X-energy
X-energy is an advanced nuclear technology company developing small modular reactors (Xe-100) and proprietary TRISO-X fuel for clean baseload power. It serves AI data centers (Amazon), heavy industry (Dow), utilities (Centrica, LG&E/KU, Talen), and government/defense customers via technology licensing and engineering services.
- Company typePublic
- Founded2009
- HeadquartersRockville, United States
- Headcount501–1,000
- GTM typeB2B
- OfferingHardware or Manufacturing
What X-energy does
X-energy (Nasdaq: XE), founded in 2009 and headquartered in Rockville, Maryland, is an advanced nuclear energy company developing small modular reactors (SMRs) and proprietary nuclear fuel for clean baseload power generation. The company's flagship product is the Xe-100, an 80 MWe (200 MW thermal) high-temperature gas-cooled reactor (HTGR) using helium coolant, graphite moderator, and TRISO-X particle fuel, designed for scalable deployment in four- or twelve-unit configurations with a 60-year operational life. Supporting this is TRISO-X, a wholly-owned subsidiary building the TX-1 fuel fabrication facility in Oak Ridge, Tennessee—licensed in February 2026 under the first-ever NRC Part 70 commercial HALEU fuel fabrication license. A third product line, XENITH, is a 3-10 MWe microreactor targeting defense and remote power applications.
The company operates a licensing-and-services business model: it licenses Xe-100 technology to project developers and operators rather than building/operating plants directly. Current revenue ($43.4M in Q1 2026, ~$109M FY2025) comes primarily from DOE ARDP-funded engineering services and project development for anchor customers including Dow Chemical (first commercial plant, Seadrift, Texas), Amazon (5 GW target by 2039 via Energy Northwest in Washington state), and Centrica (up to 6 GW in the UK). Long-term revenue will materialize through power purchase agreements, reactor licensing fees, and TRISO-X fuel sales once commercial reactors reach operation around 2030. The company has raised over $2 billion cumulatively and listed on Nasdaq in April 2026 at an ~$11.9 billion valuation, with 501-1,000 employees across offices in Rockville, Oak Ridge, Frederick, Manchester (UK), and Toronto.
X-energy's customer base spans AI/data center operators (Amazon), heavy industrial and chemical manufacturers (Dow), regulated utilities (LG&E/KU, Talen Energy, Energy Northwest, Centrica), national governments (US DOE, UK BEIS), and defense installations (DoD ANPI program). Distribution occurs through direct enterprise sales with multi-year regulatory engagement; the company maintains active engagement with the NRC, UK ONR, and Congress to advance advanced nuclear policy and licensing.
X-energy firmographics
Firmographics- Name
- X-energy
- Legal name
- X-energy Reactor Company, LLC
- Website
- https://x-energy.com
- Company type
- Public
- Founded year
- 2009
- Operating status
- Ipo
- Headcount range
- 501–1,000 employees
- Short description
- X-energy is an advanced nuclear technology company developing small modular reactors (Xe-100) and proprietary TRISO-X fuel for clean baseload power. It serves AI data centers (Amazon), heavy industry (Dow), utilities (Centrica, LG&E/KU, Talen), and government/defense customers via technology licensing and engineering services.
