Nuclear Reactor Developer X‑Energy Targets $7.5 Billion Valuation in IPO
By Reuters | 15 Apr, 2026

Amazon-backed X-Energy develops helium-cooled small modular reactors (SMRs) that will power data centers.

Amazon-backed X-Energy said on Wednesday it was targeting a valuation of up to $7.51 billion in its initial public offering in the United States.

The Maryland-based nuclear reactor developer is seeking up to $814.3 million by offering roughly 42.9 million shares priced between $16 and $19 apiece.

Nuclear energy is experiencing a resurgence, driven by surging electricity demand from hyperscalers that operate massive cloud-computing infrastructure to manage rising AI processing.

Morgan Stanley reports global electricity demand is projected to rise more than 1 trillion kWh annually through 2030, with data centers anticipated to contribute nearly 20% of this growth.

Founded in 2009, X-Energy designs nuclear reactor technology known as small modular reactors (SMR) and manufactures nuclear fuels.

SMRs are more compact and cost-effective compared to full-sized reactors that often take decades to build.

The company is also building a reactor, Xe-100, which uses helium as the coolant, rather than water.

In February, the U.S. nuclear power regulator issued a license to Triso-X, a subsidiary of X-Energy, to make a fuel for commercial reactors at a plant in Tennessee.

X‑Energy had planned to go public via an Ares‑backed SPAC in 2023 but later decided not to proceed citing tough market conditions.

J.P.Morgan, Morgan Stanley, Jefferies, Moelis & Co, ​Cantor Fitzgerald, Guggenheim Securities, Nomura Securities and TD Securities are among the underwriters for ​the IPO.

It will list its Class A common stock ​on the Nasdaq under the symbol "XE".

(Reporting by Pragyan Kalita in Bengaluru; Editing by Vijay Kishore)