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X-energy

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

Clay Sell

Data verified as of Aug 25, 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 August 13, 2026 reported Q2 2026 revenue and grant income of $54.6M (up 154% year over year) alongside $1.9B of total liquidity, while the DOE formally notified X-energy that its ARDP cooperative agreement will receive up to an additional $1B, raising the government's total ARDP cost-share to as much as $2.115B. Operational and commercial momentum has kept stacking up through the summer: TRISO-X holds the first-ever Part 70 HALEU fuel license and has expanded its Oak Ridge, Tennessee fuel campus to roughly 180 acres, the NRC issued a Finding of No Significant Impact for Dow's Seadrift project, X-energy filed the Xe-100 into the UK's Generic Design Assessment toward a planned 6 GW UK build-out with Centrica, and in July-August 2026 the company joined the DOE's AI-focused Project Prometheus initiative with NVIDIA and AWS, doubled its nuclear-grade graphite supply with SGL Carbon, and signed a definitive LEU/HALEU enrichment supply agreement with Centrus Energy - underpinning an 11.5 GW, 144-unit commercial pipeline even as the company remains pre-revenue from commercial reactor operations.

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Main Products

Xe-100

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. For Dow's four-unit Seadrift project in Texas, the NRC issued a Finding of No Significant Impact in May 2026, and per the Q2 2026 earnings call (Aug 13, 2026) NRC staff are targeting closure of all remaining safety questions by end of August 2026, a final safety evaluation late in 2026, and construction-permit issuance around Q1 2027 under the accelerated ~18-month review; Dow does not expect a final investment decision before 2028. In June 2026 X-energy submitted the Xe-100 into the UK Generic Design Assessment toward a 6 GW build-out with Centrica, and gigawatt-scale evaluations continue 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

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 on schedule for completion in the first half of 2028; as of the Q2 2026 earnings call (August 13, 2026), vertical construction was roughly 80% complete, up from 56% a quarter earlier, and on August 24, 2026 TRISO-X announced the facility has moved into its next construction phase, starting interior buildout and auxiliary-building work as vertical construction on the main structure nears completion. 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. On August 4, 2026 TRISO-X acquired 70 more acres at the adjacent Horizon Center Industrial Park, growing the total campus to roughly 180 acres, and on August 6, 2026 X-energy signed a definitive LEU/HALEU enrichment supply agreement with Centrus Energy (deliveries starting 2030) to help fuel the buildout - together making it one of the world's largest commercial-scale nuclear fuel campuses.

Production Target8 metric tons TRISO fuel/year
TX-1 Construction Progress~80% complete (Q2 2026, up from 56% in Q1); next-phase interior buildout and auxiliary-building work started Aug. 24, 2026
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 on the Q2 2026 earnings call (August 13, 2026) X-energy said NRC staff are on track to close out all remaining safety questions by the end of August 2026, with a final safety evaluation report expected late in 2026 and construction-permit issuance now targeted for Q1 2027 under the accelerated ~18-month review mandated by Executive Order 14300 - while advancing detailed execution with engineering partner Fluor (FEL-2 services); Dow has said it does not expect a final investment decision on the project before 2028.

NRC final safety evaluation late 2026; construction permit issuance targeted Q1 2027

Finish TX-1 and begin licensed fuel manufacturing

X-energy's next major execution milestone is completing the TX-1 fuel-fabrication facility - vertical construction reached roughly 80% complete as of the Q2 2026 earnings call (August 13, 2026), up from 56% a quarter earlier, and on August 24, 2026 TRISO-X confirmed the facility has entered its next construction phase, starting interior buildout and auxiliary-building work as the main structure's vertical construction nears completion - and turning it into an operating commercial plant that can supply first-core loads for early Xe-100 deployments, still targeted for completion in the first half of 2028. 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 interior buildout underway 2H 2026; full 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), an expanded SGL Carbon graphite supply deal that doubles NBG-18 capacity by 2030, an IHI Corporation MOU for HTGR components, and now a definitive LEU/HALEU enrichment supply agreement with Centrus Energy (deliveries starting 2030), X-energy needs to translate its 11.5 GW (144-unit) pipeline - including gigawatt-scale evaluations with Talen Energy and LG&E/KU - into firm, financeable deployment programs. Q2 2026 results (reported August 13, 2026) showed $54.6M of revenue and grant income and $1.9B of liquidity, plus up to $1B in additional DOE ARDP backing; the ARDP budget period now runs through March 2027. On the same earnings call CEO Clay Sell said X-energy is in the final stages of a new roughly 1 GW development agreement with a major investor-owned utility, with a full announcement expected in the near future, alongside ongoing talks with hyperscalers, independent power producers, and industrial heat customers.

