Centrus Raises $500M, Discloses Advanced Acquisition Talks
Rapid Expansion
Company Background
Centrus Energy is the only publicly traded U.S. uranium enrichment company, supplying separative work units and uranium to nuclear utilities and, increasingly, high-assay low-enriched uranium to the U.S. government and advanced reactor developers. Its commercial backlog stood at $4.5 billion as of June 30, 2026, extending to 2040, and the company holds a $900 million firm fixed-price contract signed June 30, 2026 with the Department of Energy to deploy commercial-scale HALEU production capacity at its Piketon, Ohio facility by March 2032.
The scale of activity has accelerated sharply over the past year. Full-year 2025 revenue was $448.7 million and net income was $77.8 million. In the first half of 2026 the company reported $252.8 million in revenue and $26.8 million in net income, while capital expenditures surged to $94.8 million — up from just $5.7 million in the comparable 2025 period — as construction work on the Piketon expansion got underway under a $900 million capped contract with Geiger Brothers. The company held $1.87 billion in cash and equivalents as of June 30, 2026.
Centrus has been assembling capital at a rapid pace. In November 2025 it established a $1 billion at-the-market equity program. It has also raised convertible notes and issued equity under the ATM. Management has described its expansion strategy as dependent on a mix of government contracts, commercial prepayments from fuel customers, and direct capital raises. The September 9 offering adds another $500 million in gross proceeds to that war chest.
What Was Disclosed
Centrus priced a three-part underwritten offering led by Guggenheim Securities, with Barclays acting as co-bookrunner. The offering sold 500,000 shares of Class A common stock at a combined price of $199.64 per share, pre-funded warrants to purchase up to 2,005,513 shares at a combined price of $199.54 per warrant (with a $0.10 exercise price and 25-year term), and common warrants to purchase up to 6,992,382 shares allocated pro rata to purchasers of shares and pre-funded warrants. The offering closed on or about September 11, 2026, generating approximately $500 million in gross proceeds before underwriting discounts and expenses.