With nuclear power experiencing a renewal in interest right now, attention has turned to companies providing innovative nuclear power solutions such as X-Energy, helping X-Energy stock to emerge on growth investors' radars.
Founded in 2009, X-Energy is developing advanced nuclear energy solutions through its small modular reactors (SMRs), which the company believes can address growing energy demand -- something of particular interest to those who recognize the tremendous power strains that artificial intelligence (AI) is placing on the power grid.
The company's SMRs have the potential to provide a nuclear power option that offers a greater safety profile and lower development costs than traditional nuclear power plants.
In March 2025, X-Energy and its partner Dow (DOW 1.75%) submitted an application to the Nuclear Regulatory Commission for a proposed advanced nuclear project in Texas.
Is it publicly traded?
Is X-Energy publicly traded?
As of June 2025, X-Energy was a privately held company. Most retail investors don't have access to X-Energy stock; instead, the company has received private funding from Amazon's (AMZN 2.5%) Climate Pledge Fund, Segra Capital Management, Jane Street, and Ares Management. In February 2025, X-Energy raised more than $700 million during a Series C-1 funding round. The company has raised a total of about $1.1 billion in private capital.
When will it IPO?
When will X-Energy IPO?
Offering singular investment opportunities that have the potential for significant returns, IPO stocks receive strong attention from growth investors. While X-Energy toyed with the idea of going public with a special purpose acquisition company (SPAC) in 2023, the transaction never came to fruition, and, as of June 2025, there's no indication that X-Energy will proceed with an IPO. Fortunately for growth investors, there are still options, with many other companies plan to hold IPOs in the coming months.
IPO
How to buy
How to buy X-Energy stock
Although most investors interested in buying X-Enegy stock are out of luck, accredited investors may be able to pick up shares prior to the stock debuting on public markets with an IPO. Platforms such as Forge Global (FRGE 4.3%) allow accredited investors to invest in privately held companies like X-Energy.
For those who don't qualify as accredited investors, there are other nuclear energy stocks to explore with businesses similar to X-Energy.
1. NuScale Power
Owning the title of the longest publicly held company that's developing SMR technology, NuScale Power (SMR -1.09%) went public through a combination with a SPAC in 2022. In May 2025, NuScale Power announced that it had received approval for a second, more powerful SMR design from the Nuclear Regulatory Commission.
While the company hasn't started commercial operations yet, the company and its partner Fluor (FLR 3.4%) are helping to advance a possible power project located in Romania at the site of a former coal plant.
NuScale Power is on firm financial footing, ending the first quarter 2025 with $491 million in cash and cash equivalents and no debt. Management expects to secure a firm customer order by the end of 2025, and it hopes to deploy its first commercial project by the end of 2030.
2. Oklo
Similar to NuScale Power, Oklo (OKLO 0.49%) is another publicly held company that's working to commercialize SMR technology. Unlike NuScale Power, however, Oklo seeks to use recycled nuclear waste as a feedstock for its SMRs dubbed Aurora powerhouses. In July 2024, the company announced that it had successfully demonstrated its advanced fuel recycling process. According to Oklo, its fuel recycling technology can extract more than 90% of the remaining potential energy from used fuel, and management estimates that recycling operations could save up to 80% on fuel costs.
Oklo has inked several deals with data center customers, including a noteworthy agreement to deploy 12 gigawatts of the company's Aurora powerhouses over the next 20 years. Making progress toward achieving the necessary certifications from the Nuclear Regulatory Commission, Oklo is targeting commercial operations for its first Aurora powerhouse in late 2027 or early 2028.
3. Cameco
Those interested in a more conservative approach to the nuclear energy industry will find Cameco (CCJ 4.26%) to be an ideal choice as a global leader in the production and refining of uranium. Illustrating its commanding position, Cameco has a market capitalization of about $28 billion, while its closest competitor based on market cap, NexGen Energy (NXE 3.9%), has a market cap of about $4 billion.