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, starting with a 12-unit, 960 MWe first project at the Hartlepool site named preferred location under the companies' September 2025 Joint Development Agreement.

GDA conclusion ~end 2029

Operations & Revenue

StatusPre-revenue (from commercial reactors)

Pre-revenue from commercial reactor operations but materially further along than a year ago. X-energy is publicly listed (Nasdaq: XE); shares popped more than 13% on August 13, 2026 after Q2 results and the DOE's additional ARDP commitment, but have since pulled back to roughly $18-19 (week of Aug 17-21, 2026, ~$7.3-7.6B market cap) - still below the $23 April IPO price. On August 13, 2026 X-energy reported $54.6M of Q2 2026 revenues and grant income (up 154% YoY) with $1.9B of total liquidity, and the DOE notified the company it will add up to $1B more to its ARDP cost-share agreement (up to $2.115B total). TX-1 fuel-fabrication construction reached roughly 80% vertical completion by quarter-end (June 30, 2026), up from 56% the prior quarter, and remains on track for its Q3 2026 interior-buildout milestone and 1H 2028 full completion. X-energy 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 (NRC staff targeting closure of remaining safety questions by end of August 2026, a final safety evaluation late 2026, and construction-permit issuance around Q1 2027), submitted the Xe-100 into the UK GDA on June 2, 2026 (conclusion targeted around end-2029), and is executing against an 11.5 GW commercial pipeline - with CEO Clay Sell saying on the Q2 earnings call that a new roughly 1 GW project with a major utility is in its final stages and should be announced soon. In July 2026 it joined the DOE's AI-accelerated 'Project Prometheus' initiative (with Idaho National Laboratory, NVIDIA, and AWS) as a Tier 1 founding partner.

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

$54.6M Q2 2026 revenues and grant income ($50.1M services + $4.5M grant), up 154% YoY; no commercial reactor revenue yet

Commercial Pipeline

11.5 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 (Q2 2026)

$1.9B total liquidity, including $1.1B cash and equivalents, as of June 30, 2026

Market Cap

~$7.3-7.6B (XE roughly $18-19 close, week of Aug 17-21, 2026; shares popped more than 13% on the Aug 13 Q2 earnings/DOE funding news but have since given back most of that, still below the $23 April IPO price and well off the $20.90 Aug 6 Centrus-deal close)

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, run jointly by the Office for Nuclear Regulation, the Environment Agency, Natural Resources Wales and DESNZ and expected to conclude around end-2029. 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, with Hartlepool named the preferred first site for a 12-unit, 960 MWe plant, 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.

2026Joins DOE 'Project Prometheus' AI-nuclear initiative with NVIDIA and AWS

On July 21, 2026 X-energy joined Project Prometheus as a Tier 1 founding partner - a three-year, $60M initiative under the U.S. Department of Energy's Genesis Mission, led by Idaho National Laboratory with NVIDIA and Amazon Web Services, to apply frontier AI across advanced-reactor design, licensing, manufacturing, and operation. X-energy is contributing about $10M in private funding plus its Xe-100 reactor and TRISO-X fuel designs and data, joining roughly 32 national labs, universities, and developers, and framing the effort as a way to accelerate deployment across its 11 GW Xe-100 pipeline.

