NuCube Energy, a factory-built advanced-nuclear microreactor company, is merging with SPAC Launch Two Acquisition Corp.
NuCube Energy, Inc., an advanced-nuclear technology company focused on factory-built microreactors, and Launch Two Acquisition Corp., a special purpose acquisition company trading on Nasdaq under the ticker LPBB, announced on June 25, 2026 that they have entered into a definitive business combination agreement. Upon closing, the combined company is expected to be listed on Nasdaq or NYSE.
Founded in 2023 and headquartered in Idaho Falls, Idaho, NuCube develops factory-built microreactors designed to deliver firm, carbon-free electricity and high-temperature process heat at the point of use. The company's NuSun platform uses a solid-state, heat-pipe-cooled reactor that eliminates the coolant pumps and complex heat exchangers found in conventional reactors, supporting a passively safe design intended to simplify licensing and accelerate commercial scaling. NuCube operates an integrated develop-build-operate model spanning site selection and licensing, factory fabrication, fuel procurement, and commercialization through reactor sales, operations-as-a-service, and technology licensing.
The NuSun platform uses proprietary AI-optimized Fuel Moderator & Absorber assembly technology and TRISO fuel, with the ability to operate on either LEU+ or HALEU uranium fuel. The design targets longer core life, simplified licensing, and reduced long-lived waste. NuCube can deliver output in three modes: industrial high temperature heat, combined heat and power, and electricity via a patent-pending thermophotovoltaic conversion system.
NuCube targets three distinct markets. U.S. installed microgrid capacity reached 8.6 GW in 2023 and continues to grow rapidly. U.S. industrial process heat consumes roughly 7.6 quadrillion BTUs per year. U.S. data-center power demand is projected to nearly triple to approximately 134 GW by 2030. NuCube's high-temperature output positions it to serve industrial heat processes, while modular fifteen-megawatt units can scale at data-center campuses without waiting in the interconnection queue.
Halliburton Labs has selected and invested in NuCube, contributing supply-chain and modularization expertise. NuCube has collaboration agreements focused on integrating energy storage and controls and on producing hydrogen and solid carbon products. The company has been accepted into the DOE Launch Pad program for a demonstration at Idaho State University.
The transaction values NuCube at a pre-money equity value of approximately $500 million, implying a pro-forma enterprise value of approximately $579 million and a pro-forma equity value of approximately $683 million, assuming 78% redemptions and including $75 million of anticipated PIPE proceeds. Existing NuCube equity holders will roll 100% of their equity into the combined company and are expected to own approximately 73% at close. The combined company is expected to have no debt and up to approximately $104 million of net cash to fund growth. Hennessy Capital Group is participating as a co-sponsor, with Thomas Hennessy expected to join the board. The transaction is expected to close in the second half of 2026, subject to shareholder approvals and regulatory clearances.