When X-energy began trading on Nasdaq, its stock vaulted up to $31.33, a 36% jump that lifted the company’s fully‑diluted market value to roughly $12bn. The IPO raised $1bn from investors, including a fresh Amazon stake, and prompted analysts to lift the price target to $23 from the original $16‑$19 range.

X‑energy is positioning its helium‑cooled small modular reactors to meet soaring electricity needs from data centres powering the AI surge. Contracts with Dow, Amazon and Centrica anchor plans for dozens of units in the United States and United Kingdom, while rivals TerraPower and Kairos Power have just broken ground on their own commercial SMR projects.

Chief executive Clay Sell said the IPO cash will speed supply‑chain buildup and lock in partner agreements, moving the firm from prototype to serial production. Although the Nuclear Regulatory Commission has only granted a fuel‑fabrication licence so far, the market response suggests investors view SMRs as a viable answer to the energy‑intensity of emerging digital workloads.

X‑energy’s Nasdaq debut follows a cancelled SPAC listing in 2023 and a series of large private raises: a $500mn round led by Amazon in October 2024, and a $700mn round in November backed by Jane Street, ARK Invest and other hedge funds. The sustained capital influx underscores confidence that modular nuclear can become a mainstream power source.