Amazon-backed X-Energy raises $1.02 billion in record nuclear IPO as shares surge 27%

X-Energy, the Amazon-backed nuclear energy startup developing small modular reactors, raised $1.02 billion in the largest nuclear IPO on record, with shares surging 27% on their first day of trading on the Nasdaq under the ticker XE. The company sold 44.3 million Class A shares at $23 each—21% above the marketed range of $16 to $19—after upsizing the offering due to overwhelming demand that was reportedly 15 times oversubscribed, as reported by The Next Web.

On Thursday, April 24, shares opened with a 31% jump before closing 27% above the IPO price, pushing the company's implied market capitalization to around $12 billion. This blockbuster debut marks a dramatic turnaround for X-Energy, which failed to close a $1 billion SPAC merger in 2023 amid a cooling market for such deals. According to Bloomberg, the strong performance underscores surging investor appetite for nuclear power solutions tailored to the energy demands of AI data centers and tech giants.

The IPO's success is deeply tied to Amazon's involvement, which has provided both financial backing and long-term revenue certainty. Amazon led a $500 million Series C-1 round through its Climate Pledge Fund and committed to purchasing up to 5 gigawatts of nuclear power from X-Energy by 2039, alongside prior private capital totaling $1.8 billion. TechCrunch highlighted how this data center-driven demand has fueled a nuclear renaissance, with similar agreements involving companies like Dow and Centrica positioning X-Energy's Xe-100 reactors for deployment in the early 2030s.

Proceeds from the offering will accelerate reactor development, expand fuel fabrication, and support commercialization efforts. For investors and the energy sector, the IPO signals confidence in nuclear technology as a reliable, low-carbon power source amid booming electricity needs from AI infrastructure. TechCrunch noted that the 20% oversubscription reflects broader market shifts since major tech firms began locking in long-term nuclear power purchase agreements.

X-Energy, based in Rockville, Maryland, now enters public markets at a pivotal moment, with first deployments targeted for the next decade. While the company faces regulatory hurdles and construction timelines inherent to nuclear projects, its Amazon anchor and fresh capital position it to scale amid competition from other SMR developers. The enthusiasm from Wall Street suggests nuclear startups could see more IPO activity, potentially reshaping the clean energy landscape for data-hungry tech operations.