- Ownership category
- akta.pro rank
X-energy industry classification
Industry- Product category
- Advanced Nuclear Energy / Small Modular Reactors
- NAICS
- Nuclear Electric Power Generation (221113), Power Boiler and Heat Exchanger Manufacturing (33241), Turbine and Turbine Generator Set Units Manufacturing (333611)
- SIC
- Engines & Turbines (3510), Industrial Process Furnaces & Ovens (3567)
- akta.pro primary industry
- Gen IV / Advanced Reactor Systems (SFR, LFR, GFR, MSR, HTGR, Microreactors) (EUAKADAC)
- akta.pro secondary industries
- HALEU Production & Supply Chain (Feedstock, Enrichment, Downblending) (EUAKACAH), Fuel Fabrication (UO2 Fuel Pellets, Rods & Assemblies) (EUAKACAF), Gen III/III+ Reactor Systems & Components (EUAKADAB), Fuel Cycle Support Services (Engineering, licensing support, conversion/enrichment contracting) (EUAKACAL)
Keywords
Where X-energy is headquartered
LocationHeadquarters
- HQ city
- Rockville
- HQ country
- United States
- HQ region
- North America
Offices5 records
Markets served
X-energy business model
Business model- GTM type
- B2B
- Offering type
- Hardware or Manufacturing
- Cost components
- Technology or R&D, Personnel, Supply Chain, Infrastructure, Operations, Marketing or Sales
Revenue model
- Services Revenue: Revenue from engineering services, project development activities, and DOE ARDP agreement work. Q1 2026 services revenue was $39.9 million. Company is pre-commercial with first reactors expected around 2030.
- Government Grants: Grant income from Department of Energy Advanced Reactor Demonstration Program (ARDP). Q1 2026 grant income was $3.5 million. DOE funding supports initial reactor demonstration projects.
- Future Reactor Deployment & Licensing: Planned revenue from reactor licensing, deployment, and fuel fabrication at commercial scale. TX-1 fuel facility under construction in Oak Ridge, TN, targeting completion H1 2028. TRISO-X Part 70 license enables commercial HALEU fuel manufacturing.
- Power Purchase Agreements: Long-term energy supply agreements with customers including Amazon (5 GW target by 2039), Dow, and Centrica. Revenue will materialize as reactors become operational in the 2030s.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Other | Multi-year contract | Pre-commercial stage - no standard pricing available |
Go-to-market motion1 record
Distribution channels1 record
Marketing channels5 records
X-energy product offering
Product offeringCore offering
X-energy designs and develops advanced small modular nuclear reactors and proprietary TRISO-X particle fuel for clean baseload power generation and high-temperature industrial steam. Its flagship Xe-100 is an 80 MWe high-temperature gas-cooled reactor scalable in 4- or 12-unit configurations, using helium coolant and TRISO-X fuel with passive physics-based safety. The company licenses its reactor technology and supplies TRISO-X fuel under an exclusive NRC Part 70 license for HALEU fabrication at its TX-1 facility under construction in Oak Ridge, Tennessee.
Product overview
X-energy develops a portfolio of advanced nuclear energy products centered on two core offerings: the Xe-100 small modular reactor and TRISO-X proprietary fuel technology. The Xe-100 is an 80 MW high-temperature gas-cooled reactor that uses TRISO-X particle fuel and can be deployed in scalable four- or twelve-unit configurations. The company also offers XENITH, a microreactor for mission-critical and remote power applications. Supporting infrastructure includes the TX-1 fuel fabrication facility in Oak Ridge, Tennessee. The product line targets diverse markets including data centers, heavy industry, utilities, and defense applications requiring reliable 24/7 carbon-free power and high-temperature steam.
Differentiator
Problem solved
Functional benefit
Brands
- Xe-100: High-Temperature Gas-Cooled Reactor (HTGR) - advanced small modular reactor delivering 80 MWe per unit, scalable in four or twelve-unit configurations
- TRISO-X
- XENITH
Products and services
- Xe-100 High-Temperature Gas-Cooled Reactor
Quantifiable outcome
- NRC completed Environmental Assessment for Dow's Seadrift project in under one year - first commercial advanced reactor to receive environmental clearance through EA vs full EIS
- +3 more outcomes
Companies that use X-energy
Customer profileNamed customers5 records
Segments5 records
Ideal customer profiles4 records
X-energy technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature4 records
X-energy partnerships and signals
Strategic signalPartnerships
Twelve partnerships are on record, tiered core, secondary and flagship.
