Amazon-Backed X-Energy Raises $1.02 B, Closes 27% Above IPO Price
Amazon-backed X-Energy raised $1.02 billion by selling 44.3 million shares at $23 in its Nasdaq debut, closing 27% higher at $29.20. The advanced nuclear developer holds a fully diluted valuation of about $12 billion, with Amazon owning 29% pre-IPO and an 11 GW order book.
1. IPO Debut and Pricing
X-Energy priced its IPO at $23 per share, selling 44.3 million shares to raise $1.02 billion and closed its first trading day at $29.20, a 27% gain. This marks the first traditional IPO for a major advanced nuclear developer after an unconsummated SPAC merger.
2. Amazon’s Investment and Ownership
Amazon held 65.8 million shares, or 29%, of X-Energy before the IPO, underscoring its strategic support. Other major investors include Ares Management, Jane Street, Segra Resource Partners and Citadel’s Ken Griffin, with certain holders retaining Class B voting rights.
3. Financial Metrics and Growth Prospects
X-Energy posted a $389.8 million net loss on $109.1 million in 2025 revenue, compared to a $126 million loss on $120.2 million revenue in 2024. The company’s licensing model secured an order book exceeding 11 gigawatts, targeting first reactor deployments in the early 2030s.