X-Energy’s $1.02 Billion IPO Oversubscribed 15x, Shares Open 31% Higher
X-Energy Inc. raised $1.02 billion through its upsized IPO priced at $23 per share, well above the marketed range, as shares opened 31% higher. The offering was over 15 times oversubscribed, valuing the company at nearly $12 billion based on outstanding shares.
1. IPO Outcome
X-Energy raised $1.02 billion in its upsized initial public offering at $23 per share, above the marketed $16–$19 range. Shares opened at $30.11 each, reflecting a 31% premium, and the offering was over 15 times oversubscribed.
2. Market Valuation
The listing priced X-Energy at nearly $12 billion based on outstanding shares. Ark Investment Management indicated interest in acquiring up to $105 million of shares at the IPO price, underlining strong institutional demand.
3. Reactor Technology and Customers
X-Energy designs small modular nuclear reactors using Triso fuel pebbles, targeting industrial facilities and AI data centers. The company has agreements in place with Dow, Amazon and Centrica for deliveries starting in the early 2030s.
4. Financial Performance and Ownership
In the prior year, X-Energy reported a net loss of $390 million on $94 million of revenue, versus a $126 million loss on $84 million revenue the previous year. Founder Kamal Ghaffarian controls 61% of Class B shares, with Ares affiliates holding 26%.