In Development
Xe-100
80 MWe high-temperature gas-cooled reactor (HTGR) using TRISO fuel, deployable as single unit or in a four-pack configuration for 320 MWe.
X-energy is an advanced nuclear and fuel company commercializing the 80 MWe Xe-100 reactor and its TRISO-X fuel platform.
Latest update Oct 20, 2026
01
Overview
In April 2026 it priced an upsized IPO and listed on Nasdaq as XE, raising about $1.1B in net proceeds. On August 13, 2026 it reported Q2 revenue and grant income of $54.6M, up 154% year over year, and $1.9B of liquidity. The same day DOE said the ARDP cooperative agreement can receive up to an additional $1B, for a government cost-share of as much as $2.115B. The company remains pre-revenue from commercial reactor operations, and Q3 2026 results were not posted as of Oct. 20. On Oct. 19, 2026 X-energy and American Electric Power signed a joint development agreement to study a 12-unit, 960 MW Xe-100 plant near the retired Breed station in Sullivan County, Indiana. Amazon will provide milestone-based development funding. No dollar amount is disclosed, and the conditions are not itemized. A long-term power purchase is an intent that follows a final investment decision, not a signed contract. The company counts the study inside its approximate 11.5 GW, 144-unit pipeline and calls it the second project in a collaboration aimed at more than 5 GW of Xe-100 capacity by 2039. On the Aug. 13 call, CEO Clay Sell said a roughly 1 GW investor-owned-utility agreement was in its final stages and declined to name the utility. The Long Mott hearing was held Sept. 22, written comments closed Oct. 6, and a November 2026 final safety evaluation was still the stated target. TRISO-X holds the first Part 70 HALEU fuel license. TX-1 vertical construction finished Sept. 24, with commercial operations still targeted for the first half of 2028.
investors.x-energy.comUpdated Oct 20, 2026
02
What's next6
2026-2027
Convert pipeline and supply-chain reservations into projects
Having locked in a binding 16-unit Doosan Enerbility reservation, an expanded SGL Carbon graphite supply deal, an IHI Corporation MOU, and a definitive LEU/HALEU enrichment agreement with Centrus Energy (deliveries starting 2030), X-energy still needs to turn its 11.5 GW (144-unit) pipeline - including gigawatt-scale evaluations with Talen Energy and LG&E/KU - into named, financeable deployments. Q2 2026 remains the latest reported quarter ($54.6M revenue and grant income, $1.9B liquidity, up to $1B more ARDP). On the August 13 earnings call CEO Clay Sell said a roughly 1 GW investor-owned-utility agreement was in its final stages; as of September 18, 2026 that counterparty has not been named. Energy Northwest is still aiming to file a Cascade construction-permit application in the first half of 2027.
2026
Finish TX-1 and begin licensed fuel manufacturing
TargetTX-1 interior buildout underway 2H 2026; full completion 1H 2028
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.
2026
Advance the Dow Seadrift project through NRC review
TargetHearing Sept 22, 2026; comments through Oct 6; FSER targeted November 2026; construction permit targeted Q1 2027
Carry the four-unit Long Mott Generating Station at Dow's Seadrift, Texas site through NRC review. The next public gate is the uncontested construction-permit hearing on September 22, 2026 in Port Lavaca, with the hearing record open for written comments through October 6. POWER, citing the NRC project dashboard, reports staff targeting a final safety evaluation in November 2026, after which a construction-permit decision could follow around Q1 2027 under the accelerated ~18-month review mandated by Executive Order 14300. Fluor is on FEL-2 services; Dow has said it does not expect a final investment decision before 2028.
Nov 2026
NRC issues Long Mott final safety evaluation
2029
Advance Xe-100 through UK Generic Design Assessment
TargetGDA conclusion ~2029 (assessment started September 2026)
The GDA has formally started: on September 15, 2026 Centrica and X-energy said DESNZ had directed UK regulators to accept the Xe-100 into the Generic Design Assessment, following the June 2, 2026 submission. The Office for Nuclear Regulation, Environment Agency and Natural Resources Wales will administer a review expected to take about three years (concluding around 2029), with expanded UK-U.S. regulator collaboration meant to let NRC-reviewed design documentation and safety analyses transfer into the British assessment. Success is the gate on deploying up to 6 GW of Xe-100 capacity in Britain (10-20 stations), starting with a 12-unit, 960 MWe first project at the Hartlepool site named preferred location under the companies' September 2025 Joint Development Agreement. A decision on entry to the UK government's Advanced Nuclear Pipeline is expected imminently, and site studies plus planning and consenting work are already under way.
