X-Energy, a nuclear startup supported by Amazon, has raised $1.02 billion through its initial public offering (IPO).

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

      X-Energy, a small modular reactor developer based in Rockville, Maryland and supported by Amazon, raised $1.02 billion in its initial public offering on April 23, 2026. The offering was priced at $23 per share, which is 21% higher than the upper end of the marketed range.

      The firm issued 44.3 million Class A shares and began trading on the Nasdaq Global Select Market under the ticker XE on April 24. This IPO is marked as the largest public market entry for an advanced nuclear company to date and occurs at a time when the demand for reliable, carbon-free baseload power has become critically urgent in the U.S., driven by electricity needs from AI data centers, manufacturing reshoring, and electrification.

      The pricing reflects a strong market response. X-Energy initially aimed for a price range of $16 to $19, yielding potential gross proceeds of up to $814 million. The final price of $23 results in total proceeds of $1.02 billion, necessitating an upsized offering with more shares sold than initially anticipated. 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 higher-than-expected pricing demonstrate strong investor confidence in the nuclear renaissance narrative, which has gained traction since major technology firms began entering into long-term nuclear power purchase agreements.

      Amazon plays a crucial role in X-Energy's journey. The company not only led X-Energy’s $500 million Series C-1 round but has also committed to purchasing up to 5 gigawatts of nuclear power from X-Energy by 2039, which serves as both a revenue source and a validation of the underlying technology. To put it in perspective, 5 gigawatts is roughly equivalent to the output of five large conventional nuclear power plants or the electricity demand of a mid-sized American city.

      Amazon’s investment in nuclear technology is influenced by the demands of AI: its data centers need substantial, reliable electricity that renewable sources, without adequate storage solutions, cannot consistently provide. Nuclear power, particularly the small modular reactors that X-Energy is developing, provides carbon-free baseload generation in a more compact physical footprint.

      X-Energy’s principal technology is the Xe-100, a pebble bed modular reactor design that the company has been working on since its establishment in 2009 by Kamal Ghaffarian. The Xe-100 is designed to generate around 80 megawatts of thermal power per unit, typically deployed in sets of four for a total of 320 MW. This pebble bed design utilizes uranium-coated fuel spheres instead of traditional fuel rods, giving it inherent safety features: the reaction slows automatically if the reactor overheats, eliminating the need for active cooling measures.

      The NRC is currently engaged in a pre-application review of the Xe-100 design. Additionally, X-Energy produces advanced nuclear fuel, an integrated capability that reduces reliance on external supply chains.

      This IPO marks the culmination of over $1.8 billion raised in private capital, according to PitchBook, through various funding rounds that included strategic investors alongside Amazon. Founder and chairman Kamal Ghaffarian maintains control of 61% of the Class B shares, granting him voting authority despite the public shares. Ares Management Corp holds a notable stake in the company.

      The proceeds from the IPO will be allocated 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 larger context surrounding this IPO is equally significant. It is not an isolated occurrence; Microsoft has made arrangements to restart Unit 1 of Three Mile Island with Constellation Energy to power its data centers. Google has entered agreements with Kairos Power for SMR capacity, and both Meta and Oracle have made commitments to nuclear power.

      This trend is evident: large tech companies with expanding AI computing demands are forging long-term, utility-scale power purchase agreements with nuclear developers, as no other technology can reliably supply carbon-free baseload electricity at the scale and consistency required for AI infrastructure.

      Analyst Vikram Bagri, who published a note on April 17, remarked that the IPO launch “suggests continued appetite among investors for small modular reactors,” which, given the $1.02 billion above-range debut, is somewhat of an understatement.