XE

X-Energy is a newly public (IPO April 2026) developer of small modular nuclear reactors (SMRs) and advanced nuclear fuel. Its flagship Xe-100 is an 80 MWe (200 MWt) high-temperature gas-cooled reactor, typically deployed in a four-reactor, 320 MWe configuration, fueled by TRISO-X pebbles using high-assay low-enriched uranium (HALEU) enriched to 15.5%. The long-term thesis is compelling on paper: surging electricity demand from AI/data centers, industrial heat and electrification, with marquee customers in Dow, Amazon and Centrica and a 40-year NRC Special Nuclear Material License (Feb 2026) for its TX-1 fuel facility in Oak Ridge.

However, this is a pre-commercial, pre-revenue company, and the provided data contains no usable financial fundamentals — no revenue, no earnings, no balance-sheet figures — which itself underscores the stage of the business. Management is explicit in the risk factors: the company has not yet delivered a commercial Xe-100 or reached a final investment decision on any deployment; first commercial reactor fleets are not targeted until the early 2030s; and the first-of-a-kind schedule, cost and performance are uncertain. The business is highly capital-intensive and warns it will require substantial additional financing that 'may not be available on acceptable terms and could be dilutive.'