2026Shares extend post-IPO slide as Jefferies cuts price target

Through late July 2026 XE shares kept sliding despite the operational news flow: Jefferies cut its price target to $22 from $30 in June on valuation and competitive concerns, and by July 27 the stock traded around $14.10-$15.01 (about 38% below the $23 April IPO price and 62% off the $37.10 post-listing peak) as investors weighed the company's cash burn and heavy reliance on government funding, even after a brief lift from the Project Prometheus announcement.

2026Doubles nuclear-grade graphite capacity with SGL Carbon

On August 3, 2026 X-energy and SGL Carbon signed a binding agreement to double SGL's production capacity for NBG-18 medium-grain isotropic graphite used in Xe-100 TRISO fuel and reflectors, with X-energy investing up to $8M in milestone payments toward new equipment at SGL's Chedde, France site - enough billet capacity for 8 new Xe-100 reactors a year and doubling European NBG-18 capacity by 2030. The deal builds on the 10-year, over-$100M supplier framework agreement the companies signed in January 2026.

2026TRISO-X expands Oak Ridge campus by 70 acres

On August 4, 2026 TRISO-X announced the acquisition of roughly 70 additional acres (two tracts) at Horizon Center Industrial Park adjacent to its existing Oak Ridge, Tennessee site, growing the total campus footprint from about 125 to roughly 180 acres to provide utility corridors, equipment staging, fuel storage, and long-term expansion room for TX-1, TX-2, and the planned TX-L R&D facility.

2026Signs LEU/HALEU enrichment supply agreement with Centrus Energy

On August 6, 2026 X-energy and Centrus Energy signed a definitive agreement for Centrus to supply low-enriched and high-assay low-enriched uranium (LEU/HALEU) produced at its American Centrifuge Plant in Piketon, Ohio to TRISO-X's Oak Ridge fuel campus, with deliveries scheduled to begin in 2030. The deal is structured with phased prepayments from X-energy to help fund Centrus's domestic enrichment capacity expansion, and is meant to secure fuel supply for a portion of X-energy's 11.5 GW Xe-100 commercial pipeline. XE shares rose about 10% to close at $20.90 on the news.

2026Q2 2026 results: revenue up 154%, DOE adds up to $1B more ARDP funding

On August 13, 2026 X-energy reported Q2 2026 revenue and grant income of $54.6M ($50.1M services plus $4.5M grant income), up 154% year over year, and total liquidity of $1.9B (including $1.1B of cash and equivalents) as of June 30, 2026. The same day, the DOE formally notified X-energy that its Advanced Reactor Demonstration Program cooperative agreement will receive up to an additional $1B, raising DOE's total ARDP cost-share to as much as $2.115B covering Xe-100 reference plant design, the TX-1 fuel facility, and the Dow Seadrift deployment; the DOE also approved a continuation application extending the ARDP budget period through March 2027.

2025Centrica JDA names Hartlepool as preferred first UK site

On September 14, 2025 X-energy and Centrica sign a Joint Development Agreement to deploy the UK's first advanced modular reactors, identifying EDF and Centrica's Hartlepool site as the preferred location for an initial 12-unit, 960 MWe Xe-100 plant - enough clean power for roughly 1.5 million homes - as the first phase of a planned 6 GW national fleet. The companies estimate at least 40 billion pounds of lifetime economic value overall, including about 12 billion pounds from the first project.

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

$2B$4B202120222023202420252026$3.6B raised
RoundDateAmountInvestorsSource
DOE ARDP cost-share2020; expanded August 2026$1.2B initial government share; up to $1B added Aug. 13, 2026 (up to $2.115B total)U.S. Department of Energy
Series C-1February 2025$700MAmazon Climate Pledge Fund, Citadel affiliate, Ares Management affiliates, NGP, University of Michigan and others
Series DNovember 2025$700MJane Street plus new and existing institutional investors including ARK Invest, Galvanize, Hood River, Point72, Reaves, XTX Ventures, Ares funds, Emerson Collective, NGP and others
IPOApril 2026~$1.02B before underwriter option and expenses (~$1.1B net proceeds)Public markets (Nasdaq: XE)

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