U.S.-based nuclear reactor developer X-Energy raised $1.02 billion in its initial public offering on Thursday, marking one of the largest energy-sector listings this year.
The Amazon-backed firm sold 44.3 million shares at $23 each, pricing above its initial target range of $16 to $19, signalling strong investor demand.
Headquartered in Rockville, Maryland, the company is expected to begin trading on the Nasdaq under the ticker “XE” on Friday.
The listing comes as global equity markets recover from a March slowdown triggered by geopolitical tensions in the Middle East and a broader technology selloff.
Improving market conditions and renewed investor appetite have encouraged companies, particularly in energy and technology, to proceed with public offerings.
Founded in 2009, X-Energy focuses on developing small modular reactor (SMR) technology and producing advanced nuclear fuel.
Its flagship Xe-100 reactor uses helium cooling, offering a potentially safer and more cost-efficient alternative to conventional nuclear systems.
Interest in SMRs has surged as demand for reliable, carbon-free electricity rises, especially from data centers powering artificial intelligence and cloud computing.
Amazon invested about $500 million in the company in 2024, aiming to secure sustainable energy for its expanding digital infrastructure.
The IPO follows X-Energy’s abandoned 2023 plan to go public via a SPAC merger, with major banks including J.P. Morgan, Morgan Stanley, Jefferies, and Moelis leading the offering.