X-Energy Inc. completed its initial public offering, raising approximately $1.02 billion.
The small modular reactor (SMR) developer began trading on the Nasdaq under the ticker XE. Trading commenced on April 24. The company priced its upsized offering at $23 per share. The pricing occurred on April 23.
Surging power requirements for AI data centers drove investor interest in the carbon-free energy provider. Amazon led funding rounds and made a direct equity investment in the company. The tech giant views X-Energy's technology as a solution for 24/7 electricity for cloud operations.
Amazon committed to purchasing up to 5 gigawatts of nuclear power. This power agreement targets delivery by 2039. Direct funding from Amazon will support an initial project for data centers in the Pacific Northwest.