X-energy

APublic (NASDAQ: XE)Founded 2009🇺🇸Rockville, Maryland

CEO

Clay Sell

Data verified as of Jul 18, 2026

Summary

X-energy is an advanced nuclear and fuel company commercializing the 80 MWe Xe-100 reactor and its TRISO-X fuel platform. In April 2026 the company priced an upsized IPO to begin trading on Nasdaq under the ticker XE, raising ~$1.1B in net proceeds, and on June 4 reported its first quarter as a public company with $43M of revenues and grant income, a $166.2M net loss, and roughly $2.05B of liquidity adjusted for IPO proceeds. Operational momentum has also stacked up: TRISO-X holds the first-ever Part 70 HALEU fuel license, the NRC issued a Finding of No Significant Impact for Dow's Seadrift project, and on June 2 X-energy filed the Xe-100 into the UK's Generic Design Assessment toward a planned 6 GW UK build-out with Centrica.

Main Products

Xe-100

In Development

80 MWe high-temperature gas-cooled reactor (HTGR) using TRISO fuel, deployable as single unit or in a four-pack configuration for 320 MWe.

DOE ARDP-funded HTGR advancing NRC licensing. The first deployment is the Amazon-backed Cascade Advanced Energy Facility with Energy Northwest in Washington (four units / 320 MWe, upsizable to 960 MWe), with construction targeted around 2030 and operations in the mid-2030s. The NRC issued a Finding of No Significant Impact for Dow's four-unit Seadrift project in Texas, and in June 2026 X-energy submitted the Xe-100 into the UK Generic Design Assessment toward a 6 GW build-out with Centrica. New gigawatt-scale evaluations are underway with Talen Energy (Pennsylvania) and LG&E and KU (Kentucky).

Electrical Output80 MWe (or 200 MWt process heat) per module

Four-Pack Output320 MWe

Reactor TypeHigh-temperature gas-cooled reactor (HTGR)

CoolantHelium gas

Fuel TypeTRISO (tristructural isotropic) fuel pebbles

Outlet Temperature750°C

Lead ProjectsCascade (Amazon/Energy Northwest), Dow Seadrift

TRISO-X Fuel Fabrication

Under Construction

First commercial-scale TRISO fuel fabrication facility in the United States, being built in Oak Ridge, Tennessee.

TX-1 in Oak Ridge, Tennessee is in vertical construction and on schedule for completion in the first half of 2028. In February 2026 TRISO-X received the first-ever Part 70 HALEU fuel-fabrication license — an initial 40-year NRC license covering TX-1 and TX-2 — and TRISO-X pebble fuel is undergoing irradiation testing at Idaho National Laboratory. In July 2026 an $11M Tennessee state grant backed a planned expansion of the campus to add a second commercial facility (TX-2) and an R&D center (TX-L); together the three are designed to fuel about 55 Xe-100 reactors, making it one of the world's largest commercial-scale nuclear fuel campuses.

Production Target8 metric tons TRISO fuel/year

Fuel TypeTRISO (tristructural isotropic) particles

LocationOak Ridge, Tennessee

NRC LicenseFirst-ever Part 70 HALEU license (Feb. 2026, 40-yr)

ServesXe-100 and other HTGR designs

What's Next

Advance the Dow Seadrift project through NRC review

Carry the four-unit Long Mott Generating Station at Dow's Seadrift, Texas site through NRC review — the NRC completed its environmental assessment with a Finding of No Significant Impact on May 18, 2026, and, under an accelerated ~18-month review, could act on the construction permit around the end of 2026 — while advancing detailed execution with newly signed engineering partner Fluor (FEL-2 services) so the project can move toward construction later this decade.

Construction permit decision ~end 2026; late-2020s/early-2030s startup

Finish TX-1 and begin licensed fuel manufacturing

X-energy's next major execution milestone is completing the TX-1 fuel-fabrication facility — now in vertical construction and on schedule for completion in the first half of 2028 — and turning it into an operating commercial plant that can supply first-core loads for early Xe-100 deployments. A July 2026 $11M Tennessee state grant now backs a broader Oak Ridge campus build-out adding a second commercial facility (TX-2, expected to create 1,000+ jobs) and an R&D center (TX-L), scaling total planned capacity to fuel about 55 Xe-100 reactors.

TX-1 completion 1H 2028

Convert pipeline and supply-chain reservations into projects

Having locked in a binding 16-unit Doosan Enerbility reservation for reactor pressure vessels and steam generators (backed by a new Changwon SMR-fabrication facility sized for the full pipeline), a 10-year SGL Carbon graphite supply agreement and an IHI Corporation MOU for HTGR components, X-energy now needs to translate its 11 GW (144-unit) pipeline — including gigawatt-scale evaluations with Talen Energy and LG&E/KU — into firm, financeable deployment programs.

