X-Energy raised $1.02 billion in the largest nuclear IPO on record, pricing at $23 per share (21% above range) on Nasdaq, with shares surging 31% on debut to imply a $12 billion market cap. The offering was 15x oversubscribed — a stark reversal from a failed $1B SPAC in 2023. The catalyst: AI-driven data centre power demand. Amazon committed to purchasing up to 5 GW of nuclear power from X-Energy by 2039, Dow Chemical and Centrica signed on, and the global SMR offtake pipeline nearly doubled to 45 GW in 18 months. X-Energy's Xe-100 is a Generation IV pebble-bed reactor producing 80 MW per unit, capable of load-following and requiring no active safety systems. Despite the valuation, the reactor has yet to produce commercial electricity, construction permits are under review, and the fuel facility is not at commercial scale — risks the market appears willing to accept given the AI energy constraint thesis.
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