Amazon-Backed Nuclear Developer X-energy Raises Over $1 Billion in Upsized IPO
April 24, 2026
Amazon-Backed Nuclear Developer X-energy Raises Over $1 Billion in Upsized IPO
Amazon-backed advanced nuclear developer X-energy has raised more than $1 billion in its initial public offering (IPO), marking a significant milestone for the small modular reactor (SMR) industry. The company sold 44.3 million shares at $23 apiece, above the marketed range of $16 to $19, bringing total proceeds to approximately $1.02 billion. The IPO, filed late last month, underscores growing investor appetite for next-generation nuclear technology as tech giants and data center operators seek reliable, carbon-free power sources to meet surging energy demand.
Based in Rockville, Maryland, X-energy is a developer of small modular reactors, with its flagship Xe-100 being a pebble-bed, high-temperature gas-cooled reactor. Each fuel pebble, about the size of a billiard ball, contains thousands of uranium fuel particles. The company’s first four-unit Xe-100 plant is planned at Dow’s Seadrift Operations site in Texas and is currently under review by the U.S. Nuclear Regulatory Commission. Amazon has directly invested in X-energy and secured the option to deploy more than 5 gigawatts of Xe-100 projects in the U.S. by 2039, starting with the Cascade Advanced Energy Facility in Washington state.
The Cascade facility is expected to comprise three 320-megawatt sections, totaling 960 megawatts. The first 320-megawatt block will consist of four Xe-100 units, each capable of producing 80 megawatts electric and 200 megawatts thermal. Construction is slated to begin by the end of the decade, with operations expected to start in the 2030s. Amazon struck the initial deal with Energy Northwest and X-energy last year to develop the site. Beyond the U.S., X-energy plans to deploy 6 gigawatts of capacity in the U.K. with Centrica. Last week, the company announced it would deploy SMRs in Pennsylvania and across the PJM power market alongside independent power provider Talen Energy.
To support its growth, X-energy is building a U.S.-based facility to produce TRISO-X fuel, designed to deliver scalable, safer, and reliable power for industrial and energy applications. The company also signed an agreement last year with South Korea’s Doosan Enerbility and Korea Hydro & Nuclear Power Co. to accelerate SMR deployment in the U.S., aiming to mobilize up to $50 billion in public and private investments for Xe-100 projects and expand SMR supply chain capacity. Prior to the IPO, X-energy had raised more than $700 million, with the latest round led by Amazon.
Amazon is not alone in backing SMR technology. Over the past two years, a wave of data center operators and hyperscalers—including Google, Data4, Oracle, Switch, and Equinix—have supported the technology, highlighting the growing alignment between nuclear energy and the digital infrastructure sector.
Source: datacenterdynamics
