#X-Energy Raises $1.02 Billion in Nasdaq Debut Amid Nuclear Demand Surge
X-Energy (Nasdaq: XE) raised $1.02 billion in its initial public offering on Thursday, pricing 44.3 million shares at $23 each in an upsized offering that valued the Amazon-backed nuclear reactor developer at $11.9 billion. Shares opened at $30.11 on the Nasdaq, a gain of 30.9% from the offer price.
The IPO represents the largest capital raise in the advanced nuclear sector to date. X-Energy had previously attempted to go public through a merger with a blank-check firm backed by Ares Management in 2023 but scrapped those plans, citing unfavorable market conditions.
#Xe-100 Reactor Targets First Commercial SMR Electrons by End of Decade
X-Energy is developing the Xe-100 small modular reactor, which uses helium as a coolant rather than water. The company said industry analysts view SMRs as a potential solution for delivering the first commercial SMR-generated electricity to the U.S. grid by the end of the decade.
Small modular reactors are designed to be smaller and more cost-efficient than conventional large-scale nuclear plants, which have historically faced extended build timelines and budget overruns. X-Energy also operates a nuclear fuel business that it said would supply fuel to its reactors on a recurring revenue basis, a model Chief Executive Clay Sell said distinguished the company from competitors.
#Amazon, Dow and Centrica Among Customers as AI Power Demand Rises
The company's customer base includes Amazon, specialty chemicals group Dow, and Centrica, a UK energy services provider that holds a 20% stake in the country's nuclear reactor fleet. X-Energy closed two separate funding rounds of $700 million each since the beginning of 2025, backed by Amazon, Jane Street, Ares Management funds, and ARK Invest.
The listing arrives as technology companies and data center operators increase their focus on advanced nuclear energy to support energy-intensive artificial intelligence infrastructure and meet carbon-free energy targets. Nuclear reactor developers have argued they can offer reliability that solar and wind generation, constrained by intermittency, cannot currently match at scale.
#IPO Market Showing Signs of Recovery After Volatile Start to 2026
X-Energy's listing follows a subdued start to the year for U.S. IPO activity. New listings were held back by volatile equity markets and rising geopolitical tensions, which kept prospective issuers and investors cautious. Activity has since picked up, with several high-profile companies including Elon Musk's SpaceX filing to go public in the past month.
Whether investor appetite for nuclear energy listings holds through the remainder of the year will depend in part on broader market conditions and on X-Energy's progress toward commercial deployment of its Xe-100 technology. The company was founded in 2009 and has not yet brought a reactor to commercial operation. Timelines for SMR deployment involve regulatory approvals and supply chain development that carry execution risk, and the company has acknowledged the need to scale its operations before reaching profitability.
X-Energy's next milestones will center on advancing its Xe-100 reactor toward deployment and building out the fuel supply chain it has described as central to its long-term revenue model.