X-Energy has filed for an initial public offering in the United States, aiming to tap rising investor demand for nuclear energy as power needs surge.
The reactor developer said Friday it plans to list Class A common stock on the Nasdaq under the symbol XE. However, the company did not disclose pricing or the number of shares offered.
The move comes as nuclear power gains renewed attention after years of stagnation. Meanwhile, demand from artificial intelligence infrastructure continues to reshape global electricity markets. Governments have also pushed for more nuclear output to secure stable, low-carbon power supplies. Consequently, developers like X-Energy are positioning themselves to meet long-term energy demand.
The company is developing more than 11 gigawatts of new nuclear capacity through partnerships in the United States and United Kingdom. Additionally, it is advancing small modular reactors designed to use HALEU fuel. However, those reactors have not yet secured full regulatory approval.
X-Energy has already aligned itself with major corporate and utility partners. Earlier this week, it said it would deploy reactors in Pennsylvania alongside Talen Energy Corp. (NASDAQ: TLN). The projects will operate within the PJM power market, one of the largest electricity grids in North America. Meanwhile, the partnership signals growing collaboration between nuclear developers and independent power producers.
In 2025, the company raised USD$700 million to advance reactor design and licensing. Additionally, it secured another USD$700 million in funding led by trading firm Jane Street. The earlier round included backing from Amazon.com Inc. (NASDAQ: AMZN), which has shown increasing interest in energy infrastructure. Consequently, big technology firms are emerging as key stakeholders in power generation.
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X-Energy received Department of Energy support
X-Energy has also signed agreements tied to large-scale future deployments. Amazon holds options for more than five gigawatts of projects in the United States. Meanwhile, a U.K. agreement with Centrica outlines plans for roughly six gigawatts of capacity. Additionally, Dow Inc. is involved in a four-reactor project in Texas.
These partnerships reflect a broader trend toward private-sector involvement in nuclear energy. Furthermore, they provide early demand signals for advanced reactor technologies. The company operates from headquarters in Rockville, Maryland, with facilities in Tennessee and additional offices in Canada and the U.K. It employs about 916 people as of March 2026.
Additionally, its fuel operations include TRISO-based technology designed to improve reactor safety and efficiency. X-Energy is one of two recipients of U.S. Department of Energy support under the Advanced Reactor Demonstration Program. The program includes up to USD$1.2 billion in federal cost-sharing.
Consequently, the company has received about USD$438 million in reimbursements as of the end of 2025. The broader market for nuclear energy is expanding rapidly. PA Consulting estimates cumulative capacity additions could reach 743 gigawatts by 2040 and 1,146 gigawatts by 2050.
Additionally, small modular reactors could account for a significant portion of that growth. Rising electricity demand is a key driver behind this expansion. U.S. data center consumption could increase from about 108 terawatt-hours in 2020 to 426 terawatt-hours by 2030.
Meanwhile, global electricity demand could grow by more than 25 per cent between 2023 and 2030. These trends have renewed interest in baseload energy sources that operate continuously. Consequently, nuclear power has re-entered discussions alongside renewables and storage systems.
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Company remains unprofitable despite momentum
However, the sector still faces strong competition. X-Energy must contend with traditional nuclear providers, renewable energy developers, and gas plants with carbon capture. Additionally, international vendors, particularly from China and South Korea, continue to expand their global presence.
Policy support has strengthened the domestic nuclear outlook. U.S. legislation such as the Inflation Reduction Act and the ADVANCE Act has encouraged investment. Meanwhile, governments are also pushing to establish domestic supplies of HALEU fuel.
Despite the momentum, X-Energy remains unprofitable. The company reported USD$109.1 million in revenue and grant income for 2025, down 9 per cent from the previous year. Additionally, it posted an operating loss of USD$170.3 million and a net loss of USD$389.8 million.
These losses reflect the capital-intensive nature of nuclear development. Furthermore, long regulatory timelines and upfront costs continue to weigh on financial performance. The IPO will provide capital to advance reactor licensing and construction efforts. Meanwhile, investors will assess whether nuclear developers can scale operations in a competitive energy market.
X-Energy’s progress will depend on regulatory approvals, project execution, and continued demand from industrial and technology partners.
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