Amazon-backed X-Energy began trading on Nasdaq on Thursday after raising $1.02 billion in the largest nuclear public offering on record. The stock opened at $30.11 and surged 27% on its first day under the ticker XE.
Why it matters: the IPO signals that public investors are now willing to fund advanced nuclear reactors at scale, betting that AI data centres will need power sources that no amount of solar panels or wind turbines can reliably provide.
The deal
X-Energy sold 44.3 million shares at $23 each, well above its initial marketed range of $16 to $19. The upsized offering reflects surging investor appetite for nuclear energy stocks driven by data centre power demand.
The company is the first advanced reactor firm to pursue a traditional IPO. Competitors Oklo and NuScale went public through SPAC transactions.
The technology
X-Energy’s flagship Xe-100 reactor generates 80 megawatts of electricity per unit. Each reactor uses helium gas cooling rather than water, circulating over billiard ball-sized pebbles packed with TRISO fuel pellets.
Those pellets contain a uranium kernel wrapped in layers of carbon and silicon carbide. The design is engineered to withstand extreme temperatures and reduce meltdown risk.
The pipeline
The company has an order pipeline exceeding 11 gigawatts through partnerships with Amazon, Dow, and British energy company Centrica. Amazon’s backing effectively lets public investors co-invest alongside the tech giant in securing the energy supply chain for its AI ambitions.
CEO Clay Sell said on CNBC: “We make it easy to build nuclear power plants.”
What happens next
The offering is expected to close on 27 April. X-Energy’s market capitalisation at the close of its first trading day topped $8 billion. Rival nuclear stocks Oklo and NuScale fell on the debut as investors rotated into the new listing.