X-energy Debuts with Record Nuclear IPO Amid AI Power Surge

X-energy entered the public markets on Friday, marking the largest nuclear-focused initial public offering in history. The stock opened at $30.11, significantly exceeding its initial pricing range of $16 to $19 per share, after ultimately pricing at $23. The surge reflects a broader market trend where the artificial intelligence boom and global electrification efforts are driving renewed interest in advanced nuclear energy. Unlike traditional light water reactors, X-energy utilizes high-temperature gas-cooled technology via its xe-100 reactor, which can be scaled from 80 megawatts up to 960 megawatts. This technology is particularly valuable for hard-to-decarbonize industrial applications, such as chemical production. The company's business model focuses on licensing technology and selling nuclear fuel from its Tennessee fabrication facility rather than owning and operating plants. X-energy currently boasts an order pipeline exceeding 11 gigawatts, supported by strategic partnerships with Amazon, Dow, and Centrica. The IPO follows substantial private backing from institutional heavyweights including ARK Invest, Jane Street, and Citadel's Ken Griffin. A key growth driver is a partnership with Amazon to deploy 5 gigawatts of capacity by 2039, starting with a 320-megawatt facility in collaboration with Energy Northwest. Regulatory milestones remain a critical path for the company. In March 2025, X-energy and Dow submitted a construction permit application for a proposed project in Seadrift, Texas, with the review process expected to take approximately 18 months.