Nuclear startup X-energy raises $1B in data center-driven IPO

Nuclear startup X-energy raised $1 billion in an initial public offering yesterday, selling 44.3 million shares at $23 each, more than the $16 to $19 per share they were seeking. At first, the company wanted to upgrade about $800 million.

The stock is expected to begin trading Friday on the Nasdaq Exchange under the ticker XE.

X-force is developing small reactors that can generate electricity or generate heat for industrial processes. The company has a contract with Dow to supply heat and power to a chemical plant in Texas and another with Amazon to sell it there. 5 gigawatts of nuclear power by 2039. Amazon’s Climate Pledge Fund led X-energy’s Series C-1 round.

Nuclear reactors such as X-energy have been boosted by increased electricity from data centers and other sectors of the economy that have been adding electricity.

The company says its reactors will produce 80 megawatts of electricity. Each of the Xe-100 spokes is inflated with helium gas, which flows over billion-type “rocks” that are filled with BB-TRISO fuel pellets. TRISO fuel, which has a uranium core wrapped in carbon and silicon, was developed years ago to be safer than existing fuels, although it has not been widely used. X-energy says its oil can withstand high temperatures, which helps keep the oil stable and reduces melting.