X-energy

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.

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

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

• Advanced nuclear reactors
• Small modular reactors
• Nuclear fuel fabrication
• HALEU fuel
• High-temperature gas reactors

Headquarters

HQ city

Rockville

HQ country

United States

HQ region

North America

Offices5 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Technology or R&D, Personnel, Supply Chain, Infrastructure, Operations, Marketing or Sales

Revenue model

1. 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.
2. 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.
3. 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.
4. 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

Go-to-market motion1 record

Distribution channels1 record

Marketing channels5 records

Core 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

Named customers5 records

Segments5 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Twelve partnerships are on record, tiered core, secondary and flagship.

• Curtiss-WrightcoreTechnology or Integration · 1 May 2026Contracted 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 CorporationcoreImplementation/ SI/ Consulting Partner · 1 April 2026Contract 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)secondaryStrategic or Co-development Partner · 1 April 2026Collaboration 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 CorporationcoreTechnology or Integration · 1 March 2026MOU 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 EnergysecondaryStrategic or Co-development Partner · 1 March 2026Letter 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 EnerbilitycoreTechnology or Integration · 1 March 2026Korean 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 CarboncoreTechnology or Integration · 1 January 202610-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.
• CentricacoreStrategic or Co-development Partner · 1 September 2025Joint 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 ChemicalflagshipStrategic or Co-development Partner · 1 January 2024Dow 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 NorthwestcoreStrategic or Co-development Partner · 1 January 2024Partnership 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&CcoreTechnology or Integration · 1 January 2023Korean 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)flagshipOthersDOE 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

Direct 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

• Xx.com/xenergynuclear
• YouTubeyoutube.com/@x-energynuclear
• Facebookfacebook.com/xenergynuclear
• LinkedInlinkedin.com/company/x-energy-llc
• Instagraminstagram.com/xenergynuclear/?hl=en
• TikToktiktok.com/@xenergynuclear

Revenue estimate

Valuation estimate

Number of profiles

Profiles17 records

Subsidiaries1 record

Funding overview

Funding rounds10 records

Investors25 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about X-energy