The X-energy IPO roadshow commenced on April 15, 2026, as the advanced nuclear reactor and fuel technology company aims to raise up to $800 million through its Initial Public Offering. The company plans to offer 42,857,143 shares of its Class A common stock, with an expected price range of $16.00 to $19.00 per share. X-energy’s Class A common stock has been approved for listing on the Nasdaq Global Select Market under the ticker symbol “XE”, signaling a significant step for the clean energy sector.
The Vision Behind the X-energy IPO
Founded in 2009 by Kam Ghaffarian, X-energy is a private American nuclear reactor and fuel design engineering company with J. Clay Sell serving as CEO. A key differentiator for X-energy is its backing by major investors, including Amazon, which plans to leverage X-energy’s small modular reactors (SMRs) to power its rapidly expanding data centers. This strategic partnership underscores the growing demand for reliable, clean baseload power, a market X-energy is poised to address. J.P. Morgan, Morgan Stanley, Jefferies, and Moelis & Company are leading the charge as joint book-running managers for this highly anticipated offering.
X-energy specializes in developing Generation IV high-temperature gas-cooled pebble-bed nuclear reactors and TRISO-X fuel technology. Their flagship product, the Xe-100 reactor, is an 80-MWe high-temperature gas-cooled reactor designed to generate electricity or heat. These reactors are typically deployed in four-reactor, 320-MWe units, offering scalable energy solutions. The company’s innovative TRISO-X fuel is engineered to withstand extreme temperatures without melting, significantly enhancing safety and eliminating the need for massive containment facilities, a critical advancement in nuclear technology.
“X-energy’s advanced SMR technology and TRISO-X fuel represent a transformative approach to clean energy, promising enhanced safety and scalability for critical infrastructure needs like data centers.”
This isn’t X-energy’s first venture into the public markets; a previous plan in December 2022 to merge with a special-purpose acquisition company (SPAC), Ares Acquisition, was ultimately called off in October 2023 due to challenging macroeconomic conditions. However, the company successfully closed an oversubscribed Series D financing round of approximately $700 million in November 2025, led by Jane Street, with participation from new and existing investors, demonstrating strong investor confidence in its future.
Global Reach and Strategic Partnerships
Headquartered in Rockville, Maryland, X-energy has established an impressive portfolio of projects and partnerships across the globe. In Texas, the company is collaborating with Dow Inc. on a four-unit Xe-100 plant for Dow’s Seadrift site on the U.S. Gulf Coast, a project supported by the U.S. Department of Energy’s Advanced Reactor Demonstration Program. Furthermore, Amazon’s ambitious plans include building more than 5 GW of Xe-100 projects across the United States by 2039, commencing with the Cascade Advanced Energy Facility in Washington state in partnership with Energy Northwest. Beyond the U.S., X-energy has partnered with British multinational energy and services company Centrica to deploy a 6 GW fleet of Xe-100 SMRs in the United Kingdom, showcasing its international ambition. Crucially, X-energy and its fuel fabrication subsidiary, TRISO-X, began aboveground construction for its TX-1 advanced nuclear fuel fabrication facility in Oak Ridge, Tennessee, in November 2025, securing its future fuel supply.
Funding the Future of Clean Energy
The primary motivation for the X-energy IPO is to secure vital funding for continued research and development and the initial commercialization efforts for its groundbreaking SMR technologies. Currently, the company is in a high cash burn phase, characterized by increasing losses and negative cash flow, typical for a capital-intensive, pre-commercialization technology firm. The proceeds from this IPO are expected to significantly bolster its financial position, enabling the expansion of its supply chain and commercial pipeline. With an impressive order book of over 11 GW, representing approximately 144 Xe-100 SMRs, X-energy is strategically positioning itself to capitalize on the surging demand for baseload power, particularly from energy-hungry AI data centers. This offering is crucial for accelerating the deployment of its clean, scalable energy solutions and establishing its leadership in the advanced nuclear sector.
The X-energy IPO marks a pivotal moment for the advanced nuclear industry, aiming to provide a scalable, clean energy solution to meet the world’s burgeoning power demands, especially from the burgeoning AI sector. With strong investor backing and strategic partnerships, X-energy is poised to become a significant player in the future of energy production.
