Story perspectives

X-Energy IPO Raises $1.02 B, Shares Surge 27%

4/25/2026

Summary

X-Energy Launches IPO

X-Energy Inc., backed by Amazon.com Inc., raised $1.02 billion in an IPO by selling 44.3 million shares at $23 each, with shares closing at $29.20—27 % above the IPO price—and beginning trade on Nasdaq as XE.
Founder Kamal Ghaffarian controls 61 % of class B shares, with Ares Management affiliates holding 26 % and ARK Investment Management potentially buying $105 million of stock.
X-Energy builds modular TRISO-fuel reactors for early-2030s delivery, partnering with Dow, Amazon and Centrica.

Summary

X-Energy Files Permit

X-Energy filed a construction permit application with Dow for a Texas project, now under NRC review.
The company uses a licensing model instead of owning reactors, enabling faster scaling and lower capital risk.
In the most recent fiscal year X-Energy reported a net loss of about $390 million on $94 million revenue.
X-Energy got U.S. Department of Energy (DOE) funding and dropped a 2023 SPAC merger, listing via a traditional IPO.

History

Historical Context

The 1979 Three Mile Island partial melt, which halted U.S. national reactor growth, led the Nuclear Regulatory Commission to tighten licensing, contributing to the cancellation of 52 reactors between 1980 and 1984. Today X-Energy’s modular TRISO-fuel reactors seek a licensing-only path, hoping to avoid the significant, lengthy approvals that followed the accident.

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X-Energy Launches IPO

X-Energy Inc., backed by Amazon.com Inc., raised $1.02 billion in an IPO by selling 44.3 million shares at $23 each, with shares closing at $29.20—27 % above the IPO price—and beginning trade on Nasdaq as XE.
Founder Kamal Ghaffarian controls 61 % of class B shares, with Ares Management affiliates holding 26 % and ARK Investment Management potentially buying $105 million of stock.
X-Energy builds modular TRISO-fuel reactors for early-2030s delivery, partnering with Dow, Amazon and Centrica.

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