A nuclear technology company based in Rockville, Maryland has successfully completed a major stock market debut, securing more than $1 billion from investors on Thursday.
X-Energy, which has financial backing from tech giant Amazon, announced it generated $1.02 billion through its initial public stock offering in the United States market.
The Maryland firm sold approximately 44.3 million shares at $23 each, exceeding its original projected price range of $16 to $19 per share in an expanded offering.
This stock market launch arrives as investment activity rebounds following a temporary March slowdown, when Middle Eastern conflicts and technology sector declines caused several companies to postpone their public offerings. As financial markets approach record levels and investor confidence grows, businesses are rapidly seeking to capitalize on strong demand.
The nuclear energy sector is experiencing renewed attention as power consumption increases dramatically, especially from large technology companies operating power-hungry artificial intelligence systems and cloud computing facilities.
Established in 2009, X-Energy specializes in creating small modular reactor technology and producing fuel for next-generation nuclear power systems.
These smaller modular reactors are designed to be more economical and efficient compared to conventional large nuclear facilities, which typically require many years to construct. The company is currently developing its Xe-100 reactor design, which utilizes helium rather than water for cooling purposes.
In 2024, Amazon provided approximately $500 million in funding to X-Energy to advance its small reactor technology development, as the e-commerce and cloud computing company searches for dependable, emissions-free energy sources for its expanding AI-powered data center operations.
The company had initially intended to become publicly traded in 2023 through a combination with a special purpose acquisition company supported by Ares Management, but abandoned those arrangements due to poor market conditions at the time.
Major financial institutions J.P. Morgan, Morgan Stanley, Jefferies, and Moelis served as the primary underwriters for the offering. X-Energy shares will start trading on the Nasdaq exchange under the ticker symbol “XE” beginning Friday.
