Amazon-backed X-Energy is targeting a valuation of up to $7.51 billion in its initial public offering in the United States, according to the company. The IPO roadshow launch coincides with the S&P 500 reaching record closing highs, driven by strong corporate earnings and optimism in U.S.-Iran negotiations.
“We’ve seen the IPO window slam shut before, so when companies see an opportunity, they take it,” said Matt Kennedy, senior strategist at Renaissance Capital, a provider of IPO-focused research and ETFs.
Amazon is one of X-Energy’s biggest backers, with the tech giant leading a $500 million Series C-1 round and pledging to buy as much as 5 gigawatts of nuclear power from the company by 2039.
READ: Amazon to buy Globalstar for $11.57 billion to expand satellite network (April 14, 2026)
The IPO is bound to come as a relief to X-Energy’s investors, who have invested about $1.8 billion into the company, according to PitchBook. The company had previously tried to go public via a reverse merger with a special purpose acquisition company, but this deal got cancelled in 2023.
X-Energy’s reactor is what’s known as a high-temperature, gas-cooled reactor. It has uranium inside, encased in spheres of ceramic and carbon is cooled by helium gas. The gas then transfers heat to a steam turbine loop to generate electricity. The fuel design, known as TRISO, is expected to be safer than previous fuel arrangements, though it’s not widely used today.
X-Energy expects that by the time its reactor production techniques are mature — what experts call “Nth-of-a-kind” — it will be able to bring costs down by 30% relative to the first-of-a-kind.
X-Energy said in its SEC filing that it’s already embroiled in a patent dispute with another company that recently went bankrupt. Ultra Safe Nuclear Corporation (USNC) went bankrupt in 2024, and its assets were purchased in bankruptcy to form Standard Nuclear.
READ: Amazon rolls out one-hour and three-hour shipping services in US (March 17, 2026)
X-Energy claims that USNC infringed on its fuel fabrication patents and that the matter hasn’t been resolved to its satisfaction during the course of the bankruptcy proceedings.
This comes during a time when tech companies are taking an increasing interest in nuclear companies, as they seek out energy sources to power AI data centers. Morgan Stanley reports global electricity demand is projected to rise more than 1 trillion kWh annually through 2030, with data centers anticipated to contribute nearly 20% of this growth.
Cathie Wood’s ARK Investment Management and its affiliated entities have indicated an interest in purchasing up to $105 million of shares from X-Energy’s offering. J.P. Morgan, Morgan Stanley, Jefferies, and Moelis are acting as the lead joint book-running managers. X‑Energy will list on the Nasdaq under the symbol “XE”.