X-energy, a nuclear reactor startup backed by Amazon, has filed IPO documents with the SEC targeting a share price of $16–$19, potentially raising up to $814 million. Amazon led a $500M Series C-1 round and committed to purchasing up to 5GW of nuclear power from X-energy by 2039. The company builds high-temperature gas-cooled reactors using TRISO fuel, which is considered safer due to its melt-resistant design. The IPO follows a failed SPAC attempt in 2023 and comes amid growing demand for nuclear power driven by AI data center electricity needs. No small modular reactor startup has yet built a working plant, with several racing toward a July 2026 government deadline.
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