X-energy said on March 20 that it submitted a draft registration statement on Form S-1 to the U.S. Securities and Exchange Commission for a proposed initial public offering of its Class A common stock. The company, based in Rockville, Maryland, said it intends to list on the Nasdaq Global Select Market under the symbol “XE,” but it has not yet determined the number of shares to be offered or the price range. Reuters reported the filing as X-energy’s move toward a U.S. listing, citing the company’s statement.
Key insights
- X-energy said it submitted a draft S-1 to the SEC for a proposed IPO, not a completed, effective offering.
- The company has not disclosed the number of shares it plans to sell or the price range.
- X-energy said it intends to list its Class A common stock on Nasdaq under the ticker “XE.”
- J.P. Morgan, Morgan Stanley, Jefferies and Moelis & Company are acting as lead joint book-running managers, according to the company.
- The company said the proposed offering remains subject to SEC review and market and other conditions.
- Reuters reported that X-energy is developing more than 11 gigawatts of new nuclear capacity through commercial partnerships in the U.S. and the U.K.
What X-energy said
In its announcement, X-energy described itself as a developer of advanced nuclear reactor and fuel technology. The company said the proposed IPO would involve Class A common stock and that the securities cannot be sold until the SEC registration statement becomes effective. X-energy also said the proposed offering would be made only by means of a prospectus.
The company’s release did not include a target offering size, valuation, or timing for pricing. It said the proposal is still subject to completion of the SEC review process, along with market and other conditions.
What X-energy does
X-energy develops small modular reactors and fuel technology, including its Xe-100 reactor and TRISO-X fuel, according to the company’s own materials and prior public disclosures. In its earlier public materials, X-energy said the Xe-100 is designed as an 80-megawatt unit and can be configured into a four-unit plant. The company also says its fuel technology is intended to support safer and more efficient nuclear power generation.
Reuters reported that the company is developing more than 11 gigawatts of new nuclear capacity through commercial partnerships in the United States and the United Kingdom. The outlet also said X-energy is developing reactors designed to use high-assay low-enriched uranium, or HALEU, though those reactors have not received regulatory licenses.
Recent financing before the IPO filing
X-energy has raised large private funding rounds in the past year. In February 2025, the company said it closed an upsized $700 million Series C-1 financing round, with Amazon’s Climate Pledge Fund anchored as a prior backer and Jane Street among additional investors. The company said the proceeds were intended to help complete reactor design and licensing and support the first phase of its TRISO-X fuel fabrication facility in Oak Ridge, Tennessee.
In November 2025, X-energy said it closed an oversubscribed Series D financing round of about $700 million, led by Jane Street. The company said at the time that the round would help expand its supply chain and commercial pipeline and support its orderbook of more than 11 gigawatts. The company also said it was advancing projects with Dow, Amazon and Centrica.
Reuters reported that X-energy raised $700 million in 2025 in one round led by Amazon and another $700 million in a round led by Jane Street. The company’s recent financing activity suggests it has continued to rely on private capital before moving toward public markets.
Previous attempt to go public
X-energy previously tried to reach the public markets through a special purpose acquisition company, or SPAC, deal with Ares Acquisition Corporation. In December 2022, the companies announced a definitive business combination agreement that would have taken X-energy public.
That plan was later abandoned. On October 31, 2023, X-energy and Ares said they mutually agreed to terminate the business combination agreement, citing challenging market conditions and peer-company trading performance. The companies said the decision was effective immediately.
Conclusion
X-energy’s IPO is still in the preliminary stage. The company has said only that it submitted a draft registration statement to the SEC, intends to list on Nasdaq under “XE,” and has not yet set the share count or price range. The proposed offering remains subject to SEC review and market conditions.
