Amazon-Backed SMR Firm X-Energy Prices IPO Above Range, Raises $1.02B

IPO priced at $23/share, market cap at $9.1B — first SMR delivery to AI data centers and industrial facilities targeted for the early 2030s

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X-Energy Inc., the small modular reactor (SMR) company backed by Amazon, raised $1.02 billion in its Nasdaq IPO on Wednesday, Bloomberg reported.

X-Energy priced 44.3 million shares at $23 each — significantly above its initial indicated range of $16–$19 — with the offering size also expanded from original plans, reflecting robust investor demand.

• IPO price: $23/share (above indicated range of $16–$19)
• Shares offered: 44.3 million
• Total proceeds: $1.02 billion
• Market capitalization: $9.1 billion
• Nasdaq ticker: XE, trading commenced Friday

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Triso Fuel Enables High-Temperature, Long-Duration Burn

Headquartered in Rockville, Maryland, X-Energy is an SMR design and nuclear fuel manufacturing company. Its core technology centers on a poppy seed-sized uranium fuel particle known as a 'Triso pebble.' Coated in a triple-layer ceramic structure, the fuel can sustain combustion at higher temperatures and for longer durations than conventional nuclear fuel, and features a passive cooling safety system.

The reactors are designed primarily to supply power to AI data centers and industrial facilities. Key customers and partners — Amazon, Dow Inc., and UK energy company Centrica — have already signed supply agreements. First commercial delivery is targeted for the early 2030s.

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Cathie Wood's ARK Signals Intent to Buy Up to $105M

Institutional demand for the offering was strong. ARK Investment Management indicated its intent to purchase up to $105 million worth of shares at the IPO price.

X-Energy's IPO demonstrates the sustained investor appetite for SMR technology.

Vikram Bagri, Citigroup Analyst (Research Note, April 17)

Founder and Executive Chairman Kamal Ghaffarian holds 61% of Class B shares, while a subsidiary of asset manager Ares Management holds 26%.

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Path to Profitability Remains Long — Net Loss Topped $390M Last Year

The company's financials still have a long way to go.

• FY2025 net loss: $390 million — more than triple the prior year's $126 million
• Revenue (excluding grants): $94 million — a modest increase from $84 million the prior year
• Substantial ongoing capital investment required ahead of commercial operations

Rather than near-term profitability, the core investment thesis rests on technological maturity and secured customer contracts. The IPO was underwritten by JP Morgan, Morgan Stanley, Jefferies, and Moelis.