X-Energy Inc., a nuclear energy startup backed by Amazon.com Inc., raised $1.02 billion in its US initial public offering (IPO), pricing shares at $23 apiece—the highest in its marketed range of $16 to $19. The Rockville, Maryland-based firm’s valuation now stands at $9.1 billion, driven by investor enthusiasm for its small modular reactor (SMR) technology. The company plans to deploy reactors powered by Triso pebble fuel, which burns hotter and longer than traditional nuclear fuel, targeting industrial facilities and AI data centers. Strategic partnerships with Dow Inc., Amazon, and Centrica Plc underscore its ambition to scale SMR deployment by the early 2030s.

The IPO, underwritten by JPMorgan Chase & Co., Morgan Stanley, Jefferies, and Moelis & Co., reflects surging interest in nuclear energy solutions. Ark Investment Management sought up to $105 million in shares at the IPO price, signaling strong institutional backing. Despite reporting a $390 million net loss on $94 million revenue last year—an increase from prior losses—the company’s focus on SMRs positions it amid a competitive race to commercialize next-gen nuclear tech. Analysts, including Citigroup’s Vikram Bagri, note the IPO “suggests continued appetite among investors for small modular reactors.”

X-Energy’s class B shares, controlled by founder Kamal Ghaffarian (61%) and Ares Management Corp. affiliates (26%), highlight concentrated ownership. The firm’s financials reveal mounting R&D investments, with plans to debut on the Nasdaq under the symbol XE. As the US pushes to revive its nuclear sector, X-Energy’s IPO marks a pivotal moment for SMR adoption, though profitability remains a long-term challenge.

This IPO underscores the growing role of private capital in transforming nuclear energy infrastructure, blending Amazon’s tech prowess with X-Energy’s advanced reactor designs. The deal’s success hinges on regulatory approvals and execution timelines, with first delivery targeted for the early 2030s.