2026-2027

Advance Xe-100 through UK Generic Design Assessment

Work the June 2, 2026 GDA submission with the UK Office for Nuclear Regulation, Environment Agency, Natural Resources Wales and DESNZ — an iterative multi-step review now expected to conclude around the end of 2029 — which will need to land successfully if X-energy and Centrica are to deploy up to 6 GW of new Xe-100 capacity in Britain.

GDA conclusion ~end 2029

Recent News

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Jun 15

X-energy submits Xe-100 reactor for UK design assessment

X-energy on June 2 submitted its Xe-100 high-temperature gas-cooled reactor to enter the UK's Generic Design Assessment, the Office for Nuclear Regulation-led licensing pathway that evaluates a reactor's safety, security, and environmental case independent of a specific site. The submission, made with utility partner Centrica, supports plans to deploy up to 6 GW of new nuclear in Britain, with Hartlepool identified as the preferred first site for a 12-unit installation, and the assessment is expected to conclude by the end of 2029. The 80-MWe TRISO-fueled design is also advancing toward its first U.S. deployment with Dow in Texas.

Jun 5

X-energy posts $43M Q1 in first public quarter, $2B liquidity

X-energy on June 4 reported its first quarterly results as a public company, with Q1 2026 revenues and grant income of $43 million (up from $21M YoY), a $166.2M net loss, and $944M of cash at quarter-end that swells to about $2.05B once the roughly $1.1B in net IPO proceeds from its April 24 Nasdaq debut are included. Alongside the financials, X-energy disclosed the NRC's Finding of No Significant Impact for Dow's Seadrift advanced reactor project, a TRISO-X Part 70 fuel fabrication license, an MOU with IHI Corporation for HTGR components, and a graphite supply agreement with SGL Carbon.

Jun 4

X-energy files Xe-100 for UK Generic Design Assessment

X-energy on June 2 submitted its 80 MWe Xe-100 high-temperature gas-cooled reactor into the UK's Generic Design Assessment process, the regulatory gateway for new reactor designs in Britain. The filing is the first concrete step in X-energy and Centrica's joint plan to deploy up to 6 GW of new nuclear capacity in the UK and broadens the Xe-100 commercial slate alongside the Dow Seadrift project and the Amazon-backed Energy Northwest Cascade plant.

Operations & Revenue

StatusPre-revenue (from commercial reactors)

Pre-revenue from commercial reactor operations but materially further along than a year ago. X-energy is now publicly listed (Nasdaq: XE, trading near $15.96 / ~$6.75B market cap on July 10, 2026 and recently added to Russell indices), reported $43M of Q1 2026 revenues and grant income with ~$2.05B of liquidity adjusted for IPO proceeds, holds the first-ever Part 70 HALEU fuel license through TRISO-X, has the NRC's Finding of No Significant Impact for Dow's Seadrift project, submitted the Xe-100 into the UK GDA on June 2, 2026, and is executing against an 11 GW commercial pipeline.

Revenue Streams

DOE ARDP Cost-Share

$1.2B from DOE's Advanced Reactor Demonstration Program to support Xe-100 development and demonstration.

Reactor Deployment Agreements

Xe-100 deployment and development agreements anchor X-energy's commercial pipeline: the Amazon-backed Cascade project with Energy Northwest (first deployment), Dow's four-unit Seadrift site in Texas, and gigawatt-scale evaluations with Talen Energy (Pennsylvania) and LG&E/KU (Kentucky).

Key Metrics

Employees

916

Est. Annual Revenue

$43M Q1 2026 revenues and grant income (no commercial reactor revenue); Q2 2026 results expected in August

Commercial Pipeline

11 GW+ (144-unit Xe-100 orderbook across U.S. and UK partnerships)

Xe-100 Output

80 MWe (320 MWe in 4-pack)

TRISO-X Licensing Status

Part 70 HALEU fuel fabrication license (Feb. 13, 2026); first-ever in U.S., 40-yr term covering TX-1/TX-2

Liquidity (Q1 2026, IPO-adjusted)

~$2.05B ($944M cash + ~$1.1B net IPO proceeds)

Market Cap

~$6.75B (XE ~$15.96, Jul 10, 2026; down ~43% from the $23 April IPO price and ~57% off its $37.10 peak)

Timeline

2026TRISO-X secures first-ever Part 70 HALEU fuel license

TRISO-X receives the first-ever Part 70 HALEU fuel fabrication license, enabling commercial fuel manufacturing at TX-1 and TX-2 under an initial 40-year NRC license.

