Nuclear technology company X-energy announced that has raised over $1 billion through its initial public offering, selling 44.3 million shares at a price of $23, as the company continues to scale up to deploy advanced small modular reactors (SMRs) for companies including Amazon, Dow and Centrica.
The IPO results indicated strong demand, with the offering upsized from 42.9 million shares, and the price coming in well above the estimated $16-$19.
SMRs are advanced nuclear reactors that are substantially smaller than traditional nuclear power plants, providing benefits including faster build times and the ability to be deployed closer to the grid, while producing carbon-free energy. The technology has come into increasing focus as a solution to meet the rapidly growing power needs driven by industrial electrification and energy-hungry data centers.
Founded in 2009, Rockville, Maryland-based X-Energy is a developer of nuclear reactor and fuel technology. The company’s TRISO-X fuel seals uranium particles in a protective coating, which can withstand high temperatures without melting, making it highly resistant to fuel failure and release of radioactive materials, eliminating the need for massive containment facilities. The company’s SMR reactor, Xe-100 is a high-temperature gas-cooled reactor operates at temperatures higher than 750°C, and contains more than 200,000 TRISO-X-based fuel pebbles, which are gravity-fed in continuous rotation through the core, allowing the reactor to run without fuel interruption for 60 years. Helium is circulated through the core, absorbing immense heat, and is used to boil water into steam to turn a turbine for the production of carbon-free energy.
Amazon’s Climate Pledge Fund led a $500 million financing round for X-Energy in 2024, and the nuclear tech company also signed an agreement with Amazon to bring more than 5 GW of projects online across the U.S. by 2039. The company closed an additional $700 million financing round in November 2025.
In March, X-Energy said that it is currently developing more than 11 GW of new nuclear capacity across commercial partnerships in the U.S. and UK, including a proposed four-unit Xe-100 plant for Dow n Texas to power industrial processes, supported by the U.S. Department of Energy’s Advanced Reactor Demonstration Program, and a 6 GW commitment with British multinational energy and services company Centrica, in addition to the Amazon partnership.
