Small modular reactor developer X-Energy files for an estimated $300 million IPO
IPO Overview
X-Energy, a developer of small modular reactors and producer of nuclear fuel, filed on Friday with the SEC to raise up to what we estimate could be $300 million in an initial public offering.
X-energy designs advanced nuclear reactor technology, particularly small modular reactors （SMRs）， and manufactures nuclear fuel. Its main product, the Xe-100, is a high-temperature gas-cooled reactor designed to generate electricity and heat at a modular scale. The company focuses on developing scalable nuclear systems to help meet growing electricity demand, including from energy-intensive uses like data centers.
The Rockville, MD-based company was founded in 2009 and booked $109 million in revenue for the 12 months ended December 31, 2025. It plans to list on the Nasdaq under the symbol XE. X-Energy filed confidentially on November 12, 2025. J.P. Morgan, Morgan Stanley, Jefferies, Moelis & Company, Cantor Fitzgerald, UBS Investment Bank, TD Securities, Guggenheim Securities, WR Securities, and Nomura Securities are the joint bookrunners on the deal.
About the Company
X-energy is a leading designer of advanced nuclear reactor technology （commonly referred to as small modular reactors, “SMRs”） and manufacturer of advanced nuclear fuels. We believe these scalable, power generation technologies help satisfy historically unprecedented electricity demand growth, driven by the development of AI and associated data center infrastructure. Total demand for new electricity generation is expected to increase globally from 2023 to 2030 and the challenges associated with meeting this demand have led policymakers and industry leaders to recognize nuclear energy as a key component to address this need. Founded in 2009 by Dr. Kamal “Kam” Ghaffarian to bring clean, safe, secure and affordable technology to market, X-energy is seeking to redefine the energy industry through its flagship product, the Xe-100, an advanced small modular High Temperature Gas-cooled Reactor （“HTGR”）。 The Xe-100 reactor is designed to generate 80 megawatts of electric power or 200 megawatts of thermal output （heat）， or a combination thereof. This reactor technology builds on more than 50 years of research and development by the global nuclear industry and the operating experience of previous HTGRs including those at Peach Bottom in the U.S., and Dragon in the U.K. in the 1960s-1970s, and more recently with China’s ongoing deployments of HTGRs in the 21st century.
