An Amazon-backed nuclear reactor company, X-energy, is preparing to go public as interest in nuclear energy grows. The company has filed for an initial public offering (IPO) with the Securities and Exchange Commission, aiming for a debut in early summer.
Small modular reactors (SMRs) like the one X-energy is developing are increasingly seen as a solution to meet the rising electricity demand driven by data centers and the shift to electric cars and appliances.
Current projections show that electricity demand from U.S. data centers may jump from 34.7 gigawatts in 2024 to 106 gigawatts by 2035, according to BloombergNEF.
X-energy’s reactor design utilizes helium as a coolant instead of the more traditional water, which has become costlier due to supply disruptions, especially around the Strait of Hormuz amid ongoing tensions in Iran. Analysts from Fitch suggest that helium prices may soar between 50% to 200% during critical shortages.
Amazon invested in X-energy back in October 2024, participating in a $500 million fundraising effort and securing two positions on the company’s board. Last November, X-energy completed a larger $700 million funding round led by various prominent investors, including Jane Street and ARK Invest.
Besides Amazon, X-energy has partnered with companies like Centrica and Dow. While the firm has yet to receive full approval from the Nuclear Regulatory Commission for its reactor, it has been licensed to produce nuclear fuel for advanced reactors at a facility in Oak Ridge, Tennessee.
Details on the IPO, such as the amount to be raised and share pricing, have not been disclosed. JPMorgan, Morgan Stanley, Jefferies, and Moelis & Company are set to lead the investment process.
If successful, X-energy would become the fourth publicly traded SMR company, joining Nano Nuclear, NuScale Energy, and the Oklo firm, which is supported by Sam Altman. The performance of these companies has varied, with Oklo’s stock seeing a 94% increase over the past year, while Nano and NuScale experienced declines.
This IPO filing comes at a time when Wall Street is anticipating a number of significant public listings this year, including plans from SpaceX and AI companies like Anthropic and OpenAI, which are expected to raise substantial amounts. However, ongoing market volatility, particularly from geopolitical tensions, may impact these listings.