X-energy successfully raised $1 billion in its initial public offering, selling 44.3 million shares at $23 each, surpassing its target range of $16 to $19. The stock will start trading on the Nasdaq Exchange under the ticker XE this Friday. Originally, the company aimed to secure around $800 million.
The nuclear startup is focused on developing small modular reactors that can generate electricity and provide heat for industrial use. X-energy has secured partnerships with Dow for energy supply to a Texas chemical facility and with Amazon, which plans to purchase up to 5 gigawatts of nuclear power by 2039. Amazon’s Climate Pledge Fund was a key investor in X-energy’s Series C-1 funding round.
Each Xe-100 reactor is designed to produce 80 megawatts of electricity and utilizes helium gas for cooling, circulating around specially designed pebbles filled with TRISO fuel pellets. This innovative fuel, engineered for enhanced safety, aims to better withstand high temperatures, thereby minimizing the risk of a meltdown.