X-energy Shares Surge 26% in Largest Nuclear IPO on Record

Advanced nuclear reactor company X-energy began trading Friday as the AI boom and electrification broadly spark a flurry of interest in the nuclear industry. The stock opened at $30.11, after upsizing its initial offering, pricing at $23 per share — ahead of the initial range of $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 megawatts, and can be bundled together with additional reactors to scale up to 960 megawatts. The xe-100's model is a high-temperature gas-cooled reactor. In addition to generating electricity, its high temperatures mean it can be used in hard-to-decarbonize industrial applications such as chemical production. All of the nuclear reactors currently in operation in the U.S. are light water reactors.

The company has yet to begin construction on any of its reactor facilities, but it already has an order pipeline of more than 11 gigawatts thanks to partnerships with companies including Amazon, Dow and Centrica. Prior to going public, the company raised more than $1.4 billion – most recently a $700 million Series D fund in November – with backers including Amazon, Jane Street, ARK Invest, Citadel's Ken Griffin and Ares Management funds. The company has also received funding from the U.S. Department of Energy.

X-energy is the first sizable advanced reactor company to pursue a traditional IPO route, after competitors Oklo and NuScale went public via SPAC transactions. X-energy previously pursued a listing via a SPAC merger, but ultimately abandoned that plan in 2023. The company's business model is also different from some of its competitors, since it does not plan to own and operate nuclear plants. Rather, it will license its technology. X-energy will also sell nuclear fuel that's produced at its fabrication facility in Oak Ridge, Tennessee, where construction began in 2025.