X-energy Raises $1 Billion in Nasdaq Debut, Shares Surge 36 Percent in Record Nuclear IPO as Amazon-Backed SMR Maker Eyes First Reactor in the 2030s

Overview

X-energy, Inc. began trading on the Nasdaq Global Select Market on April 24, 2026, under the ticker symbol “XE,” raising $1.02 billion in what Invezz described as the largest nuclear IPO on record. Shares opened at $30.11 — a 36 percent gain over the $23 offering price — and reached an intraday high of $31.33, valuing the Rockville, Maryland-based small modular reactor developer at approximately $11.5 billion, according to MIT Technology Review.

What We Know

X-energy priced its upsized IPO at $23 per share on April 23, 2026, selling 44,254,659 shares of Class A common stock — well above the initial range of $16 to $19 per share set when the company launched the offering on April 15. Underwriters also received a 30-day option to purchase an additional 6,638,198 shares. J.P. Morgan, Morgan Stanley, Jefferies, and Moelis & Company served as lead joint book-running managers.

The offering was oversubscribed 15 times and raised $1.02 billion against the $700 million the company had originally targeted, according to Invezz.

CEO Clay Sell described the debut as a market endorsement of the company’s technology and mission. “This is a validation of our nuclear technology. It’s a validation of the role that the market, and investors, believe nuclear energy must play,” he said, as reported by Invezz. Sell also articulated the company’s manufacturing philosophy: “We want to make nuclear boring. We can build this over and over and over again. That’s the way you get costs down.”

Technology and Design

X-energy is building high-temperature gas-cooled reactors that flow helium over self-contained pebbles of nuclear fuel, using a proprietary fuel form the U.S. Department of Energy has described as “the most robust nuclear fuel on earth,” according to the company’s IPO filing. Each Xe-100 reactor is designed to generate 80 megawatts of electricity — less than one-tenth the output of larger conventional reactors such as Unit 4 at Plant Vogtle in Georgia, the most recent addition to the U.S. commercial nuclear fleet, as noted by MIT Technology Review. The smaller footprint is intended to allow deployment closer to demand centers, with modular construction aimed at shortening build timelines compared to conventional gigawatt-scale plants.

Ownership and Investors

Founder and Chairman Kamal Ghaffarian controls 61 percent of Class B shares, while Ares Management holds a 26 percent stake, according to Invezz. Ark Investment Management had committed to purchase up to $105 million in shares at the IPO price. Amazon is both a customer and an equity investor, reportedly owning close to 20 percent of the company, per MIT Technology Review. Dow Inc. and Centrica Plc are also strategic partners.

Projects in Development

X-energy is developing reactors at the site of a Dow Chemical plant in Texas, targeting construction in the early 2030s. The Dow Texas project recently received a key environmental approval, though the company is still awaiting the Nuclear Regulatory Commission’s final green light to begin construction, according to MIT Technology Review. Additional projects for Amazon are expected in Washington state, Invezz reported.

CEO Sell pointed to the company’s commercial pipeline as a key factor in investor confidence: “I think they were impressed with the validation that we’ve received from our tier one customers. We’ve got great partners with big balance sheets,” he said, as reported by Invezz.

Financial Profile

Despite the market enthusiasm, X-energy remains pre-revenue at scale. The company reported a net loss of approximately $390 million on $94 million in revenue (excluding grants) in its most recent fiscal year, up from a $126 million net loss on $84 million in revenue the prior year, according to Invezz.

The company had previously planned to go public in 2023 but stepped back because of difficult market conditions, per MIT Technology Review.

What We Don’t Know

X-energy has not disclosed the specific use of IPO proceeds. The NRC’s timeline for completing its review of the Dow Texas construction permit application has not been made public. It also remains unclear how quickly the company can scale production to achieve the repeatable manufacturing economics Sell has described.

Analysis

X-energy’s debut is part of a broader wave of clean energy companies going public in 2026, driven by surging electricity demand from AI data centers and favorable federal policy for nuclear and geothermal technologies. As MIT Technology Review observed, electricity demand in the United States — which had been relatively flat for roughly a decade — is rising sharply due to AI infrastructure buildout. Solv Energy, a solar and battery installer, went public in February 2026 at a $6 billion valuation, and Fervo Energy, the enhanced geothermal company, followed in a May 2026 Nasdaq debut that raised $1.89 billion.

Nuclear’s inclusion in this wave is notable. Unlike wind and solar — which have faced headwinds from the current administration — nuclear and geothermal have maintained federal support in the form of tax credits and loan guarantees, creating a more favorable commercial environment. X-energy’s 15x oversubscription and 36 percent first-day pop suggest institutional investors view the sector’s long timelines and pre-commercial status as acceptable risks given the scale of demand on the horizon.