Amazon Backs X-Energy’s $1.02B IPO While Rivals Slash Workforce
Amazon is a key backer in X-Energy’s upsized $1.02 billion initial public offering, which sold 44.3 million shares at $23 each and values the small modular reactor firm at $9.1 billion. Meta and Microsoft are trimming 10% and 7% of staff as they ramp AI investments, underscoring intensifying competition for Amazon Web Services.
1. Amazon backs X-Energy IPO
Amazon participated as a cornerstone investor in X-Energy’s upsized initial public offering, which sold 44.3 million shares at $23 each, raising $1.02 billion and valuing the small modular reactor firm at $9.1 billion. X-Energy plans to deploy its Triso-fuel reactors to power industrial facilities and AI data centers, aligning with Amazon’s sustainability and energy security goals.
2. AI spending drives cuts across Big Tech
Meta announced plans to cut 10% of its global workforce and Microsoft is offering voluntary buyouts to roughly 7% of its US staff, while Amazon reduced about 30,000 roles across AWS, retail and content divisions last quarter. These measures reflect a sector-wide push to reallocate resources toward AI infrastructure and improve operational efficiency.