Amazon-backed nuclear startup X-energy files for up to $814 million IPO

Nuclear energy startup X-energy has launched its investor roadshow as it moves toward an initial public offering that could raise up to $814 million. The company filed documents with the U.S. Securities and Exchange Commission setting a target price range of $16 to $19 per share. If it lists at the high end of that range, the IPO would bring the startup about $814 million in fresh capital. X-energy is riding a wave of renewed interest in nuclear fission power, driven by surging electricity demand from AI data centers and broader electrification trends. The startup’s high-temperature, gas-cooled reactor uses uranium encased in ceramic and carbon spheres, cooled by helium gas that transfers heat to a steam turbine. Amazon is one of X-energy’s most significant backers, having led a $500 million funding round and committed to purchasing up to 5 gigawatts of nuclear power from the company by 2039. The IPO comes as welcome news to investors who have poured approximately $1.8 billion into X-energy. The company previously attempted to go public through a reverse merger with a special purpose acquisition company in 2023, but that deal fell apart as the SPAC market cooled. X-energy faces challenges common to the emerging small modular reactor sector. No company in this space has yet built an operational power plant, though several are racing toward a July 4 deadline set by the Trump administration. The startup is also entangled in a patent dispute with another nuclear company that recently went bankrupt. The company expects that once its reactor production reaches maturity, it could reduce costs by 30 percent compared to initial models. How much that first reactor ultimately costs will be critical to X-energy’s long-term prospects, according to the company’s filing.