X-energy
Clay Sell
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
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).
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.
What's Next
Advance the Dow Seadrift project through NRC review
Carry the four-unit Seadrift project with Dow through NRC review — the NRC issued a Finding of No Significant Impact in early 2026 — and detailed execution so the project can move toward construction later this decade.
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.
Convert pipeline and supply-chain reservations into projects
Having secured Doosan component capacity, 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 new gigawatt-scale evaluations with Talen Energy and LG&E/KU — into firm, financeable deployment programs.
Advance Xe-100 through UK Generic Design Assessment
Work the June 2026 GDA submission with the UK Office for Nuclear Regulation and Environment Agency, an iterative multi-step review that will need to land successfully if X-energy and Centrica are to deploy up to 6 GW of new Xe-100 capacity in Britain.
Operations & Revenue
Pre-revenue from commercial reactor operations but materially further along than a year ago. X-energy is now publicly listed (Nasdaq: XE), 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, and is executing against an 11 GW commercial pipeline.
Revenue Streams
$1.2B from DOE's Advanced Reactor Demonstration Program to support Xe-100 development and demonstration.
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
Timeline
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.
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.