Nuclear startup X-energy, which is supported by Amazon, has submitted a filing for an IPO.

      X-energy is aiming for a share price between $16 and $19, which, at the upper end, would value the IPO at about $814 million. Amazon has led a $500 million funding round and has agreed to purchase up to 5 gigawatts of nuclear energy from the company by 2039.

      X-energy, a startup focused on nuclear reactors and backed by Amazon, has initiated its investor roadshow and submitted IPO documents to the US Securities and Exchange Commission, with a target price of $16 to $19 per share. If priced at the high end, this IPO could raise around $814 million. To date, the company has accumulated approximately $1.8 billion from investors, as reported by PitchBook.

      X-energy specializes in the development of high-temperature, gas-cooled nuclear reactors. Its fuel design, known as TRISO, surrounds uranium in ceramic and carbon spheres cooled by helium gas, which then transfers heat to a steam turbine for electricity generation. This design is considered to be safer than earlier fuel configurations because TRISO pellets are unable to melt and maintain their structural integrity under extreme heat. Amazon has been one of X-energy’s major supporters, leading a $500 million Series C-1 funding round and agreeing to acquire as much as five gigawatts of nuclear energy from the company by 2039, a contract that greatly enhances X-energy’s commercial prospects.

      The IPO arrives at a time when nuclear power is experiencing renewed interest in the United States, largely driven by the increasing electricity needs of AI data centers and the overall move toward electrification in society. No small modular reactor startups currently in development have yet constructed a functioning power plant, although several are aiming to meet a July 2026 deadline set by the Trump administration.

      X-energy’s path to the IPO has not been entirely straightforward; the company had previously sought to go public through a reverse merger with a SPAC but withdrew from that agreement in October 2023 due to a contraction in the SPAC market. Additionally, X-energy’s SEC filing reveals an ongoing patent dispute with Standard Nuclear, originating from the assets of the bankrupt startup Ultra Safe Nuclear Corporation, concerning allegations of infringement on fuel fabrication patents.