X-Energy(NASDAQ) XE

X-Energy, Inc. builds small nuclear power plants to provide clean energy. These plants help large factories and data centers run without using fossil fuels. The company also makes the high-tech fuel used to power these reactors.

What Does X-Energy Build?

• Xe-100 Reactor: A small modular high-temperature gas-cooled reactor designed to provide 80 megawatts of electric power or 200 megawatts of thermal heat.
• TRISO-X Fuel: Uranium fuel pebbles individually encapsulated in protective ceramic layers to trap waste products and enable safe, high-temperature operations.
• Nuclear Services: Technical support for project design, licensing, and construction, as well as the long-term supply of fuel for reactor fleets.

Growing the Nuclear Pipeline

• Partnered with Dow through a commercial cooperation agreement to deploy four reactors at a Texas chemical site for industrial steam and power.
• Received an equity investment from Amazon in 2024 to support more than 5 gigawatts of potential new reactor projects across the U.S.
• Signed a joint development agreement with Centrica in Sept. 2025 to build and operate a fleet of reactors in the United Kingdom.
• Began vertical construction of TX-1, North America's first purpose-built commercial advanced nuclear fuel facility, in Sept. 2025.
• Secured an agreement with Centrus Energy Corp. in Aug. 2026 to provide domestic uranium enrichment services for reactor fuel.

Why Its Design Is Different

The Xe-100 reactor uses a modular design that can be scaled to meet specific customer needs while requiring a much smaller safety zone than traditional nuclear plants. Its high thermal output allows it to replace fossil fuel boilers in heavy industrial manufacturing processes while providing constant onsite power.

Recent Financial Results

• Total revenues and grant income hit $98.0 million for the six-month period ended June 30, 2026, a 132% increase year over year.
• Services revenue grew to $90.0 million for the first half of 2026, up from $34.0 million in the prior-year period.
• The company reported a net loss of $271.6 million for the six-month period ended June 30, 2026, compared to a $99.1 million loss in the prior year.
• X-Energy raised approximately $1.1 billion in net proceeds from its initial public offering in April 2026.
• Direct costs for the first half of 2026 rose 134% to $144.4 million as the company expanded project activities and hired more employees.

The Long-Term View

X-Energy has evolved from a research-focused startup into a public company with multi-gigawatt project pipelines and major corporate backers. Its transition to commercial operations depends on completing its first fuel fabrication plant and delivering its initial reactor fleets by the early 2030s.