X-Energy, a nuclear reactor developer backed by Amazon, raised $1.02 billion in an upsized initial public offering in the United States. The company sold 44.3 million Class A shares at $23 each, pricing above the marketed range of $16 to $19. Trading began on the Nasdaq under the ticker XE on April 24.
Shares opened 31% above their IPO price. X-Energy was able to raise approximately 20% more money in its IPO as demand for nuclear power surges. This success comes after the company scrapped a public offering less than three years ago, before the artificial-intelligence boom took hold.
The company holds $1.8 billion in prior private capital and a $500 million Amazon-led Series C-1. Additionally, X-Energy has a binding commitment from Amazon to buy up to 5 gigawatts of power.