X-energy's Nasdaq debut became the largest public offering by a nuclear company on record, after the firm priced its IPO at $23 and raised just over $1 billion. Shares opened at $30.11 and closed at $29.20, up 27% on the offer, valuing the company at about $11.5 billion. X-energy has no operating reactors yet but holds an order pipeline topping 11 gigawatts and contracts with firms including Amazon and Dow.

Debut and deal details X-energy’s shares began trading on the Nasdaq after the company set its IPO price at $23 a share. The offering was upsized and priced above the $16–$19 range floated during the roadshow, and traders pushed the stock to an opening print of $30.11. Shares finished the first day at $29.20, a 27% rise on the IPO price, with the company raising just over $1 billion — the largest public offering from a nuclear company on record by that measure. At the close, the market placed X-energy’s value at roughly $11.5 billion. That immediate return for new investors capped a fundraising run that already included more than $1.4 billion in private money before the IPO. Backers listed in the company’s finance rounds include Amazon, Jane Street, ARK Invest, Citadel founder Ken Griffin and Ares Management funds, and the business has also received financing from the U.S. Department of Energy. What the technology is and who signed up - Reactor: X-energy develops the xe-100, a high-temperature gas-cooled reactor rated at about 80 megawatts. - Modular design: Multiple xe-100 units can be combined to reach larger outputs, with a stated scalable ceiling of about 960 megawatts when reactors are bundled. - Customers and pipeline: The company’s order pipeline exceeds 11 gigawatts, reflecting purchase agreements and memoranda of understanding. Amazon has committed to buying up to 5 gigawatts over coming years; Dow is scheduled to receive X-energy’s first plant. Centrica is also listed among partners. - Applications: The xe-100’s high operating temperatures enable it to supply both electricity and process heat for hard-to-decarbonise industrial uses such as chemical production. Where the business stands now - No commercial reactors operating yet: Despite a substantial customer pipeline, X-energy has not yet broken ground on a commercial reactor. - Manufacturing under way: Construction began on a fuel fabrication facility at Oak Ridge in 2025 to produce fuel for X-energy reactors. - Business model: X-energy plans to licence its reactor technology and sell fabricated fuel to customers rather than owning and operating power plants itself. Investors, incentives and the broader pull Wall Street’s appetite for X-energy reflects more than renewed enthusiasm for nuclear power. Growth in AI-driven data centres has increased demand for steady, high-density power, and large tech firms are seeking diversified, long-term energy contracts. Government support, strategic corporate offtakes and institutional investors combined to push X-energy through several financing rounds and into an oversized public offering relative to many advanced reactor peers.

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Shares closed at $29.20 on the first day of trading, valuing X-energy at about $11.5 billion.

This article was created with AI assistance.