Nuclear startup X-energy raised $1 billion in its initial public offering, selling 44.3 million shares at $23 each, exceeding its initial target of $16 to $19 per share. The company initially aimed to raise about $800 million.
The stock is expected to begin trading Friday on the Nasdaq Exchange under the ticker symbol XE.
X-energy is developing small modular reactors for electricity generation or industrial heat delivery. The company has agreements with Dow for powering a Texas chemical plant and with Amazon for up to 5 gigawatts of nuclear power by 2039. Amazon’s Climate Pledge Fund led X-energy’s Series C-1 funding round.
There’s increased demand for nuclear startups like X-energy due to rising electricity needs from data centers and an electrifying economy.
X-energy’s reactors are designed to produce 80 megawatts of electricity. Each Xe-100 reactor uses helium gas to cool billiard ball-sized pebbles containing TRISO fuel pellets. TRISO fuel, with a uranium kernel wrapped in carbon and silicon, was developed for enhanced safety over previous designs. X-energy claims its fuel can withstand higher temperatures, potentially reducing the risk of a meltdown.