- Curtiss-WrightcoreContracted to manufacture Helium Circulator Systems and Reactivity Control and Shutdown Systems for Xe-100 reactors. Transitioned from design to prototype manufacturing phase for critical reactor components. Key supply chain partner for first commercial deployments.
- Fluor CorporationcoreContract signed April 2026 for Front-End Loading Stage 2 (FEL-2) services for Dow Seadrift project. Services include project definition, feasibility assessment, and risk mitigation for four 80-MW Xe-100 reactors. Engineering and construction services company supporting project execution.
- LG&E and Kentucky Utilities (PPL Corporation)secondaryCollaboration announced April 2026 to explore Xe-100 SMR deployment in Kentucky. Early feasibility activities begun to support grid reliability and large load customers including data centers. Could leverage Kentucky's $75M Nuclear Reactor Site Readiness Pilot Program.
- IHI CorporationcoreMOU signed March 2026 with IHI Corporation, a Japanese nuclear-grade supplier, to explore manufacturing of nuclear-grade components for Xe-100 SMR. Supports US-Japan energy cooperation and supply chain development for critical HTGR components.
- Talen EnergysecondaryLetter of Intent signed March 2026 to assess deploying three or more four-unit Xe-100 plants in Pennsylvania and across PJM market. Early-stage project development activities including feasibility studies and site evaluations. Clean baseload for data centers and manufacturing.
- Doosan EnerbilitycoreKorean manufacturing partner for SMR components and supply chain development. Multiple Korean firms including Doosan, Samsung C&T, GS Energy, and Hyundai E&C have invested hundreds of millions in US SMR developers.
- SGL Carboncore10-year graphite supply agreement signed January 2026 for reactor components of Xe-100 SMR. Supports first commercial deployment for Dow Seadrift project and foundation for future projects. Graphite is critical material for reactor core construction.
- CentricacoreJoint Development Agreement signed September 2025 targeting UK's first advanced nuclear fleet with up to 6 GW capacity. Hartlepool identified as preferred first site for 12-unit/960 MWe plant. UK GDA submission filed June 2026. Technical studies estimate minimum £40 billion lifetime economic value.
- Dow ChemicalflagshipDow is X-energy's first commercial customer. Joint venture through Long Mott Energy subsidiary for four Xe-100 reactors at Seadrift, Texas UCC Operations. Project partially funded under DOE ARDP. Will provide electricity and high-temperature steam for chemical manufacturing (4+ billion lbs materials annually).
- Energy NorthwestcorePartnership with Energy Northwest for Cascade Advanced Energy Facility in Washington state near Richland/Hanford site. Amazon-funded initial feasibility phase with rights to purchase electricity from first four modules (320 MW). Up to 12 units planned.
- DL E&CcoreKorean construction firm invested $20 million in X-energy (2023 Series C). Signed $10 million SMR standardization design contract (first Korean construction company to receive direct payment from SMR developer). Defines plant layout, component specs, and construction methods for factory mass production.
- U.S. Department of Energy (DOE)flagshipDOE ARDP funding supports Long Mott Generating Station at Dow Seadrift site. $1.2 billion in DOE support committed. DOE coordination for advanced reactor demonstration program. NRC and DOE regulatory engagement.
Scale indicators8 records
Recent moves7 records
Expansion highlights8 records
X-energy competitors and assessment
Company assessmentDirect peers
- NuScale Power: NuScale Power is the only SMR developer with full NRC design certification (VOYGR) and is the most direct competitor to X-energy, competing for the same hyperscaler, utility, and industrial customers across the US and internationally.
- TerraPower: Bill Gates-backed advanced reactor developer building the Natrium sodium-cooled fast reactor demonstration in Kemmerer, Wyoming, with strong Microsoft/utility customer backing. Direct competitor for hyperscaler and utility advanced nuclear commitments.
- Rolls-Royce SMR: UK-based SMR developer targeting deployment across the UK and Europe. Direct competitor for UK GDA approval, UK utility customers, and Centrica-adjacent opportunities overlapping with X-energy's UK pipeline.
