X-Energy Inc

X-energy develops the Xe-100, an 80 MWe pebble-bed high-temperature gas reactor small modular reactor using TRISO fuel for inherent safety and high-temperature output up to 750°C. Its design supports scalable deployment for power generation, process heat, and hydrogen production, positioning it centrally in the nuclear renaissance as tech giants like Amazon seek reliable, carbon-free energy for data centers amid surging AI-driven demand.

In the last 12 months, X-energy raised $700 million in Series C-1 funding led by Amazon in May 2024, began TRISO-X fuel fabrication at its Oak Ridge plant in June 2024, and advanced deployment pacts with Dow for a Texas project and Energy Northwest for a Washington plant, while targeting an April 2026 IPO. Key risks include prolonged NRC licensing for first-of-a-kind deployment, fuel supply chain bottlenecks, technical hurdles in pebble recycling, and intensifying competition from NuScale and TerraPower.

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