Amazon invests in nuclear energy company X-Energy, US stock IPO pricing exceeds upper limit, raising $1.02 billion
X-Energy Inc., a nuclear energy company co-invested by Amazon, will be listed on NASDAQ this Friday at Eastern Time, with a final offering price of $23 per share, exceeding the previous guidance range of $16 to $19, successfully raising $1.02 billion. The company focuses on the design of small modular nuclear reactors and plans to power industrial facilities and data centers. X-Energy has a market capitalization of approximately $9.1 billion, with a goal to complete its first deliveries in the early 2030s
According to Zhitong Finance APP, X-Energy Inc. (XE.US), a nuclear energy company funded by Amazon (AMZN.US), will be listed on NASDAQ this Friday Eastern Time. The scale of this initial public offering (IPO) in the United States has been expanded, with the final issuance price exceeding the previous offering range, successfully raising $1.02 billion. The company, headquartered in Rockville, Maryland, announced on Thursday that it sold 44.3 million shares at a price of $23 per share. Previously, X-Energy had set the offering range at $16 to $19 per share.
Based on the IPO issuance price and the total number of circulating shares listed in its documents, the company's market value is approximately $9.1 billion.
X-Energy primarily engages in the design of small modular nuclear reactors and the manufacturing of advanced nuclear fuel. Its reactors use a type of fuel called Triso (triple-layer isotropic) "pebble" fuel—uranium cores the size of poppy seeds, which burn at higher temperatures and for longer durations than traditional fuels. The company plans to use its reactors to power industrial facilities and artificial intelligence data centers and has signed relevant agreements with Dow Inc. (DOW.US), Amazon, and Centrica Plc.
Documents show that Ark Investment Management intends to purchase up to $105 million worth of shares at the IPO issuance price.
This IPO comes at a time when several companies are competing to bring the first small modular reactors to market in the United States. X-Energy aims to complete its first deliveries in the early 2030s. Citigroup analyst Vikram Bagri wrote in a report to clients on April 17 that X-Energy's IPO "indicates that investor interest in small modular reactors remains strong."
The documents also reveal that founder and chairman Kamal Ghaffarian holds 61% of the company's Class B shares, while affiliates of Ares Management Corp. hold a 26% stake.
According to the documents, X-Energy reported a net loss of approximately $390 million last year (excluding government grants), with revenue of $94 million; in comparison, the net loss in the same period the previous year was $126 million, with revenue of $84 million.
This IPO is jointly led by JP Morgan, Morgan Stanley, Jefferies Financial Group, and Moelis & Co. The company will be listed on NASDAQ (Nasdaq Stock Market) on Friday, with the stock code "XE."
