X-energy Seeks $300 Million on Nasdaq as SMR Nuclear Sector Heats Up

X-energy raised $1.4 billion from Amazon and Jane Street in 2025, and now it wants the public markets too.

The Rockville, Maryland-based developer of small modular nuclear reactors submitted a draft Form S-1 registration statement to the Securities and Exchange Commission on March 20, seeking to list its Class A common stock on the Nasdaq Global Select Market under the ticker symbol "XE." Renaissance Capital estimates the offering could raise up to $300 million, though X-energy has not disclosed the number of shares or a price range. The company first filed confidentially with the SEC in November 2025 before making its draft registration public last week.

The IPO push comes as X-energy reported $109 million in revenue for the 12 months ended December 31, 2025, and is developing more than 11 gigawatts of new nuclear capacity through commercial partnerships in the United States and the United Kingdom. The company announced a deployment agreement with Talen Energy to bring its reactors to Pennsylvania and into the broader PJM power market, the largest wholesale electricity market in the country.

X-energy's core product is the Xe-100, a high-temperature gas-cooled reactor designed to generate electricity and process heat at modular scale. The company also produces TRISO fuel, which the U.S. Department of Energy has described as "the most robust nuclear fuel on earth." X-energy additionally plans to develop reactors running on HALEU, a more enriched uranium variant, though those designs have not yet received regulatory licenses from the Nuclear Regulatory Commission.

The filing lands at a moment of pronounced investor enthusiasm for nuclear power. The sector is being reshaped by two forces: surging electricity demand from data centers running artificial intelligence workloads, and the Trump administration's stated goal of quadrupling U.S. nuclear output by 2050. X-energy is among a cohort of advanced nuclear companies that have signed supply deals with major technology companies and utilities.

The company's fundraising history reflects that momentum. In 2025, X-energy closed a $700 million round led by Amazon, followed by another $700 million round led by trading firm Jane Street, totaling $1.4 billion in a single year to advance reactor design, licensing, and commercialization.

Chief Executive J. Clay Sell, a former U.S. Deputy Secretary of Energy, has led X-energy through those financing milestones. Chief Financial Officer Daniel Gross joined from Amazon, where he focused on the Climate Pledge Fund, and previously worked at Goldman Sachs and Ares Management. Chief of Global Operations Dragan Popovic comes from Ontario Power Generation, where he oversaw SMR licensing and pre-construction activities.

Proceeds from the IPO would flow through X-Energy Reactor Company, LLC, the operating subsidiary, for working capital, research and development, sales and marketing, capital expenditures, and supply chain buildout, with a portion potentially reserved for future growth projects.

The offering syndicate is anchored by J.P. Morgan, Morgan Stanley, Jefferies, and Moelis & Company, with Cantor Fitzgerald, UBS Investment Bank, TD Securities, Guggenheim Securities, and Nomura Securities also named among the bookrunners. Founded in 2009, X-energy has never had a public market for its shares prior to this offering.