X-energy, an Amazon-supported nuclear reactor startup, is gearing up for its investor roadshow, having filed IPO documents with the US Securities and Exchange Commission. The company is aiming for a share price between $16 to $19. At the upper end, the IPO could bring in about $814 million. As per PitchBook, X-energy has accumulated around $1.8 billion from investors thus far.
The company focuses on creating high-temperature, gas-cooled nuclear reactors, with a fuel design named TRISO. This design involves encapsulating uranium in ceramic and carbon spheres cooled by helium gas. The heat generated is transferred to a steam turbine for electricity production.
This design offers enhanced safety compared to earlier fuel configurations, as TRISO pellets can withstand extreme heat without melting. Amazon has played a pivotal role in supporting X-energy, heading a $500 million Series C-1 funding round and agreeing to procure up to five gigawatts of nuclear power from the company by 2039, which significantly bolsters X-energy’s business prospects.
The IPO coincides with a resurgence of interest in nuclear energy in the U.S., largely propelled by the energy needs of AI data centers and increasing electrification across society. Currently, none of the small modular reactor startups, including X-energy, have constructed an operational power plant, though several are striving toward a July 2026 deadline set by the Trump administration.
X-energy’s journey to the IPO hasn’t been entirely smooth. The company previously tried to go public via a reverse merger with a SPAC but abandoned this plan in October 2023 due to a declining SPAC market. Additionally, X-energy’s SEC filing reveals an ongoing patent conflict with Standard Nuclear, born from the assets of the bankrupt startup Ultra Safe Nuclear Corporation, regarding alleged infringements on fuel fabrication patents.