X-Energy, a developer of small modular nuclear reactors, has raised approximately $1.02 billion in a larger-than-expected U.S. initial public offering, signaling strong investor appetite for nuclear power as a solution to the energy demands of artificial intelligence and data centers. The company priced 44.25 million Class A shares at $23 each, 21% above its initial price range, and began trading Friday on the Nasdaq Global Select Market under the ticker “XE.”
Based in Rockville, Maryland, X-Energy originally planned to offer 42.86 million shares in a $16 to $19 range but increased both the share count and price due to robust demand. Underwriters have a 30-day option to purchase an additional 6.64 million shares. The deal, led by J.P. Morgan, Morgan Stanley, Jefferies, and Moelis, is expected to close on April 27. Founder and Chairman Kam Ghaffarian rang the opening bell at Nasdaq between 9:15 and 9:45 a.m. ET.
The IPO comes as the broader market regains footing after a March slowdown, with cloud and AI giants driving renewed interest in nuclear energy. Small modular reactors, or SMRs, are at the forefront: developers tout them as faster and more cost-effective than traditional reactors, built in repeatable modules. X-Energy’s Xe-100 is a high-temperature gas-cooled reactor designed to produce 80 megawatts of electric output per unit or provide process heat for industrial use. A four-unit configuration would deliver about 320 megawatts, using helium for cooling and TRISO-X fuel, which relies on HALEU—uranium enriched above standard reactor fuel but below weapons-grade.
Amazon is a key backer: in 2024, the tech giant anchored a $500 million financing round for X-Energy, targeting over 5 gigawatts of new U.S. power projects by 2039. “New sources of carbon-free energy that can be brought in cost-effectively and safely,” said Kevin Miller, Amazon’s global data centers VP, at the time. Beyond Amazon, X-Energy’s customer pipeline includes Dow and Centrica. According to the company, these partners could anchor over 11 gigawatts of planned capacity in the U.S. and U.K., if all contingent options are exercised. CEO J. Clay Sell told the Financial Times in November that such deals have “distinguished” X-Energy from rivals, pushing its order backlog “north of 11 gigawatts.”
Dow’s first large-scale U.S. rollout is planned for its Seadrift, Texas, plant. In March 2025, X-Energy and Dow filed a construction permit application with the U.S. Nuclear Regulatory Commission, a process Sell says could take up to 30 months. Approval would mark a key milestone for a project both companies see as a test case for whether the technology can be “quickly and efficiently replicated” to meet surging electricity demand. Fluor recently won a contract for front-end planning and feasibility analysis on the Dow project. Pierre Bechelany, president of energy solutions at Fluor, described X-Energy’s technology as “fit-for-purpose baseload power in an industrial setting.”
Despite the high-profile backing, X-Energy remains a pre-revenue company with no commercial reactor delivered. In 2025, services revenue was $94.3 million, grant income $14.8 million, but net loss widened to $389.8 million, compared to $126.0 million in 2024. The company also reported $149.9 million in net cash outflow from operations and $117.2 million in capital expenditures last year. The financials underscore the early-stage nature of the venture, with investors betting on future success rather than current profits.
The advanced nuclear sector is heating up, with competitors like TerraPower, Kairos Power, and Newcleo racing to secure suppliers and manufacturing capacity for reactor components such as steam generators and reactor vessels. X-Energy has struck supply deals with SGL Carbon, Doosan Enerbility, and IHI for its Xe-100 program. However, risks remain: first-of-a-kind costs, regulatory hurdles, fuel supply issues, and potential delays could impact the business. Friday’s debut is a bet on whether public markets will bankroll the long, expensive push to bring new nuclear to the grid for AI, industry, and beyond.