No public date
Reach a final investment decision on the Indiana Xe-100 study
TargetNo public date; multi-year feasibility
03
Latest news11
X-energy and AEP study a 960 MW Indiana reactor plant
X-energy and American Electric Power signed a joint development agreement on Oct. 19 to study a 12-unit Xe-100 plant near the retired Breed coal station in Sullivan County, Indiana. Amazon will provide milestone-based development funding and says it would be the first power customer if the plant is built; AEP says a long-term purchase would follow a final investment decision. The companies put the proposal at 960 MW and describe feasibility work, not a construction permit or a financed build.
investors.x-energy.com www.aep.com www.aboutamazon.com + Amazon
X-energy finishes TX-1 fuel plant shell in Oak Ridge
TRISO-X, X-energy's fuel subsidiary, said on September 24 it completed vertical construction of the 214,000-square-foot TX-1 fuel fabrication plant in Oak Ridge, Tennessee. Work now moves to interior buildout, equipment installation, and supporting buildings under contractor Clark Construction. Once operating, TX-1 is expected to make about 700,000 TRISO pebbles a year, or 5 metric tons of uranium, enough for up to 11 Xe-100 reactors; commercial fuel making remains targeted after interior work, with operations still aimed at the first half of 2028.
UK accepts X-energy Xe-100 into design assessment
Centrica and X-energy said on September 15 that the Xe-100 high-temperature gas-cooled reactor has been accepted into the United Kingdom's Generic Design Assessment after the Department for Energy Security and Net Zero directed regulators to begin the review. The assessment will be run by the Office for Nuclear Regulation, the Environment Agency and Natural Resources Wales, is expected to take about three years, and is meant to draw on design documentation already reviewed by the U.S. Nuclear Regulatory Commission. The partners still want EDF and Centrica's Hartlepool site in north-east England as their first project ahead of a UK fleet of up to 6 GW, and said a decision on entry to the government's Advanced Nuclear Pipeline is expected imminently.
TRISO-X starts next construction phase for TX-1 fuel plant
TRISO-X, X-energy's fuel subsidiary, announced on August 24 that its TX-1 advanced nuclear fuel fabrication facility in Oak Ridge, Tennessee has moved into its next phase of construction, starting interior buildout and auxiliary-building work as vertical construction on the main structure nears completion. TX-1 is the first NRC-licensed commercial-scale HALEU fuel fabrication facility in the US and is designed to supply TRISO fuel pebbles for X-energy's Xe-100 reactors.
X-energy gets $1B more DOE backing as Q2 revenue jumps 154%
X-energy reported Q2 2026 revenue and grant income of $54.6 million, up 154% year over year, with $1.9 billion in total liquidity as of June 30. The same day, the Department of Energy formally notified X-energy that its Advanced Reactor Demonstration Program agreement will receive up to an additional $1 billion, raising DOE's total ARDP cost-share to as much as $2.115 billion across the Xe-100 reference plant, the TX-1 fuel facility, and the Dow Seadrift deployment.
X-energy and Centrus sign HALEU fuel supply agreement
X-energy and Centrus Energy announced a definitive agreement on August 6 for Centrus to enrich low-enriched and high-assay low-enriched uranium (HALEU) at its American Centrifuge Plant in Piketon, Ohio, supplying X-energy's TRISO-X fuel fabrication campus in Oak Ridge, Tennessee, with deliveries scheduled to begin in 2030. The phased deal is meant to secure a domestic HALEU supply chain for a portion of X-energy's 11.5 GW Xe-100 commercial reactor pipeline, with X-energy providing prepayments to help fund Centrus's enrichment capacity buildout.
X-energy, SGL Carbon to double nuclear-grade graphite output
X-energy and SGL Carbon announced a binding agreement on August 3 to double SGL's production capacity for NBG-18 medium-grain isotropic graphite, the specialized material used in the TRISO fuel pebbles and reflectors of X-energy's Xe-100 reactor. X-energy will invest up to $8 million in milestone payments toward new facilities and equipment at SGL's Chedde, France site, enough to supply graphite billets for up to 8 new Xe-100 reactors a year and double European NBG-18 capacity by 2030, building on a 10-year, over-$100 million supplier framework agreement signed in January 2026.
Trump administration taps Oklo, X-energy for nuclear-AI push
The Trump administration is preparing a roughly $200 million federal initiative - alongside Microsoft and Nvidia - to accelerate the design, licensing and construction of advanced reactors to power AI data centers, naming Oklo and X-energy among the reactor suppliers, Bloomberg reported. About $60 million over three years would flow to Department of Energy national labs and universities including UT Austin. Oklo shares rose as much as roughly 10% and X-energy-linked names climbed in after-hours trading on the report.
