X-Energy Inc. recorded a strong debut on the Nasdaq after raising $1.02 billion in a US initial public offering. The nuclear reactor developer priced its shares above the marketed range and closed its first session with a notable gain. The listing drew attention as demand for energy solutions linked to artificial intelligence and industrial use continues to rise.
X-Energy priced its IPO at $23 per share, above the initial range of $16 to $19. The stock opened at $30.11 and later closed at $29.20, marking a 27% increase on the first trading day. The company achieved a market value of about $11.6 billion based on its filings.
The offering attracted strong investor demand. Reports indicated that the IPO was more than 15 times oversubscribed. Ark Investment Management showed interest in purchasing up to $105 million worth of shares at the offer price, according to company filings.
The company secured backing from several investors before the listing. These included Amazon, Jane Street, and funds linked to Ares Management. It also received support from the US Department of Energy.
Chief Executive Officer Clay Sell addressed the market response. He stated, “This is a validation of our nuclear technology.” He added, “It’s a validation of the role that the market, and investors, believe nuclear energy must play.”
X-Energy develops small modular nuclear reactors and produces advanced nuclear fuel. Its XE-100 reactor delivers 80 megawatts and can scale up to 960 megawatts when combined. The design uses high-temperature gas-cooled technology.
The company uses TRISO fuel, which consists of small uranium kernels. These particles can operate at higher temperatures and last longer than conventional fuel. This design allows the reactors to support both electricity generation and industrial processes.
The reactors aim to serve sectors that require high heat output. These include chemical production and other heavy industries. The company also plans to supply energy for data centers linked to artificial intelligence.
Sell explained the company’s approach to deployment. He said, “We want to make nuclear boring.” He continued, “We can build this over and over and over again. That’s the way you get costs down.”
X-Energy has not started building its reactor facilities yet. However, it reported an order pipeline exceeding 11 gigawatts. The company secured agreements with firms such as Amazon, Dow, and Centrica.
In March 2025, X-Energy and Dow submitted a construction permit application to the US Nuclear Regulatory Commission. The project is based in Seadrift, Texas. The review process is expected to take about 18 months before moving to the next licensing stage.
The company also plans to expand its collaboration with Amazon. The agreement targets up to 5 gigawatts of deployment across the United States by 2039. The first project involves a 320-megawatt facility with Energy Northwest.
X-Energy follows a licensing model rather than owning and operating plants. It also plans to generate revenue through fuel production at its Oak Ridge facility. Construction of that site began in 2025.
Financial data shows that the company reported a net loss of about $390 million on revenue of $94 million last year. This compares to a net loss of $126 million on revenue of $84 million in the previous year.
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