Austrian deep-tech company Emerald Horizon AG, which is working on thorium-based mini nuclear power plants, is preparing for an IPO on the Vienna Stock Exchange. According to the company, it plans a listing via Xetra with an indicative start date of June 10, 2026. The final implementation is still subject to regulatory approvals.
Valuation, Free Float, and Market Structure
Emerald Horizon is targeting a valuation of around 790 million euros in the IPO. The free float is expected to reach a market value of approximately 200 million euros. To ensure liquidity, three market makers are to accompany the listing, flanked by research coverage and an international marketing program. The targeted daily trading volume is over 500,000 euros.
By listing in Vienna, the company is making a deliberate statement against the trend of European tech firms seeking their IPO in the United States. A US subsidiary is already exploring the North American market, and a later secondary listing in the United States could be part of the long-term strategy to reach more global investors.
With a valuation of 790 million euros, Emerald Horizon would be significantly larger than the most recent IPO in Austria from the innovation sector. For comparison, Reploid, which specializes in insect farming, currently has a valuation of 187 million euros.
SMR Technology and Business Model
Emerald Horizon is developing next-generation Small Modular Reactors under the brand name “SMR X” (formerly ADES), combined with integrated energy storage infrastructure. The goal is scalable, low-CO2 baseload systems. SMRs are considered a more compact, modularly manufacturable alternative to conventional large reactors and are currently at the center of European and US energy policy. Most recently, the EU issued its own funding for SMRs (more on that here).
The business model relies on “Energy-as-a-Service”: customers make no upfront investments but instead pay monthly for delivered energy through contracting models. The technology risk and pre-financing remain with the company — a capital-intensive approach that, according to Emerald Horizon, is the primary driver for the IPO.
The company names the Dutch VDL Group (itself a supplier to ASML) as a partner, along with academic cooperations with TU Graz. Among the stated goals is reducing Europe’s dependence on energy imports from China, Russia, and the United States.
Co-founder Pölzl: Ten-Year Plan Brought Forward
Co-founder and Vice President Operations Philipp Pölzl stated in the company’s own podcast episode “Energy. Everywhere.” that the plan originally laid out for ten years had been significantly brought forward. He cites the geopolitical situation and the resulting need for energy independence, faster-than-expected progress in the company’s own storage technologies and energy generators, and the political momentum for SMR technologies, including funding commitments from the European Commission.
“We want to show that you can build an innovative company into something great from here too, and become an Austrian success story,” said Pölzl. He describes the day of the IPO not as a conclusion, but as the “real starting gun” for the work as a publicly listed company.
IPO Environment: SpaceX Sets the Pace, SMR Stocks Volatile
The Emerald Horizon IPO falls in an exceptionally charged market environment. SpaceX is targeting a Nasdaq IPO on June 12, 2026, under the ticker SPCX, aiming to raise up to 75 billion US dollars at a valuation of 1.75 trillion US dollars — it would be the largest IPO in history. The prospectus is expected to be published this week, with the roadshow starting on June 4 and pricing taking place on June 11.
Observers point out that such a large issuance could draw liquidity away from other market segments. MSCI has already warned in a scenario analysis that megacap IPOs in 2026 could redirect billions in passive capital flows and draw liquidity away from other markets.
Among already-listed SMR stocks, a mixed picture emerges following an extreme rally. NuScale Power has risen by more than 400 percent since the beginning of 2024, Oklo by nearly 600 percent — at their peak in 2025, both stocks were temporarily up more than 1,000 percent. In 2026, both stocks have corrected by around 20 percent, underscoring the segment’s volatility.
NuScale currently has a market capitalization of around 3.9 billion US dollars at an estimated 19 times its 2027 revenue, while Oklo stands at around 9.7 billion US dollars — with a multiple of over 600 times its projected 2027 revenue. Neither company has yet operated a commercial reactor, which qualifies the valuations primarily as bets on future revenues.
SMRs in High Demand Due to AI Data Centers
SMRs are also exciting because of an unmistakable development: AI data centers in the gigawatt range. These are set to emerge not only in the US but also in Europe, raising the question of where they will source a stable power supply for their operations. Major players such as Meta, Microsoft, and Amazon are increasingly turning to SMRs for this purpose, which are to be built directly next to the AI data centers. It is quite possible that the Graz-based company is also targeting this growing market.
For Emerald Horizon, the environment means two things: on the one hand, high investor interest in SMR topics with political tailwinds; on the other, a demanding peer universe in which the valuation discipline of market participants has recently fluctuated. Whether the targeted Vienna listing date of June 10 — two days before the planned SpaceX debut — can actually be maintained depends not least on the final regulatory approval and the receptiveness of institutional investors.
