As demand for clean and reliable energy rises, nuclear startups are once again stepping into the spotlight.

X-Energy, a US-based company working on advanced nuclear reactors and fuel systems, is now preparing to go public.

Files for US IPO

The Maryland-headquartered startup has filed a draft registration with the US Securities and Exchange Commission (SEC) for a planned initial public offering (IPO).

The company aims to list its Class A shares on the Nasdaq Global Select Market under the ticker “XE.”

Details like the number of shares and price range have not been disclosed yet. The IPO will move forward only after the SEC completes its review and depending on market conditions.

The offering is being led by major investment banks including J.P. Morgan, Morgan Stanley, Jefferies, and Moelis & Company.

X-Energy plans to use its small modular reactors in Pennsylvania and the PJM power market with Talen Energy, reports Reuters.

The company raised $700 million in 2025 to complete reactor design and licensing, with funding from Amazon and another $700 million from Jane Street.

Building small modular reactors

Dr. Kam Ghaffarian founded X-energy in 2009 to reinvent nuclear energy and fulfil the growing energy needs of future generations while protecting our planet

X-energy is building small modular reactors (SMRs), a new type of nuclear technology designed to be safer, faster to build, and more cost-efficient than traditional nuclear plants.

X-energy’s flagship design, the Xe-100, is a high-temperature, gas-cooled reactor, a technology already proven in recent projects in Japan and China. Each reactor delivers 80 megawatts of electricity, using carbon-coated, billiard-ball-sized pebbles packed with uranium particles as fuel.

Unlike large-scale nuclear facilities, these smaller reactors are modular in design, which means they can be built in parts and assembled more quickly.

The US company also develops its own proprietary nuclear fuel, aimed at improving safety and efficiency.

Its goal is simple: deliver reliable, zero-carbon energy at a lower cost, while addressing safety concerns that have long held back nuclear adoption.

If successful, the IPO could position the company as one of the few publicly listed players focused on advanced nuclear innovation.