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.
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.
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.
04
Products2
05
Key metrics
- Employees
- 916
as of March 17, 2026; latest official S-1 disclosure
- Est. annual revenue
- $54.6M Q2 2026 revenues and grant income
($50.1M services + $4.5M grant), up 154% YoY; TTM revenue about $150M per market data; no commercial reactor revenue yet. Q3 2026 results have not been reported as of Sept 18, 2026. Management is scheduled at Wolfe Research (Sept 30), Investing in Advanced Nuclear Energy (Oct 1), and TD Cowen Nuclear Roundtable (Oct 8).
- Commercial Pipeline
- 11.5 GW+
(144-unit orderbook). The Oct. 19, 2026 AEP joint development agreement studies a 12-unit, 960 MW Indiana plant inside that pipeline. Amazon's development funding has no disclosed dollar amount. Offtake is an intent after a final investment decision, not a signed power-purchase contract.
- 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 (still the latest reported quarter as of Sept 18, 2026; Q3 results have not been reported)
- Market Cap
- ~$6.64B
(XE $16.34 close Sept 17, 2026; 406.37M shares). Still below the $23 April IPO price after a 12% bounce from the Sept 16 close.
- Market Cap
- ~$6.39B
(XE $15.73 close Sept 24, 2026; 406.37M shares). Still below the $23 April IPO price after a 4% drop from the $16.38 prior close.
06
Operations & revenue
Operating status
Public; Indiana feasibility agreement signed
On Oct. 19, 2026 X-energy and AEP signed a joint development agreement to study a 12-unit, 960 MW Xe-100 plant near the retired Breed station in Sullivan County, Indiana. Amazon's development funding has no disclosed dollar amount and is described as milestone-based, with conditions not itemized. I&M says Amazon intends a long-term purchase if the project reaches a final investment decision and is built. No signed power-purchase contract is identified. The company counts the study inside its approximate 11.5 GW pipeline. This is the first named roughly 1 GW investor-owned-utility project since Clay Sell said on Aug. 13 that such an agreement was in its final stages. The Oct. 19 release does not cite that call. The Long Mott construction permit is still not issued. The newsroom's newest item is the Oct. 19 release.
Revenue streams
DOE ARDP cost-share originally $1.2B, expanded August 13, 2026 by up to an additional $1B to as much as $2.115B total covering Xe-100 reference plant design, the TX-1 fuel facility, and the Dow Seadrift deployment, with the ARDP budget period extended through March 2027.
Xe-100 deployment and development agreements anchor the commercial pipeline: the Amazon-backed Cascade project with Energy Northwest, Dow's four-unit Seadrift site, and the Oct. 19, 2026 AEP joint development agreement to study a 12-unit, 960 MW plant in Sullivan County, Indiana. The Indiana agreement is feasibility work with undisclosed Amazon development funding. A power purchase is an intent after a final investment decision, not a signed contract. Gigawatt-scale evaluations also continue with Talen Energy and LG&E and KU.
07
Track record
How past announced dates turned out.
1/1announced date hit on time
- 1 Hit
- 0 Slipped
- 0 Missed
- Hit
Close Long Mott hearing written-comment period
Target October 6, 2026 · Resolved Oct 6, 2026
The August 20, 2026 Federal Register hearing notice kept the Long Mott record open until October 6, 2026 and said comments after that date would not be considered. No later NRC notice extending the deadline was found. FSER remains a November 2026 target and the construction-permit decision remains TBD on the NRC project page last reviewed September 14.
08
Timeline29
2026
Signs Indiana study for a 960 MW Xe-100 plant
On Oct. 19, 2026 X-energy and American Electric Power signed a joint development agreement to study a 12-unit Xe-100 plant near the retired Breed Generating Station in Sullivan County, Indiana. The companies describe 960 MW. Amazon will provide milestone-based development funding. No dollar amount is disclosed, and the release says funding can fail if milestones or other conditions are not met, without listing those milestones. I&M says Amazon intends to buy power under a long-term contract if the project reaches a final investment decision and is built. That is not a signed power-purchase contract. AEP would own and operate the plant if it is built. The company counts the study inside its approximate 11.5 GW pipeline and calls it the second project in a collaboration aimed at more than 5 GW by 2039. Amazon says the plant could create more than 1,000 construction jobs and more than 100 permanent roles. I&M says September 2026 field surveys were already underway. This is feasibility work, not an NRC construction permit.
