Holtec Nuclear has pulled its plans for an initial public offering, just as it was on the brink of one of the industry's largest fund-raising events in years.

The New Jersey-based nuclear services, equipment, and reactor-development company said late Wednesday that it was canceling the IPO because of "market conditions."

The market is indeed shaky for most nuclear companies today, because the euphoria about nuclear that built up in the past two years has worn off.

The VanEck Uranium and Nuclear ETF is down 13% this year. BWX Technologies, a nuclear company that investors consider comparable to Holtec, is off 19%.

Holtec was trying to raise about $900 million at a $10 billion valuation. A year ago, it probably would have been valued at much more.

But Holtec faltered in part because of its own issues.

Under the terms of the IPO, Chief Executive Kris Singh would have majority voting control of the company through Class B shares that wouldn't be available to regular shareholders.

Shareholders wouldn't have been able to oust Singh or his wife, Martha Singh, the board's vice chair and chief strategy officer. Kris Singh's control gave some shareholders pause, according to an energy investor familiar with the IPO.

Holtec has a unique business model. The company generates income by decommissioning old nuclear plants, which involves deconstructing reactors. It also sells specialized casks to hold nuclear waste.

More recently, Holtec also has been building small modular reactors that could power homes and data centers. And it is on the brink of reactivating an old reactor in Michigan known as Palisades.

Holtec's reactor development business is its largest growth opportunity, but also its riskiest gambit. The field is already competitive, with dozens of other players including seasoned operators like GE Vernova Hitachi.

Upstarts like X-Energy and Oklo have also been making steady progress at inking commercial deals for new reactors. Those won't be turned for years, and still face significant regulatory hurdles.

But Holtec's slip-up shouldn't be considered a sign it's time for investors to abandon the industry.