Amazon invested $500 million in this nuclear energy company. Now it’s planning a $7 billion IPO. Here’s why the stock could make a big move.
America’s big tech companies are rushing to secure energy. That’s why Amazon led a $500 million investment in an X-Energy in 2024. |
The lack of energy is one key reason that SpaceX plans to launch orbital AI datacenters. And that’s why the SpaceX is preparing for a $1.75 trillion IPO – and hosting Wall Street bankers at Starbase this week. |
Go here to invest ahead of the IPO. |
X-Energy now plans to go public on the Nasdaq with the ticker "XE." |
The company priced its IPO at $17.50 last week — the midpoint of its $16 to $19 range — raising $750 million. The stock begins trading Thursday, April 24. |
This is one of the most anticipated nuclear IPOs in years, and the Amazon connection is central to the story. |
Deal Snapshot: |
· X-Energy |
· Nasdaq: XE |
· IPO price: $17.50 |
· IPO Offering: $750 million |
· Market Cap: $7.2 billion |
Amazon made an equity investment in X-Energy in 2024 and has committed to bring more than 5 gigawatts of X-Energy's Xe-100 reactors online by 2039. That would represent the largest commercial deployment of small modular reactors in history. |
The first project is four reactors generating 320 megawatts at an Energy Northwest site in central Washington. It’s aiming for commercial operation in the early 2030s. |
ARK Investment Management indicated interest in purchasing up to $105 million of shares in the offering. That's 14% of the deal from a single buyer — a meaningful signal from Cathie Wood's firm. |
X-Energy makes the Xe-100 reactor. This is a high-temperature gas-cooled design that uses TRISO fuel — tiny uranium particles encased in layers of ceramic and carbon. The DOE calls TRISO "the most robust nuclear fuel on Earth." The company has been building its first commercial fuel fabrication facility in Oak Ridge, Tennessee, which received an NRC license in February 2026 and is expected to be operational by mid-2028. |
The business is pre-revenue in the conventional sense. X-Energy posted a $390 million net loss on $109 million in service revenue last year. Most of that revenue comes from the Department of Energy's Advanced Reactor Demonstration Program, which provides a 50/50 cost-share on eligible costs up to $2.4 billion. The company has received approximately $438 million in ARDP reimbursements to date. |
Investors aren't investing based on the current income statement. They're buying a pipeline of deals that includes Dow Chemical, Amazon, and UK energy company Centrica. X-Energy has the potential to become a leading fuel supplier and reactor licensor for a new generation of American nuclear power plants. |
The lead underwriters are J.P. Morgan and Morgan Stanley, with Jefferies and Moelis rounding out the top tier. That's a serious institutional syndicate for a company with no commercial reactors built yet. |
The core question is timing and cost. X-Energy expects its first commercial reactor to reach operating status in the early 2030s. |
Nuclear energy stocks have been strong performers. For example, Oklo (NYSE: OKLO) saw its shares jump from a $10 IPO price to $193 – before retreating to a recent price around $70. Meanwhile, GE Vernova (NYSE: GEV) has tripled in the last year. |
Strong interest in next generation nuclear could fuel a big move higher from the IPO price. Buying shares in the open market in high teens or low twenties could provide a nice entry point. This is the big IPO to watch this week. |
Want to invest in the next big IPO – a few months before it begins trading? |
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Here’s how to get access today. |
Ian Wyatt
Editor @ IPO Watch |
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