X-energy has submitted a draft registration statement on Form S-1 to the Securities and Exchange Commission for an initial public offering on the Nasdaq Global Select Market under the ticker symbol XE. The company is targeting a raise of approximately $300 million, with J.P. Morgan, Morgan Stanley, Jefferies, and Moelis & Company acting as lead joint book-running managers.
The filing marks X-energy as the latest advanced nuclear company to pursue a public listing, following Oklo (NYSE: OKLO), NuScale Power (NYSE: SMR), and Nano Nuclear Energy (NYSE American: NNE) into public markets. The IPO comes on the heels of the company's $700 million private funding round led by Amazon in 2025, which valued X-energy among the most well-capitalized advanced reactor developers globally. Total funding raised to date exceeds $1.4 billion.
The Xe-100: HTGR Architecture
X-energy's flagship Xe-100 reactor is a high-temperature gas-cooled reactor producing 80 MWe (200 MWt) per module, deployable in four-packs of 320 MWe. The design uses TRISO pebble-bed fuel — ceramic-coated uranium particles that can withstand temperatures above 1,600°C without melting, providing an inherent safety case that eliminates the possibility of core meltdown.
The company's construction permit application for a four-unit Xe-100 plant at Dow Chemical's Seadrift, Texas manufacturing facility is currently under NRC review, with an 18-month timeline that could yield approval by late 2026. This would be the first HTGR construction permit issued by the NRC.
TRISO-X Fuel Manufacturing
Critically, X-energy is vertically integrated. Its TRISO-X subsidiary received an NRC special nuclear material license for commercial HALEU fuel fabrication — the first new fuel fabrication facilities licensed by the NRC in over 50 years. The TX-1 facility at Oak Ridge, Tennessee is under construction with completion expected mid-2026, providing X-energy with a captive fuel supply that most competitors lack.
Amazon Partnership and Data Center Demand
The IPO prospectus is expected to highlight X-energy's strategic partnership with Amazon, announced alongside the $700 million investment. The two companies are jointly targeting deployment of over 5 GW of new nuclear capacity by 2039, primarily to power Amazon Web Services data centers. This positions X-energy alongside TerraPower (backed by Microsoft via Constellation) and Kairos Power (Google PPA) in the nuclear-for-data-centers race.
The broader trend of hyperscaler nuclear procurement — with aggregate commitments now exceeding 10 GW across Microsoft, Amazon, Google, and Meta — provides X-energy with a credible demand signal that previous nuclear IPOs lacked.
IPO Context
The advanced nuclear public equity landscape has been volatile. NuScale Power (SMR) trades well below its 2022 SPAC debut price after canceling its flagship Idaho project in 2023, though its 77 MWe design received NRC standard design approval in May 2025. Oklo has gained momentum following its construction permit progress and DOE partnerships. Nano Nuclear Energy trades as a speculative play on microreactors and HALEU transport.
X-energy enters this market with arguably the strongest commercial fundamentals: a reactor design in active NRC review, a captive fuel supply under construction, a $700M Amazon partnership, and a clear data center demand pipeline. The $300M IPO raise would fund continued Xe-100 deployment and TRISO-X facility expansion.
The number of shares to be offered and the price range have not yet been determined. The offering remains subject to SEC review completion and market conditions.
Frequently Asked Questions
What is X-energy's IPO timeline?
X-energy filed a draft S-1 registration with the SEC on March 20, 2026, for a proposed listing on the Nasdaq Global Select Market under ticker XE. The final pricing and share count are pending SEC review. Based on typical IPO timelines, a public listing could occur in Q2-Q3 2026, subject to market conditions and regulatory clearance.
What reactor technology does X-energy develop?
X-energy develops the Xe-100, a high-temperature gas-cooled reactor (HTGR) producing 80 MWe per module using TRISO pebble-bed fuel. The design is inherently safe — TRISO fuel particles are coated in ceramic layers that withstand extreme temperatures without melting. X-energy also manufactures its own HALEU TRISO fuel through its TRISO-X subsidiary, making it one of the few vertically integrated advanced nuclear companies.
How does X-energy compare to other public nuclear companies?
X-energy would join Oklo (OKLO), NuScale (SMR), Nano Nuclear (NNE), and Centrus Energy (LEU) among publicly traded advanced nuclear companies. X-energy differentiates with its vertically integrated model (reactor + fuel), active NRC construction permit review, $700M Amazon strategic partnership, and over $1.4B in total funding — the highest among pure-play advanced reactor developers pursuing IPO.