X-Energy, which develops small modular reactors and produces nuclear fuel, raised $1.0 billion by offering 44.3 million shares at $23, above the $16 to $19 range. The company offered 1.4 million more shares than anticipated. ARK Investment Management had indicated on $105 million worth of shares in the offering (10% of the deal).
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 will trade on the Nasdaq under the symbol XE. J.P. Morgan, Morgan Stanley, Jefferies, Moelis & Company, Cantor Fitzgerald, UBS Investment Bank, TD Securities, Guggenheim Securities, WR Securities, and Nomura Securities acted as joint bookrunners on the deal.
