(Incorporated in Delaware)

We develop and design small modular nuclear reactors. We also produce nuclear fuel.

The Xe-100, our main product, is a high-temperature gas-cooled reactor. We are focused on developing nuclear systems to help meet rising electricity demand from data centers and other high-intensity users.

Total demand for new electricity generation is expected to increase globally by 7,626 TWh from 2023 to 2030 and the challenges associated with meeting this demand have led policymakers and industry leaders to recognize nuclear energy, particularly advanced nuclear, as a key component to address this need.

Founded in 2009 by Dr. Kamal “Kam” Ghaffarian to bring clean, safe, secure and affordable technology to market, X-energy is seeking to redefine the energy industry through its flagship product, the Xe-100, an advanced small modular High Temperature Gas-cooled Reactor (“HTGR”), in development for nearly a decade. The Xe-100 reactor is designed to generate 80 megawatts of electric power or 200 megawatts of thermal output (heat), or a combination thereof. This reactor technology builds on more than 50 years of research and development by the global nuclear industry and the operating experience of previous HTGRs including those at Peach Bottom in the U.S., and Dragon in the U.K. in the 1960s-1970s, and more recently with China’s ongoing deployments of HTGRs in the 21st century.

Note: Net loss and revenue are for the 12 months that ended on Dec. 31, 2025.

(Note: X-Energy filed its S-1 on March 20, 2026, for it IPO, without disclosing the terms. Estimated proceeds are $100 million, a placeholder figure. Some on Wall Street believe that X-Energy’s IPO could raise between $250 million and $300 million.)