Advanced nuclear reactor company X-energy began trading on April 24, 2026, with its shares opening at $30.11 following an upsized initial public offering (IPO) priced at $23 per share, which was above the initial range of $16 to $19 per share. The company's stock last traded 26% higher, reflecting strong investor demand and interest in the nuclear sector, driven in part by the AI boom and broader electrification trends [1]. X-energy raised more than $1 billion in its IPO, making it the largest nuclear public offering on record [1].
X-energy's xe-100 reactor is an 80-megawatt high-temperature gas-cooled model, which can be bundled to scale up to 960 megawatts. The reactor's high temperatures enable applications beyond electricity generation, including use in hard-to-decarbonize industrial sectors such as chemical production [1]. The company has not yet begun construction on any reactor facilities but has secured an order pipeline exceeding 11 gigawatts through partnerships with major companies like Amazon, Dow, and Centrica [1].
Prior to its IPO, X-energy raised over $1.4 billion, including a $700 million Series D round in November, with notable backers such as Amazon, Jane Street, ARK Invest, Citadel's Ken Griffin, Ares Management funds, and the U.S. Department of Energy [1]. X-energy distinguishes itself from competitors by pursuing a traditional IPO route, unlike Oklo and NuScale, which went public via SPAC transactions. The company also differs in its business model, opting to license its technology and sell nuclear fuel produced at its Oak Ridge, Tennessee facility, rather than owning and operating nuclear plants [1].
In March 2025, X-energy and Dow submitted a construction permit application to the U.S. Nuclear Regulatory Commission for a proposed project in Seadrift, Texas. The review process is expected to take 18 months and is part of a two-step process that includes applying for an operating license. Additionally, X-energy is collaborating with Amazon to deploy 5 gigawatts of capacity across the U.S. by 2039, with the first project being a 320-megawatt facility in partnership with Energy Northwest [1].
CONCLUSION
X-energy's record-setting IPO and subsequent 26% share surge highlight robust investor enthusiasm for advanced nuclear technologies, fueled by AI and electrification trends. With a substantial order pipeline and high-profile partnerships, the company is positioned as a significant player in the evolving energy landscape, though construction on its first facilities has yet to begin.