X-energy is targeting a share price of $16–$19, which at the high end values the IPO at around $814M. Amazon led a $500M round and has committed to buying up to 5GW of nuclear power from the company by 2039.
X-energy, an Amazon-backed nuclear reactor startup, has begun its investor roadshow and filed IPO documents with the US Securities and Exchange Commission, targeting a price of $16 to $19 per share.
At the high end of the range, the IPO could net approximately $814 million. The company has raised around $1.8 billion in total from investors to date, according to PitchBook.
X-energy builds high-temperature, gas-cooled nuclear reactors. Its fuel design, known as TRISO, encases uranium in spheres of ceramic and carbon cooled by helium gas, which then transfers heat to a steam turbine to generate electricity.
The design is considered safer than previous fuel arrangements because TRISO pellets cannot melt and retain their structural integrity in extreme heat. Amazon has been among X-energy’s most significant backers, leading a $500 million Series C-1 round and committing to purchase as much as five gigawatts of nuclear power from the company by 2039, a contract that underpins X-energy’s commercial case significantly.
The IPO comes at a moment of renewed momentum for nuclear power in the United States, driven in large part by the electricity demands of AI data centres and broad societal electrification.
None of the small modular reactor startups currently in development have built a working power plant yet, though several are working toward a July 2026 deadline set by the Trump administration.
The path to the IPO has not been entirely smooth for X-energy: the company had previously attempted to go public via a reverse merger with a SPAC, but cancelled that deal in October 2023 as the SPAC market contracted.
X-energy’s SEC filing also discloses an ongoing patent dispute with Standard Nuclear, which emerged from the assets of bankrupt startup Ultra Safe Nuclear Corporation, relating to fuel fabrication patents that X-energy alleges were infringed.
