X-energy targets IPO up to $814M to deploy Amazon-backed nuclear reactors -- TFN

Nuclear reactor developer X-energy is targeting up to $814 million in IPO as it pushes to commercialise its small modular reactor technology, reports Tech Crunch.

The Rockville, Maryland-based company is offering 42.86 million Class A shares at $16 to $19 each. At the top of that range, the offering raises roughly $750 million, and up to $814 million if underwriters exercise their full 30-day option on an additional 6.4 million shares.

The stock is set to trade on the Nasdaq Global Select Market under the ticker "XE."

J.P. Morgan, Morgan Stanley, Jefferies, and Moelis & Company are the lead book-running managers, alongside Cantor Fitzgerald, UBS, TD Securities, Guggenheim Securities, and Nomura.

X-energy builds the Xe-100, a pebble-bed small modular reactor designed to be manufactured in standardised units rather than custom-built on-site. The company reported $109 million in revenue for the 12 months to December 31, 2025, and has secured contracts with Amazon and Dow Chemical.

The filing is subject to SEC approval. X-energy first submitted confidentially to the SEC in November 2025, making the registration public in March 2026.