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| Round | Date | Amount | Lead Investors | Notes | |
|---|---|---|---|---|---|
| Founder + early-stage equity | 2009-2019 | ~$50M cumulative | Energy Impact Partners + ARES Power + Founders' equity | Pre-DOE ARDP scale | |
| DOE ARDP Phase 1 award | Oct 2020 | $80M (initial) | DOE Office of Nuclear Energy | Selected alongside TerraPower as one of two flagship advanced reactor demos | |
| Series B (Citadel + Cavendish lead) | Feb 2022 | $80M | Citadel + Cavendish + Segra Capital | Pre-Series C growth equity | |
| DOE ARDP Phase 2 ramp | 2022-2024 (multi-year) | Up to $1.2B cumulative (DOE share) | DOE Office of Nuclear Energy | Ongoing cost-share through Xe-100 FOAK | |
| Pre-Series C convertible note + bridge | 2023 + early 2024 | ~$120M | Existing investors + new strategic | Bridge to Amazon round | |
| Series C-1 (Amazon lead) | Oct 2024 | $500M (Amazon-led; rumored $600M+ all-in) | Amazon (Climate Pledge Fund) + Citadel + Cavendish + Segra + others | Marquee advanced-reactor + hyperscaler deal; Amazon also announces Energy Northwest Hanford commitment | |
| Series D | Nov 2025 | $700M | Existing + new growth investors | Final large private round ahead of the IPO | |
| Nasdaq IPO (ticker XE) | 2026 | $1.02B gross proceeds | Public markets | Reported as a record nuclear IPO; shares rose about 31% on debut. Roughly $1.8B had been raised privately beforehand | |
| Total capital raised (private equity + DOE cost-share + IPO) | ~$4B+ cumulative | Through 2026-Q1 | Combined public + private financing stack | Among the most-funded advanced reactor developers globally; now publicly traded | |
| Cash runway implied | Substantially extended by the $700M Series D + $1.02B IPO | Quarterly burn ~$50-70M (heavy engineering + TRISO-X facility construction) | IPO proceeds plus prior private capital fund development through the next phase | First commercial delivery guided to the early 2030s | |
| Editorial. Why this matters | Strategic context | X-energy's capital stack reflects the most-validated advanced reactor + hyperscaler convergence to date. The Amazon Oct 2024 Series C-1 was the marquee deal of 2024 in advanced nuclear. Marquee question: does the existing $2.5B+ capital stack carry X-energy through Xe-100 FOAK COD (target 2030) or does another mega-round close before commercial operation? |
| Customer | Location | Status | Units / MWe | Target COD | |
|---|---|---|---|---|---|
| Amazon + Energy Northwest (central WA) | Energy Northwest site, central WA | First Amazon-backed deployment; Amazon holds a binding agreement for up to 5 GW | Initial 4 reactors / ~320 MWe, upsizable to ~960 MWe | Early 2030s (first commercial delivery) | |
| Dow Chemical (Seadrift TX) | Dow Seadrift petrochemical complex | Construction permit application accepted by NRC May 2025; Environmental Assessment + FONSI completed May 2026; permit expected Q1 2027 | 4 modules / ~320 MWe (process heat + electricity) | Early 2030s | |
| Energy Northwest (additional sites) | Pacific Northwest (multiple potential sites beyond Hanford) | Pre-application engagement | TBD | Beyond 2032 | |
| Cavendish + UK government (UK) | UK site selection ongoing | UK pre-licensing engagement | TBD | Beyond 2032 | |
| Other US industrial sites (Dow + adjacent) | Multiple petrochemical + industrial counterparty discussions | MoU + early engineering | Various module counts | Beyond 2030 | |
| TRISO-X fuel facility (Oak Ridge TN) | Oak Ridge TN; DOE-funded construction | Received a 40 year NRC special nuclear material license, the first new fuel fabrication license in about 50 years; construction continuing | 8 metric tons HALEU/yr target capacity | TRISO-X facility COD 2027-2028 | |
| Editorial. Why this matters | Strategic context | X-energy is structurally unique among advanced reactor developers: it sells the reactor + the fuel (TRISO-X) as an integrated product, like a vertically-integrated SaaS bundle. Amazon's Series C-1 investment + Hanford project commitment (Oct 2024) is the largest single commitment to any advanced reactor developer. Marquee question: does X-energy convert Amazon + Energy Northwest + Dow + UK customer interest into a FOAK COD by 2030, or does the schedule slip into 2031-2033? |
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Developer of the Xe-100 80 MWe high-temperature gas reactor (4-pack 320 MWe). Recipient of approximately $1.2B in DOE ARDP awards. Amazon-led Series C-1 of approximately $500M of a $700M round in October 2024. Customer commitments include Dow Seadrift (Texas) and Energy Northwest (Washington, 5 GW by 2039).
Company Founded. Kam Ghaffarian (also founded Axiom Space, IBX, Quantum Space) starts X-energy in Rockville, MD
DOE ARDP Selection. One of two demonstration awardees alongside TerraPower; up to $1.235B in milestone-based cost-share (second-largest after Natrium)
Dow Seadrift TX Partnership. Industrial heat + power offtake at Dow Seadrift; first commercial Xe-100 site target
SPAC Termination. Planned merger with Ares Acquisition Corp cancelled amid difficult SPAC market
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
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
Energy Northwest MOU. Up to 12 Xe-100 modules planned at the Hanford site (Richland, WA); first Pacific Northwest deployment site
Dow NRC Construction Permit Application. Construction permit application submitted for the first commercial Xe-100 at Dow Seadrift
Nasdaq IPO at $11.9B. Raises $1.02B (44.3M shares at $23); stock surges ~31% on debut amid AI-power demand for nuclear
First Xe-100 Commercial Operation. Seadrift TX first-of-a-kind 320 MWe (4-module) Xe-100 plant; cogeneration with Dow steam + electricity demand
