Advanced nuclear reactor company X-Energy began trading on Friday as the AI ​​boom and electrification sparked a surge of interest in the nuclear industry.
The stock opened at $30.11 after the initial offering was raised to a price of $23 per share – above the initial price range of $16 to $19 per share. The company raised more than $1 billion, making it the largest nuclear IPO ever. Shares ended the day 27% higher at $29.20.
The company’s XE-100 reactor has an output of 80 megawatts and can be bundled with additional reactors to achieve an output of up to 960 megawatts. The XE-100 model is a gas-cooled, high-temperature reactor. Due to its high temperatures, it can be used not only for power generation, but also in difficult-to-decarbonize industrial applications such as chemical production.
All nuclear reactors currently in operation in the United States are light water reactors.
The company has not yet begun construction of any of its reactor facilities, but thanks to partnerships with companies such as B. already has an order pipeline of more than 11 gigawatts Amazon, Dow And Centric.
Before going public, the company raised more than $1.4 billion – most recently a $700 million Series D fund in November – with backers including Amazon, Jane Street, ARK Invest, Citadel’s Ken Griffin and Ares Management Funds. The company has also received funding from the U.S. Department of Energy.
After its competitors, X-energy is the first major modern reactor company to pursue a traditional IPO OK And NuScale went public via special purpose acquisition company (SPAC) transactions. X-energy previously sought a public listing via a SPAC merger, but ultimately abandoned that plan in 2023.
The company’s business model also differs from some of its competitors in that it does not intend to own and operate nuclear power plants. Rather, it will license its technology. X-energy will also sell nuclear fuel produced at its Oak Ridge, Tennessee, factory, construction of which began in 2025.
The TRISO system from X-energy.
Courtesy: X-Energy
In March 2025, X-energy and Dow submitted a construction permit application to the U.S. Nuclear Regulatory Commission for their proposed project in Seadrift, Texas. The review process is expected to take 18 months and is part of a two-stage process that also includes applying for an operating license.
X-energy is also working with Amazon to deploy 5 gigawatts across the US by 2039. The first project will be a 320-megawatt facility with Washington utility Energy Northwest, the companies previously announced.
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