X-Energy, a nuclear startup backed by Amazon, has secured $1.02 billion in its IPO.

      X-Energy successfully sold 44.3 million Class A shares at $23 each, surpassing the marketed range of $16 to $19, and started trading on Nasdaq under the ticker XE on April 24. The firm has previously raised $1.8 billion in private capital and secured a $500 million Series C-1 round led by Amazon, which has also made a binding commitment to purchase up to 5 gigawatts of nuclear power by 2039.

      On April 23, 2026, the Rockville, Maryland-based small modular reactor developer, X-Energy, raised $1.02 billion in its initial public offering, pricing its increased offering at $23 per share, which is 21% above the top end of its target range of $16 to $19. The company sold 44.3 million Class A shares and began trading on the Nasdaq Global Select Market under the XE ticker on April 24.

      This IPO marks the largest debut in the public market for an advanced nuclear company to date, coinciding with heightened electricity demand driven by AI data centers, manufacturing reshoring, and electrification—making reliable, carbon-free baseload power one of the most pressing infrastructure challenges in the United States.

      The pricing speaks volumes. X-Energy initiated its investor roadshow aiming for a target range of $16 to $19, which would have generated gross proceeds of up to $814 million. The final price of $23 signifies a 21% premium over the maximum of that range and yields total proceeds of $1.02 billion, necessitating an increased offering with more shares sold than initially planned. ARK Investment Management, led by Cathie Wood, expressed interest in acquiring up to $105 million worth of shares at the IPO price.

      The oversubscription and pricing above the projected range demonstrate investor confidence in the nuclear renaissance narrative that has been gaining traction as major tech companies have begun engaging in long-term nuclear power agreements.

      Amazon plays a central role in X-Energy’s narrative. The company led X-Energy’s $500 million Series C-1 round and has committed to purchasing up to 5 gigawatts of nuclear power from X-Energy by 2039, serving both as a revenue stabilizer and a validation of the underlying technology. For perspective, 5 gigawatts is approximately the output of five large conventional nuclear power plants, equating to the electricity needs of a mid-sized American city.

      Amazon’s investment in nuclear energy stems from the demands of AI, as its data centers require substantial, consistent electricity that renewable sources cannot provide without storage solutions. Nuclear energy, particularly through the small modular reactors being developed by X-Energy, offers carbon-free baseload generation in a compact form.

      The cornerstone of X-Energy’s technology is the Xe-100, a pebble bed modular reactor design that has been under development since 2009 by founder Kamal Ghaffarian. The Xe-100 is intended to generate around 80 megawatts of thermal power per unit, with typically four units combined to form a 320 MW plant. This pebble bed design employs uranium-coated fuel spheres instead of traditional fuel rods, which, according to the company, enhances safety: the reaction automatically slows if the reactor overheats, eliminating the need for active cooling interventions.

      The NRC is engaged in a pre-application review of the Xe-100 design. Additionally, X-Energy manufactures advanced nuclear fuel, a vertically integrated capability that minimizes supply chain reliance.

      The IPO caps a series of private capital raises totaling over $1.8 billion, as reported by PitchBook, and involved various strategic investors alongside Amazon. Founder and chairman Kamal Ghaffarian maintains control over 61% of the Class B shares of the publicly traded company, granting him voting power despite the public ownership. Ares Management Corp. also holds a substantial stake.

      The funds raised from the IPO will be utilized to expedite reactor development, increase fuel fabrication capacity, and support the commercialization of the Xe-100, which X-Energy aims to deploy by the early 2030s.

      The broader context is crucial. X-Energy’s IPO is not an isolated incident. Microsoft has partnered with Constellation Energy to restart Unit 1 at Three Mile Island for its data centers, while Google has struck agreements with Kairos Power for SMR capacity. Meta and Oracle have also made nuclear energy commitments.

      The emerging trend is clear: hyperscalers with rapidly expanding AI computing needs are entering long-term, utility-scale power purchase agreements with nuclear developers because no other technology can consistently deliver carbon-free baseload electricity at the scale and reliability necessary for AI infrastructure. Analyst Vikram Bagri, who released a client note on April 17, remarked that the IPO launch “indicates ongoing investor interest in small modular reactors,” which, given the $1.02 billion above-range debut, is somewhat of an understatement.