X-Energy, a Rockville, Maryland-based developer of advanced small modular nuclear reactors and fuel technology, submitted a draft registration statement on Form S-1 to the U.S. Securities and Exchange Commission on March 20, 2026, for a proposed initial public offering estimated at $300 million. The company plans to list on the Nasdaq Global Select Market under the ticker symbol XE.
- X-Energy filed its S-1 with the SEC on March 20, 2026, seeking an estimated $300 million in its Nasdaq IPO under the ticker XE.
- The company reported $109 million in revenue for the 12 months ending December 31, 2025, and has secured up to $1.2 billion in U.S. Department of Energy cost-share funding.
- Anchor customers include Amazon, with options for more than 5 gigawatts of nuclear capacity, and Dow, which is building the first Xe-100 plant at its Seadrift, Texas operations.
X-Energy IPO Filing Details
X-Energy first filed confidentially with the SEC on November 12, 2025, before making the registration public on March 20, 2026, according to Renaissance Capital. The number of shares to be offered and the price range have not yet been determined. Ten joint bookrunners are leading the deal, including J.P. Morgan, Morgan Stanley, Jefferies, Moelis & Company, Cantor Fitzgerald, UBS Investment Bank, TD Securities, Guggenheim Securities, WR Securities, and Nomura Securities.
The company raised $700 million in a Series C-1 financing round in November 2025 to accelerate deployment of its reactor and fuel technology. That round brought total private funding well above $1 billion before the IPO filing.
Background on X-Energy’s Reactor Technology
Founded in 2009, X-Energy designs the Xe-100, an 80-megawatt high-temperature gas-cooled small modular reactor. The Xe-100 is a small modular reactor, or SMR, a class of nuclear reactors designed to be factory-built and deployed at a fraction of the cost and timeline of conventional nuclear plants. Each Xe-100 unit produces 80 megawatts of electricity and is typically deployed in four-reactor, 320-megawatt configurations that can supply both power and industrial-grade heat.
The company also manufactures TRISO-X fuel at its facility in Oak Ridge, Tennessee. In February 2026, that facility received a Special Nuclear Material License from the Nuclear Regulatory Commission, clearing a critical regulatory milestone for commercial fuel production.
X-Energy was one of two companies selected in 2020 for the U.S. Department of Energy’s Advanced Reactor Demonstration Program, which provides up to $1.2 billion in federal cost-share funding to support the design, licensing, and commercialization of its first plant and fuel facility. If you’re interested in how startups navigate complex funding stages from seed to IPO, X-Energy’s trajectory from DOE grants to public markets offers a textbook case study.
Impact on the Clean Energy and Startup Landscape
X-Energy’s IPO filing arrives at a moment when demand for reliable, carbon-free electricity is surging. Data center operators, led by Amazon and Microsoft, are signing long-term power agreements with nuclear developers to meet the energy demands of AI computing infrastructure. Amazon holds options for more than 5 gigawatts of X-Energy capacity across the United States, with an initial 320-megawatt project planned through a partnership with Energy Northwest. Dow is deploying the first commercial Xe-100 plant at its Seadrift, Texas chemical operations. In the U.K., Centrica has signed a joint development agreement targeting approximately 6 gigawatts of capacity.
The filing also tests public market appetite for advanced nuclear at a time when the broader IPO market has been sluggish, with only nine U.S. IPOs priced so far in 2026 and total proceeds down more than 30% from the same period last year, according to Renaissance Capital. X-Energy’s $109 million in trailing 12-month revenue and deep federal backing could set a benchmark for other nuclear startups weighing public offerings.
Frequently Asked Questions
How Much Is X-Energy Raising in Its IPO?
X-Energy is estimated to raise approximately $300 million in its initial public offering on the Nasdaq Global Select Market under the ticker symbol XE. J.P. Morgan, Morgan Stanley, Jefferies, and Moelis are leading the offering.
What Is the Xe-100 Reactor?
The Xe-100 is an 80-megawatt high-temperature gas-cooled small modular reactor designed by X-Energy. It is typically deployed in four-unit, 320-megawatt plants and features passive safety systems and online refueling capability.
Who Are X-Energy’s Biggest Customers?
X-Energy’s anchor customers include Amazon, which holds options for more than 5 gigawatts of capacity in the U.S., and Dow, which is deploying the first Xe-100 plant at its Seadrift, Texas facility with up to $1.2 billion in DOE funding support.