Consistently profitable, Cameco also generates steady free cash flow. Over the past five years, Cameco has averaged about $300 million in annual free cash flow.
Operating assets in Canada and Kazakhstan, Cameco reported uranium production of 23.4 million pounds in 2024, and the company has ample resources to continue its uranium production operations. At the end of 2024, Cameco reported proved and probable uranium reserves of 457 million pounds.
People who don't qualify as accredited investors and who are interested in buying shares of one of these alternatives only have to take a few simple steps to become shareholders:
- Open your brokerage app: Log in to your brokerage account where you handle your investments.
- Search for the stock: Enter the ticker or company name into the search bar to bring up the stock's trading page.
- Decide how many shares to buy: Consider your investment goals and how much of your portfolio you want to allocate to this stock.
- Select order type: Choose between a market order to buy at the current price or a limit order to specify the maximum price you're willing to pay.
- Submit your order: Confirm the details and submit your buy order.
- Review your purchase: Check your portfolio to ensure your order was filled as expected and adjust your investment strategy accordingly.
Profitability
Is X-Energy profitable?
Because it's a privately held company, X-Energy isn't required to file regulatory financial statements, like 10-Qs and annual reports, precluding investors from gaining insight into the company's financial circumstances, including the revenue and profits it's generating -- if any at all.
Should I invest?
Should I invest in X-Energy?
Retail investors who don't meet the criteria to be accredited are unable to pick up shares of X-Energy stock. If the company proceeds with an IPO, however, it will be required to submit regulatory filings, presenting insight into its financial situation. At that point, investors can better evaluate whether an investment in the company is a smart move.
ETF options
ETFs with exposure to X-Energy
Since it's not found on public markets, investors can't gain exposure to X-Energy stock through an exchange-traded fund (ETF). However, there are other ETF options for investors to consider, such as nuclear energy ETFs that include exposure to companies operating in areas comparable to X-Energy.
- VanEck Uranium and Nuclear ETF (NLR 1.96%): Providing diverse exposure to the nuclear energy industry, the VanEck Uranium and Nuclear ETF includes utility stock Constellation Energy (CEG 2.4%) as its largest holding, while Oklo, NuScale Power, and Cameco represent the next three largest positions. The fund has a net expense ratio of 0.56%.
- Invesco WilderHill Clean Energy ETF (PBW 3.92%): For those less focused on nuclear energy and more interested in broader exposure to renewable energy, the Invesco WilderHill Clean Energy ETF is a worthy consideration. The ETF's largest position is Navitas Semiconductor (NVTS -5.7%), which helps provide power solutions for data centers, while other holdings like hydrogen stock Bloom Energy (BE 3.38%) and renewable energy powerhouse Brookfield Renewable (BEP 1.08%) help diversify the exposure to clean energy businesses. The ETF has a total expense ratio of 0.65%.
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The bottom line on X-Energy
With its massive computing requirements, AI placing tremendous demands on the power grid thanks to the growing number of data centers. To help address this situation, many AI-focused companies are turning to nuclear energy providers such as X-Energy. For growth investors, consequently, it's understandable to watch the space closely, but it may be some time before investors will have the option to power their portfolios with X-Energy. Fortunately, there are other options which the can explore today.
FAQ
Investing in X-Energy FAQ
Can I buy shares of X-Energy?
Accredited investors may be able to buy shares of X-Energy on platforms like Forge Global; however, most retail investors are unable to do the same since the company hasn't held an IPO.
Can you invest in X-Energy?
Those who qualify as accredited investors may be able to invest in X-Energy on platforms that provide access to pre-IPO companies.
What is the stock symbol for X-Energy?
Since it hasn't held an IPO, X-Energy doesn't have a stock symbol. If management proceeds with preparing for an IPO, investors will then learn what ticker the stock will trade under.
Is X-Energy a public company?
As of early June 2025, X-Energy wasn't a public company, and there's no indication that it will hold an IPO in the near future.
