Nuclear reactor developer X-Energy raised $1.02 billion in an upsized initial public offering on the Nasdaq, marking the largest nuclear IPO on record. The company sold 44.3 million Class A shares at $23 each, pricing 21% above the marketed range of $16 to $19. Trading began on April 24 under the ticker XE, with the offering being 15x oversubscribed.
Investor demand drove shares to open 31% above their IPO price, implying a market capitalization of $12 billion. This strong market performance comes as demand for nuclear power surges.
The firm is backed by Amazon, which led a $500 million Series C-1 and provided a binding commitment to purchase up to 5 gigawatts of power. Additionally, X-Energy holds $1.8 billion in prior private capital.
This successful public debut follows a failed attempt to close a $1 billion SPAC in 2023. The company had scrapped a public offering less than three years ago, before the artificial-intelligence boom took hold.