Advanced Nuclear Reactor Company x-energy Trading opened Friday as the AI boom and electrification fueled widespread interest in the nuclear industry.
The stock opened at $30.11 after raising its initial offering, pricing it ahead of the initial range of $23 – $16 – $19 per share. The company raised more than $1 billion, making it the largest nuclear public offering on record. Shares last traded 26% higher.
The company’s xe-100 reactor is 80 MW, and can be expanded to 960 MW by combining additional reactors. The XE-100 model is a high-temperature gas-cooled reactor. In addition to generating electricity, its high temperature means it can be used in difficult-to-decarbonize industrial applications such as chemical production.
All nuclear reactors currently operating in the US are light water reactors.
The company has not yet started construction on any of its reactor facilities, but it already has an order pipeline of more than 11 gigawatts due to partnerships with companies. Amazon, dow And Centrica.
Before going public, the company raised more than $1.4 billion with backers including Amazon, Jane Street, ARK Invest, Citadel’s Ken Griffin and Ares Management Fund — most recently a $700 million Series D fund in November. The company has also received funding from the US Department of Energy.
X-Energy is the first large advanced reactor company to take the traditional IPO route after rivals oklo And newscale Went public through a SPAC transaction. X-Energy previously attempted a listing via a SPAC merger, but ultimately abandoned that plan in 2023.
The company’s business model also differs from some of its competitors, as it does not plan to own and operate nuclear plants. Rather, it will license its technology. X-Energy will also sell nuclear fuel that is produced at its manufacturing facility in Oak Ridge, Tennessee, where construction is scheduled to begin in 2025.
X-Energy’s Triso facility.
Courtesy: X-Energy
In March 2025, X-Energy and Dow submitted a construction permit application to the US Nuclear Regulatory Commission for their proposed project in Seadrift, Texas. The review process is expected to take 18 months, and is part of a two-step process, which also includes applying for an operating license.
X-Energy is also working with Amazon to deploy 5 gigawatts across the US by 2039. The first project will be a 320-MW facility with Washington utility Energy Northwest, the companies previously announced.
