X-Energy, a developer of small modular reactors and producer of nuclear fuel, filed on Friday with the SEC to raise up to what we estimate could be $300 million in an initial public offering.
X-energy designs advanced nuclear reactor technology, particularly small modular reactors (SMRs), and manufactures nuclear fuel. Its main product, the Xe-100, is a high-temperature gas-cooled reactor designed to generate electricity and heat at a modular scale. The company focuses on developing scalable nuclear systems to help meet growing electricity demand, including from energy-intensive uses like data centers.
The Rockville, MD-based company was founded in 2009 and booked $109 million in revenue for the 12 months ended December 31, 2025. It plans to list on the Nasdaq under the symbol XE. X-Energy filed confidentially on November 12, 2025. J.P. Morgan, Morgan Stanley, Jefferies, Moelis & Company, Cantor Fitzgerald, UBS Investment Bank, TD Securities, Guggenheim Securities, WR Securities, and Nomura Securities are the joint bookrunners on the deal.
