X-energy

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

CEO

Clay Sell

Overview

X-energy is an advanced nuclear and fuel company commercializing the 80 MWe Xe-100 reactor and its TRISO-X fuel platform. In early 2026 TRISO-X received the first-ever Part 70 HALEU fuel fabrication license, X-energy began graphite production for its first Dow deployment, and the company priced an upsized IPO to begin trading on Nasdaq under the ticker XE. X-energy remains pre-revenue from commercial reactor operations, with execution now centered on Seadrift, fuel-fabrication buildout, and scaling an 11 GW pipeline.

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 demonstration — advancing NRC licensing and targeting first deployment with Dow Chemical in the late 2020s.

Electrical Output80 MWe per module

Four-Pack Output320 MWe

Reactor TypeHigh-temperature gas-cooled reactor (HTGR)

CoolantHelium gas

Fuel TypeTRISO (tristructural isotropic) fuel pebbles

Outlet Temperature750°C

Key CustomerDow Chemical (industrial heat & power)

TRISO-X Fuel Fabrication

In Development

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

Fuel fabrication facility under construction in Oak Ridge, Tennessee — targeting initial production in 2025–2026.

Production Target8 metric tons TRISO fuel/year

Fuel TypeTRISO (tristructural isotropic) particles

LocationOak Ridge, Tennessee

NRC LicenseSpecial nuclear material license issued

ServesXe-100 and other HTGR designs

What's Next

Xe-100 deployment with Dow Chemical

Advance the four-unit Seadrift project with Dow through NRC review and detailed execution so the flagship commercial Xe-100 deployment can move into construction later this decade.

Late 2020s / early 2030s startup

Finish TX-1 and begin licensed fuel manufacturing

X-energy's next major execution milestone is turning the newly licensed TX-1 facility into an operating commercial fuel plant that can supply first-core loads for early Xe-100 deployments.

2026

Convert pipeline and supply-chain reservations into projects

After securing Doosan component capacity and SGL graphite production, X-energy now needs to translate its 11 GW pipeline into firm, financeable deployment programs.

2026-2027

Operations & Revenue

StatusPre-revenue

Pre-revenue from commercial reactor operations, but materially further along than a year ago. X-energy is now publicly listed, TX-1 is under vertical construction, TRISO-X holds a commercial HALEU fuel license, graphite production has started for the first Dow deployment, and the company is executing against an 11 GW pipeline.

Pipeline & Contracts

DOE ARDP Cost-Share

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

Industrial Partnerships

Agreement with Dow Chemical for Xe-100 deployment at Gulf Coast manufacturing site — first industrial nuclear heat application in decades.

Key Metrics

Employees

~1,800

Est. Annual Revenue

Pre-revenue

Commercial Pipeline

11 GW

Xe-100 Output

80 MWe (320 MWe in 4-pack)

TRISO-X Licensing Status

Part 70 HALEU fuel fabrication license issued Feb. 2026

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.

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.

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

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)