Amazon-backed X-Energy Surges 27% in Nasdaq IPO, Raises $1.02B

Gate News message, April 25 — X-Energy, an Amazon-backed nuclear technology firm, raised $1.02 billion in its Nasdaq IPO on April 24, with shares closing at $29.20, up 27% from the $23 offer price. The pricing valued the company at approximately $11.6 billion, above its initially marketed range of $16 to $19 per share.

X-Energy reported a 2025 net loss of approximately $390 million on $94 million in revenue, excluding grants. The company is developing small modular reactors (SMRs) targeting deployment in the early 2030s, with agreements to supply power to Amazon, Dow, and Centrica for industrial sites and AI data centers.

A significant factor supporting investor confidence is the NRC approval of X-Energy’s subsidiary TRISO-X’s 40-year Special Nuclear Material license for its advanced nuclear fuel fabrication facility in Oak Ridge, Tennessee. The license represents the first new nuclear fuel fabrication permit issued by the U.S. Nuclear Regulatory Commission in approximately 50 years and the first Category II fuel fabrication license from the agency. The NRC granted the approval three months ahead of schedule.

Amazon has committed to developing more than 5 gigawatts of new power projects with X-Energy across the U.S. by 2039, described as the largest commercial SMR deployment target to date. Dow has applied for a construction permit for four Xe-100 reactors at its manufacturing facility in Seadrift, Texas, which would become the first manufacturing site in North America powered by nuclear energy.