Eight new nuclear reactors in the United States — six based on Westinghouse technology and two on a South Korean design. This is the core of ongoing negotiations between Seoul and Washington as they work out the details of a $350 billion investment package, announced as part of a trade agreement that reduced U.S. tariffs on South Korean goods to 15 percent.
Of the total $350 billion, $150 billion has already been earmarked for shipbuilding. The remaining $200 billion, still being defined, is at the center of negotiations that include nuclear energy as a headline item: at roughly $15 billion per reactor, the nuclear component alone could account for a significant share of the entire package. Also under discussion is South Korea’s acquisition of an equity stake in Westinghouse, the leading American reactor manufacturer. Seoul has targeted a 15 percent share — enough to secure a seat on the board of directors — but Washington has so far reportedly offered between 5 and 10 percent. The value of the stake will depend on Westinghouse’s valuation ahead of an already-planned IPO, with estimates ranging between $15 and $20 billion, meaning even a 15 percent stake would be worth between $2.25 and $3 billion.
The structure of the deal reflects a dual strategic interest. On one side, the United States is looking for capital and industrial partners to revive its domestic nuclear manufacturing capacity after decades of stagnation. On the other, South Korea is seeking to strengthen its foothold in the global reactor market: if the two APR1400-design reactors were actually built on American soil, they would be the first Korean-designed plants ever constructed in the United States — a precedent with implications well beyond the scope of any bilateral agreement.
Westinghouse, currently 51 percent owned by Canadian asset manager Brookfield and 49 percent by uranium producer Cameco, confidentially filed IPO documentation in July. A valuation in the $15–$20 billion range makes it one of the most sought-after nuclear assets on the global market. Seoul’s entry into its capital structure could accelerate the IPO while simultaneously giving South Korea direct access to the technology and governance of one of the world’s leading reactor manufacturers.
The deal is not yet finalized, and South Korea’s Ministry of Industry has clarified that the details have not been locked in. But the direction of travel is clear. If negotiations succeed, the U.S.–South Korea partnership could become one of the most ambitious civilian nuclear expansion programs in decades, with far-reaching consequences for the entire industrial supply chain and for the balance of power in the global reactor market.
