next-Generation Nuclear Fuel (TRISO) Commercialization for High-Temperature Reactors was valued at USD 1.19 billion in 2025 and is projected to grow to USD 2.32 billion by 2034, exhibiting a CAGR of 8.9% during the forecast period.
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Standard Nuclear (STDN) is expected to drive future revenue growth over the next two to three years through several key initiatives, primarily centered on expanding its unique industrial-scale TRISO fuel manufacturing capabilities and capitalizing on the growing advanced nuclear reactor market.
One significant driver is the **expansion of TRISO production facilities and capacity**. Standard Nuclear is currently producing and shipping fuel for advanced reactor demonstrations scheduled for 2026. The company anticipates additional TRISO production facilities to come online in the second half of 2026, including a new facility in Oak Ridge, TN (Oak Ridge SN-TN), and a second manufacturing site, Standard Nuclear-West (SN-West), in Idaho Falls, Idaho. This increase in operational capacity directly correlates with a higher volume of fuel production and subsequent revenue generation, with plans to expand production capacity to more than 2 tonnes by mid-2026.
Another crucial driver is the **growth in the advanced reactor market and subsequent customer adoption**. Standard Nuclear aims to support the re-emergence of the U.S.'s newbuild nuclear infrastructure and meet the nation's growing demand for safe, reliable, and clean baseload power. The company's unique position as the only participant in the U.S. market positioned to work with any developer of Advanced Reactors using TRISO fuel, combined with a reactor-agnostic model, enables it to capture a broad customer base as new advanced reactors, including small modular reactors (SMRs) and microreactors, come online. The demand for nuclear fuel is also being fueled by decarbonization efforts and the rapidly growing power needs of data centers.
Finally, **securing and scaling long-term fuel supply arrangements** will be a primary revenue driver. Standard Nuclear's business model is based on establishing long-term fuel supply arrangements where customers provide enriched uranium feedstock, and Standard Nuclear converts it into finished fuel products. The company has already indicated a total contract backlog of up to $245 million and a potential pipeline of $416 million. Strategic collaborations, such as the joint venture with Framatome to supply commercial quantities of TRISO fuel and the alliance with Oklo to evaluate recycled materials as feedstock, further solidify its position in the domestic supply chain and pave the way for sustained, large-scale commercial contracts.
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Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 131.28 |
| Mkt Cap | 15.4 |
| Rev LTM | 3,475 |
| Op Inc LTM | 340 |
| FCF LTM | 317 |
| FCF 3Y Avg | 310 |
| CFO LTM | 519 |
| CFO 3Y Avg | 478 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | -2.7% |
| Rev Chg 3Y Avg | 17.6% |
| Rev Chg Q | 4.9% |
| QoQ Delta Rev Chg LTM | 0.8% |
| Op Inc Chg LTM | -18.6% |
| Op Inc Chg 3Y Avg | 5.4% |
| Op Mgn LTM | 6.7% |
| Op Mgn 3Y Avg | 11.5% |
| QoQ Delta Op Mgn LTM | -2.1% |
| CFO/Rev LTM | 14.8% |
| CFO/Rev 3Y Avg | 16.0% |
| FCF/Rev LTM | 9.0% |
| FCF/Rev 3Y Avg | 10.4% |
Price Behavior
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -0.97 | 2.41 | 2.47 | -2.22 | 2.03 | 0.68 |
| Up Beta | 0.65 | 5.32 | -7.40 | -3.67 | -4.77 | 3.87 |
| Down Beta | -13.16 | 8.88 | 5.39 | 3.73 | 4.62 | 5.48 |
| Up Capture | -130% | -55% | -34% | -14% | -6% | -1% |
| Bmk +ve Days | 11 | 22 | 35 | 67 | 138 | 427 |
| Stock +ve Days | 3 | 3 | 3 | 3 | 3 | 3 |
| Down Capture | 478% | 201% | 173% | 90% | 60% | 33% |
| Bmk -ve Days | 11 | 21 | 28 | 59 | 114 | 326 |
| Stock -ve Days | 8 | 8 | 8 | 8 | 8 | 8 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with STDN | |
|---|---|---|---|---|
| STDN | -33.2% | 116.3% | -5.61 | - |
| Sector ETF (XLB) | 21.6% | 17.8% | 0.95 | 33.9% |
| Equity (SPY) | 23.1% | 12.9% | 1.34 | 60.0% |
| Gold (GLD) | 25.4% | 28.3% | 0.79 | 16.2% |
| Commodities (DBC) | 29.5% | 19.8% | 1.19 | -18.6% |
| Real Estate (VNQ) | 14.4% | 13.7% | 0.74 | -19.9% |
| Bitcoin (BTCUSD) | -44.6% | 42.9% | -1.25 | -8.1% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with STDN | |
|---|---|---|---|---|
| STDN | -7.7% | 116.3% | -5.61 | - |
| Sector ETF (XLB) | 7.0% | 19.1% | 0.25 | 33.9% |
| Equity (SPY) | 13.4% | 17.2% | 0.60 | 60.0% |
| Gold (GLD) | 18.2% | 18.6% | 0.79 | 16.2% |
| Commodities (DBC) | 8.1% | 19.6% | 0.31 | -18.6% |
| Real Estate (VNQ) | 2.5% | 18.9% | 0.03 | -19.9% |
| Bitcoin (BTCUSD) | 9.9% | 53.0% | 0.37 | -8.1% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with STDN | |
|---|---|---|---|---|
| STDN | -3.9% | 116.3% | -5.61 | - |
| Sector ETF (XLB) | 10.1% | 20.7% | 0.43 | 33.9% |
| Equity (SPY) | 15.3% | 17.9% | 0.73 | 60.0% |
| Gold (GLD) | 12.0% | 16.2% | 0.60 | 16.2% |
| Commodities (DBC) | 7.1% | 18.0% | 0.31 | -18.6% |
| Real Estate (VNQ) | 4.9% | 20.7% | 0.20 | -19.9% |
| Bitcoin (BTCUSD) | 58.2% | 66.2% | 0.98 | -8.1% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 07/07/2026 | S-1/A |
| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 07/07/2026 | S-1/A |
Industry Resources
| Materials Resources |
| Chemical & Engineering News (C&EN) |
| Mining.com |
| Plastics News |
| Specialty Chemicals Resources |
| SpecialChem |
| Chemical Week |
| ICIS |
External Quote Links
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| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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