Long Mott hearing written-comment period closes
The August 20, 2026 Federal Register notice (91 FR 53900) kept the uncontested Long Mott construction-permit hearing record open for written comments through October 6, 2026 and said NRC staff would not consider comments received after that deadline. As of October 10, 2026 no later NRC notice extending that window was found. The NRC Long Mott project page, last reviewed September 14, still lists the final safety evaluation as a November 2026 target and the construction-permit decision as TBD.
TRISO-X president Joel Duling to retire November 20
On September 25, 2026 X-energy said Joel Duling will retire from full-time leadership as president of TRISO-X effective November 20, 2026, remaining a part-time senior advisor to CEO Clay Sell. Jason Hatfield, TRISO-X vice president and chief of staff, will assume interim leadership. The company is evaluating internal and external candidates for a permanent successor. Clay Sell remains CEO.
NRC holds Long Mott construction-permit hearing in Port Lavaca
On September 22, 2026 the NRC held the uncontested (mandatory) construction-permit hearing for Long Mott Energy's four-unit Xe-100 plant at Dow's Seadrift site, at the Bauer Community Center in Port Lavaca. NRC Office of Advanced Reactors director Jeremy Bowen described the Xe-100 as a high-temperature gas reactor that would replace aging cogeneration plants at Dow Seadrift with on-site power and high-quality steam, four modules at 80 MWe each. The hearing does not itself issue a construction permit; the record stays open for written comments through October 6, with staff targeting a November 2026 final safety evaluation.
TRISO-X completes TX-1 vertical construction
On September 24, 2026 TRISO-X said it completed vertical construction of the 214,000-square-foot TX-1 fuel fabrication facility in Oak Ridge, Tennessee, finishing the primary building structure. Clark Construction remains contractor for interior buildout, fuel-fabrication equipment installation, and an adjacent graphite matrix powder building. Once operational, TX-1 is expected to produce about 700,000 TRISO pebbles a year, or 5 metric tons of uranium, enough for up to 11 Xe-100 reactors. Commercial operations remain targeted for the first half of 2028.
Xe-100 accepted into the UK Generic Design Assessment
On September 15, 2026, a year after their Joint Development Agreement, Centrica and X-energy announced that the Xe-100 has been accepted into the United Kingdom's Generic Design Assessment after the Department for Energy Security and Net Zero directed regulators to begin the review. The assessment is expected to take about three years and will be administered by the Office for Nuclear Regulation, the Environment Agency and Natural Resources Wales, drawing on design documentation and safety analyses already reviewed by the U.S. NRC. The partners are still working toward EDF and Centrica's Hartlepool site as the first UK project ahead of a fleet of up to 6 GW (10-20 Xe-100 stations), and said a decision on entry to the UK government's Advanced Nuclear Pipeline is expected imminently.
NRC sets September 22 Long Mott construction-permit hearing
On August 20, 2026 the NRC published notice of an uncontested (mandatory) hearing on Long Mott Energy's construction-permit application for a four-unit Xe-100 plant at Dow's Seadrift site in Calhoun County, Texas. The hearing is set for September 22, 2026 at 5:30 p.m. CT at the Bauer Community Center in Port Lavaca, and the hearing record stays open for written comments through October 6. POWER, citing the NRC project dashboard, reports staff targeting a final safety evaluation in November 2026, after which a construction-permit decision could follow around Q1 2027.
TRISO-X extends Oak Ridge National Laboratory fuel partnership
On August 11, 2026 TRISO-X extended its cooperative research and development agreement with Oak Ridge National Laboratory by 30 months, keeping its on-site pilot TRISO fabrication line open to raise fuel quality and yield while TX-1 commercial construction continues. The CRADA dates to 2016.
2026
Q2 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.
Signs 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.
TRISO-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.
Doubles 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.
Shares 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.
Joins 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.
TRISO-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.
Added 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.
First 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.
Xe-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.
X-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.
Fluor 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.
TRISO-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.
2025
TX-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.
Centrica 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.
2023
SPAC 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.
TRISO-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.
2022
2020
2016
2009
09
Funding
$3.6Bdisclosed across 4 rounds with a stated amount
Cumulative disclosed raise · dated rounds
RoundAmountInvestors
DOE ARDP cost-share
2020; 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-1
February 2025
Amazon Climate Pledge Fund, Citadel affiliate, Ares Management affiliates, NGP, University of Michigan and others
Series D
November 2025
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 (~$1.1B net proceeds)
Public markets (Nasdaq: XE)