2026Fluor signs on for Seadrift front-end engineering

In April 2026 Fluor Corporation signed a contract to support X-energy's proposed four-unit Xe-100 project at Dow's Seadrift, Texas site, initially delivering Front-End Loading Stage 2 (FEL-2) services covering project definition, feasibility, cost control, and risk mitigation. The engagement adds an experienced EPC partner to what would be the first grid-scale advanced reactor deployed to serve an industrial facility in North America.

2026X-energy prices IPO and lists on Nasdaq

X-energy prices an upsized IPO at $23 per share, with trading set to begin on Nasdaq under the ticker XE on April 24, 2026.

2026Xe-100 submitted for UK Generic Design Assessment

On June 2, 2026 X-energy files its 80 MWe Xe-100 high-temperature gas-cooled reactor into the UK's Generic Design Assessment process — the regulatory gateway for new reactor designs in Britain. The submission is the first concrete step in X-energy and Centrica's plan to deploy up to 6 GW of new nuclear capacity in the UK and broadens the Xe-100 commercial slate alongside the Dow Seadrift project and the Amazon-backed Energy Northwest Cascade plant.

2026First public quarter: $43M Q1 revenue, $2B liquidity

On June 4, 2026 X-energy reports its first quarter as a public company with $43M of revenues and grant income (up from $21M YoY), a $166.2M net loss, and $944M of cash and investments at quarter-end that climbs to about $2.05B once the ~$1.1B in net IPO proceeds are included. The release also discloses the NRC's Finding of No Significant Impact for Dow's Seadrift project, an IHI Corporation MOU for HTGR components, and a graphite supply agreement with SGL Carbon.

2026Added to Russell indices as shares trade below IPO price

X-energy is added to multiple Russell equity and value indices in the June 2026 annual reconstitution effective around July 9, 2026, broadening its index-fund ownership, and Cathie Wood's ARK Invest accumulated XE across several July purchases. The visibility comes amid a weak stock: XE traded near $15.96 on July 10, 2026 — roughly $6.75B market cap, down about 43% from its $23 April IPO price and off ~57% from a $37.10 post-listing peak — as investors weigh the long pre-revenue runway of advanced-reactor developers.

2026TRISO-X wins $11M Tennessee grant to expand Oak Ridge fuel campus

On July 15, 2026 X-energy's TRISO-X subsidiary was awarded an $11M economic development grant from the State of Tennessee's Nuclear Energy Supply Chain Investment Fund to advance a potential second commercial fuel facility (TX-2) and a dedicated R&D center (TX-L) adjacent to the TX-1 plant now under construction. Together TX-1, TX-2, and TX-L are designed as one of the world's largest commercial-scale nuclear fuel campuses, with capacity to fuel about 55 Xe-100 reactors — roughly 4.5 GW, enough for 3.3 million U.S. homes. TRISO-X expects TX-2 alone to create more than 1,000 permanent jobs in Tennessee.

2025TX-1 vertical construction begins

X-energy starts above-ground construction on the TX-1 TRISO-X fuel fabrication facility in Oak Ridge, Tennessee, shifting the project into full building execution.

2023TRISO-X fuel facility groundbreaking

Breaks ground on the TRISO-X fuel fabrication facility in Oak Ridge, Tennessee — the first commercial-scale TRISO fuel plant in the U.S.

2023SPAC merger announced (later terminated)

Announced plans to go public through a merger with Ares Acquisition Corporation, but the deal was mutually terminated in March 2024, delaying X-energy's public-market debut.

2022Dow Chemical agreement

Signs agreement with Dow to deploy a Xe-100 plant at a Dow Gulf Coast manufacturing site for industrial process heat and power.

2020DOE ARDP award

Selected for a $1.2B cost-share award under the DOE's Advanced Reactor Demonstration Program to build a commercial Xe-100 plant.

2016DOE GAIN voucher

Receives DOE Gateway for Accelerated Innovation in Nuclear (GAIN) voucher for Xe-100 development.

2009Founded

X-energy is founded to develop high-temperature gas-cooled reactor technology and advanced TRISO fuel.

Funding

Cumulative disclosed raise · dated rounds

Round	Date	Amount	Investors
DOE ARDP cost-share	2020	$1.2B (government share)	U.S. Department of Energy
Series C-1	February 2025	$700M	Amazon Climate Pledge Fund, Citadel affiliate, Ares Management affiliates, NGP, University of Michigan and others
Series D	November 2025	$700M	Jane Street plus new and existing institutional investors including ARK Invest, Galvanize, Hood River, Point72, Reaves, XTX Ventures, Ares funds, Emerson Collective, NGP and others
IPO	April 2026	~$1.02B before underwriter option and expenses	Public markets (Nasdaq: XE)