- Holtec International: Holtec is developing the SMR-160, a 160 MWe light-water SMR, and is a direct competitor in the broader advanced/SMR reactor market targeting utility customers in the US and internationally.
Broad incumbents
- Westinghouse Electric Company: Established incumbent nuclear OEM with the AP1000 reactor, global fuel fabrication, and nuclear services business. A broad incumbent competing in the same advanced nuclear space but with a much larger and more diversified portfolio.
- BWX Technologies (BWXT): BWXT manufactures nuclear components and TRISO fuel (under DOE programs) and operates major US naval and government nuclear facilities. Both a potential supply-chain partner and a competitor in advanced fuel/reactor components.
Emerging players
- Kairos Power: Kairos Power is developing fluoride-salt-cooled high-temperature advanced reactors with the Hermes test reactor under construction in Oak Ridge. An emerging competitor in the Gen IV advanced reactor space with overlapping target markets.
- Oklo: Oklo is developing compact fast reactors and microreactors (Aurora design) for data center and remote power applications, and went public via Sam Altman-backed SPAC. Overlaps with X-energy's XENITH microreactor in defense/remote use cases.
- Last Energy: Last Energy is developing small modular pressurized water reactors focused on European industrial customers. An emerging competitor pursuing a similar small-reactor-for-industrial-customers thesis.
Others
- Centrus Energy: Centrus is the only company currently producing HALEU in the United States, making it a critical (and single) upstream supplier to X-energy's reactor fleet. It is a supply-chain counterpart rather than a direct competitor.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key highlights7 records
Customer concentration
X-energy social profiles
Digital presenceX-energy financial estimates
Financial estimateRevenue estimate
Valuation estimate
X-energy leadership team
Management profileNumber of profiles
Profiles17 records
X-energy subsidiaries and ownership
Company hierarchySubsidiaries1 record
X-energy funding detail
Funding detailFunding overview
Funding rounds10 records
Investors25 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
X-energy M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about X-energy
What does X-energy do?
X-energy designs and develops advanced small modular nuclear reactors and proprietary TRISO-X particle fuel for clean baseload power generation and high-temperature industrial steam. Its flagship Xe-100 is an 80 MWe high-temperature gas-cooled reactor scalable in 4- or 12-unit configurations, using helium coolant and TRISO-X fuel with passive physics-based safety. The company licenses its reactor technology and supplies TRISO-X fuel under an exclusive NRC Part 70 license for HALEU fabrication at its TX-1 facility under construction in Oak Ridge, Tennessee.
Is X-energy a public or private company?
X-energy is a public company. It is classified as public and is currently ipo.
When was X-energy founded?
X-energy was founded in 2009. It employs 501 to 1,000 people.
Where is X-energy based?
X-energy is headquartered in Rockville, United States, in the North America region.
How does X-energy make money?
Four revenue lines are on record. Services Revenue is the primary driver. The others are government Grants, future Reactor Deployment & Licensing and power Purchase Agreements.
Who are X-energy's main competitors?
Direct peers on record are NuScale Power, TerraPower, Rolls-Royce SMR and Holtec International. Broad incumbents are Westinghouse Electric Company and BWX Technologies (BWXT). Emerging players are Kairos Power, Oklo and Last Energy. Centrus Energy is listed as an others.
Does X-energy have an API?
No public API is recorded for X-energy.
What industry is X-energy in?
X-energy's product category is Advanced Nuclear Energy / Small Modular Reactors. Its primary akta.pro industry code is EUAKADAC, Gen IV / Advanced Reactor Systems (SFR, LFR, GFR, MSR, HTGR, Microreactors), with a secondary code of EUAKACAH, HALEU Production & Supply Chain (Feedstock, Enrichment, Downblending). Its NAICS code is 221113 and its SIC code is 3510.