X-energy, the Amazon-backed nuclear startup, has filed to raise up to $800 million in an IPO. The company builds high-temperature gas-cooled reactors and produces TRISO-X fuel, a pebble-bed fuel form designed for next-generation reactors. Amazon is a customer, not just a backer, having signed a deal to power its data centers with X-energy plants.
The timing is deliberate. Nuclear is having a policy and investment moment, with tech giants racing to secure carbon-free baseload power for AI infrastructure. X-energy is positioning itself between legacy nuclear and pure-play SMR concepts by actually shipping fuel and holding an NRC construction permit application, not just renderings.
The prospectus details are worth reading in full: the revenue breakdown, the terms of the Amazon agreement, and how X-energy accounts for federal loan guarantees in its path to profitability. Those numbers will tell you whether this is a real energy company or a subsidized bet.
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