X-Energy Inc

X-energy designs and develops the Xe-100, a 200 MWe high-temperature gas-cooled small modular reactor that uses pebble-bed fuel. The company’s strategic role centers on supplying factory-built reactors to data-center operators and utilities seeking carbon-free baseload power, with Amazon’s investment providing both capital and a potential launch customer for multiple units.

In the past year X-energy secured a $700 million Series C led by Amazon and closed a DOE Advanced Reactor Demonstration Program award that funds a four-unit demonstration in Texas. Key risks include the April 2026 IPO’s execution risk, first-of-a-kind regulatory approval timelines, and supply-chain dependence on TRISO fuel fabrication capacity that remains limited outside government facilities.

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