On April 23 X-Energy, the Maryland-based firm focused on small modular reactor (SMR) technology and advanced nuclear fuel manufacturing, completed an upsized initial public offering that raised $1.02 billion. The company sold 44.3 million shares at $23 per share, pricing above the previously marketed range of $16 to $19 a share. X-Energy will begin trading on the Nasdaq under the ticker symbol "XE" on Friday.
The IPO arrived as investor demand has recovered following a brief market slowdown in March driven by volatility tied to tensions in the Middle East and a broader technology selloff. With markets trading near record highs and risk appetite improving, several companies have moved to access public-market capital more aggressively.
Interest in nuclear power has increased alongside rising electricity requirements, notably from hyperscalers that operate energy-intensive AI and cloud infrastructure. X-Energy, founded in 2009, develops SMR designs intended to be smaller and more cost-efficient than conventional large-scale reactors, which typically require extended construction timelines. The company is advancing its Xe-100 reactor, a design that uses helium as a coolant instead of water, and also manufactures fuel for advanced nuclear systems.
Amazon invested about $500 million in X-Energy in 2024 to support deployment of the company’s SMR technology as the cloud and AI operator seeks dependable, carbon-free power for its expanding data center footprint.
X-Energy had earlier pursued a public listing through a planned merger with a blank-check entity backed by Ares Management in 2023, but subsequently abandoned that route, citing unfavorable market conditions at the time.
J.P. Morgan, Morgan Stanley, Jefferies, and Moelis served as the lead joint book-running managers for the offering.
ProPicks AI note included with the offering information: A separate section accompanying the coverage asked whether an investor should place $2,000 into AMZN, and described ProPicks AI as evaluating Amazon alongside thousands of companies each month using more than 100 financial metrics. The note states the AI uses those metrics to identify opportunities based on fundamentals, momentum, and valuation, and references notable past winners cited by the tool, including Super Micro Computer (+185%) and AppLovin (+157%).