Amazon-backed X-energy raises $1.02 billion as nuclear demand surges

X-energy turned surging enthusiasm for nuclear power into a bigger-than-expected market debut, raising $1.02 billion after selling 44.3 million shares at $23 each, well above its marketed range of $16 to $19. The Rockville, Maryland-based company began trading on Nasdaq under the ticker XE on April 24, 2026, giving public investors a fresh way to bet on advanced reactors just as power-hungry AI data centers are pushing utilities and developers to look for firm, carbon-free electricity.

The offering underscored how quickly nuclear has moved from a long-dormant corner of energy finance to one of the market’s hottest themes. Amazon has said it is backing X-energy to help bring more than 5 gigawatts of new nuclear energy online in the United States by 2039, starting with a 320-megawatt project in central Washington with Energy Northwest. That project is meant to support the company’s broader effort to power AI and other digital tools with around-the-clock clean energy, a goal that has drawn fresh attention from investors wary of grid constraints and rising demand from industrial users.

X-energy is pitching itself as more than a software-era story with a power-company sheen. Founded in 2009 by Kam Ghaffarian and led by chief executive J. Clay Sell, a former U.S. Deputy Secretary of Energy, the company has built its identity around the Xe-100 reactor and its TRISO-X fuel. The Xe-100 is designed to produce about 80 megawatts per module and is typically deployed in four-unit plants totaling 320 megawatts. X-energy’s TRISO-X fuel fabrication facility in Oak Ridge, Tennessee received the first-ever NRC Special Nuclear Material License in February 2026, a milestone the company says strengthens its route to commercialization.

The public listing also leans on years of government support. In 2020, the U.S. Department of Energy selected X-energy for its Advanced Reactor Demonstration Program, a cost-shared effort that covers 50/50 of $2.4 billion in eligible costs, or up to $1.2 billion in reimbursement through 2027. Beyond Amazon, X-energy has pointed to industrial partnerships with Dow and Centrica, and on March 19, 2026, it signed a letter of intent with Talen Energy to assess deploying multiple XE-100 plants in Pennsylvania and across the PJM market.

For investors, the bigger question is whether this surge of capital marks a practical path to deploying reactors at scale or another round of speculative funding chasing an ambitious timetable. The IPO’s strong pricing suggests confidence is high. The real test will be whether X-energy can convert that confidence, and its federal and corporate backing, into reactors, fuel, and power on the grid.