X-energy submitted a draft registration statement to the SEC for an initial public offering of its Class A common stock. The company intends to list on the Nasdaq under the ticker “XE.”
The company develops the Xe-100, an 80 MWe high-temperature gas-cooled reactor (HTGR) designed for both electricity generation and high-temperature process heat. Modules can deploy individually or in four- to twelve-unit plants for scalable output. Safety features rely on its core design and proprietary TRISO-X fuel, tristructural-isotropic particles widely regarded as among the most robust nuclear fuels available. X-energy manufactures this fuel through subsidiary TRISO-X LLC to maintain quality control.
Progress on their fuel supply chain is advancing rapidly. Vertical construction began in November 2025 at the TX-1 fuel fabrication facility in Tennessee.
Once complete in mid-2026, the Category II facility will produce approximately 700,000 TRISO pebbles annually, sufficient for up to 11 Xe-100 reactors.
TRISO-X received the first-ever Part 70 high-assay low-enriched uranium (HALEU) fuel fabrication license earlier this year, with confirmatory testing underway at Idaho National Laboratory.
X-energy’s commercial pipeline now exceeds 11 GW across the United States and United Kingdom.
The flagship project is a four-unit Xe-100 plant at Dow’s Seadrift (Long Mott) site in Texas, selected under the Department of Energy’s Advanced Reactor Demonstration Program.
The installation will supply power and steam for chemical manufacturing.
A construction permit application is under NRC review, though the San Antonio Bay Estuarine Waterkeeper has intervened in proceedings, raising contentions including the financial qualifications of the project entity.
Partnerships continue to expand as well:
- Amazon holds options for more than 5 GW of Xe-100 deployments by 2039, starting with the Cascade Advanced Energy Facility in Washington state alongside Energy Northwest.
- X-energy signed a letter of intent with Talen Energy to evaluate gigawatt-scale deployments, potentially three or more four-unit plants, in Pennsylvania and the broader PJM Interconnection market.
- In Europe, a joint development agreement with Centrica commits to up to 6 GW of advanced reactors in the United Kingdom, with the Hartlepool site under consideration for the initial fleet.
Supply chain momentum supports these ambitions, including recent agreements with Doosan Enerbility for reactor components and SGL Carbon for graphite. Following oversubscribed Series D funding of $700 million in late 2025, the IPO positions X-energy to accelerate licensing, manufacturing scale-up, and project execution.