X-energy
Amazon-anchored developer of the Xe-100 high-temperature gas reactor and TRISO-X HALEU fuel
Rockville, MD~750Founded 2009~$1.5B+ private + up to $1.235B DOE raisedReported ~$2B+ pre-money (Oct 2024) valuationx-energy.com
SectorsNuclear
DOE ARDP Award
Up to $1.235B
Cost-shared through ~2027; second-largest after TerraPower Natrium $2B
Amazon + Energy Northwest Commitment
Up to 5 GW by 2039
Oct 2024; largest pre-FOAK SMR offtake commitment globally
Xe-100 Output
80 MWe / module (320 MWe / 4-pack)
Cogeneration with industrial steam at 565 C outlet temperature
TRISO-X TF3 Plant
First US HALEU TRISO facility
Under construction in Oak Ridge, TN; alleviates a critical advanced-reactor fuel-supply bottleneck
Funding History
Total raised: ~$1.5B+ private + up to $1.235B DOE · Latest valuation: Reported ~$2B+ pre-money (Oct 2024)
| Round | Date | Amount | Valuation | Key Investors |
|---|---|---|---|---|
| Founder / Early | 2009-2019 | Self-funded + grants | — | Kam Ghaffarian (founder) |
| DOE ARDP Award | Oct 2020 | Up to $1.235B (80M initial) | — | US Department of Energy (Advanced Reactor Demonstration Program) |
| Strategic Round | 2022-2023 | ~$165M | — | Ares ManagementSegra CapitalUniversity of Michigan |
| SPAC Attempt | 2022 | Terminated | — | Ares Acquisition Corporation (deal cancelled Oct 2023) |
| Series C2 | Oct 2024 | $500M (of $700M target) | — | Amazon Climate Pledge Fund (lead)CitadelAres ManagementUniversity of Michigan+4 more |
Product Specifications
| System | Type | Status |
|---|---|---|
| Xe-100 | 80 MWe high-temperature gas-cooled reactor (4-pack = 320 MWe) | NRC construction permit application submitted (Seadrift, Mar 2025); first commercial operation target 2030 |
| Xe-Mobile | Transportable microreactor (1-5 MWe) for off-grid / defense applications | R&D |
| TRISO-X Fuel (TF3 Plant) | TRISO HALEU fuel fabrication facility in Oak Ridge, TN | Under construction; first commercial HALEU TRISO plant in the US |
| Pacific Northwest Fleet | Up to 12 Xe-100 modules at Hanford / Energy Northwest sites | Planning + siting; target 5 GW by 2039 (Amazon offtake) |
Partnerships & Investors
AmazonStrategic / Investor / Offtake
Amazon Climate Pledge Fund led the Oct 2024 $500M round; Amazon also committed (with Energy Northwest) to up to 5 GW of Xe-100 capacity in the Pacific Northwest by 2039.
Dow ChemicalCustomer / Host
Seadrift TX site is the first commercial Xe-100; provides industrial heat + power to Dow chemical operations.
Energy NorthwestCustomer / Operator
Public power consortium that will own and operate Pacific Northwest Xe-100 fleet on behalf of Amazon and member utilities.
US Department of EnergyCost-share Sponsor
Up to $1.235B ARDP cost-share through ~2027 (milestone-based); second-largest ARDP award after TerraPower Natrium.
Cavendish Nuclear (Babcock International)Strategic
UK deployment partner for Xe-100 at potential UK industrial-decarbonization sites.
Korea Hydro & Nuclear PowerStrategic
MOU for potential Korean deployment + supply chain participation in Xe-100 build-out.
DOW + Amazon + DOECustomer Triad
The three offtake / cost-share anchors that distinguish X-energy from earlier SMR developers; pre-FOAK contracted demand exceeds 5 GW.
Key Milestones
2009
Company Founded
Kam Ghaffarian (also founded Axiom Space, IBX, Quantum Space) starts X-energy in Rockville, MD
Oct 2020
DOE ARDP Selection
One of two demonstration awardees alongside TerraPower; up to $1.235B in milestone-based cost-share (second-largest after Natrium)
Aug 2022
Dow Seadrift TX Partnership
Industrial heat + power offtake at Dow Seadrift; first commercial Xe-100 site target
Oct 2023
SPAC Termination
Planned merger with Ares Acquisition Corp cancelled amid difficult SPAC market
Nov 2023
TRISO-X Fuel Plant Groundbreaking
TF3 (TRISO-X Fuel Fabrication Facility) construction begins in Oak Ridge TN; first commercial HALEU TRISO fuel plant in the US
Oct 2024
Amazon-Led Series C2 + 5 GW Commitment
$500M led by Amazon Climate Pledge Fund; Amazon and Energy Northwest commit to up to 5 GW of Xe-100 capacity in the Pacific Northwest by 2039
Oct 2024
Energy Northwest MOU
Up to 12 Xe-100 modules planned at the Hanford site (Richland, WA); first Pacific Northwest deployment site
Mar 2025
Dow NRC Construction Permit Application
Construction permit application submitted for the first commercial Xe-100 at Dow Seadrift
2030 (target)
First Xe-100 Commercial Operation
Seadrift TX first-of-a-kind 320 MWe (4-module) Xe-100 plant; cogeneration with Dow steam + electricity demand