X-energy Secures $700 Million for Advanced Nuclear Reactor Technology
X-Energy Reactor Company, LLC (“X-energy”), a leading developer of advanced nuclear reactor and fuel technologies, announced the completion of an oversubscribed Series D financing round totaling approximately $700 million, one of the biggest fundraising rounds for a nuclear reactor developer, as investors anticipate atomic energy will help drive the AI revolution.
The funding was led by Jane Street and included participation from new investors such as ARK Invest, Galvanize, Hood River Capital Management, Point72, Reaves Asset Management, XTX Ventures, among others, alongside existing investors including funds managed by Ares Management, Corner Capital, Emerson Collective, NGP, Segra Capital Management, and more.
J. Clay Sell, CEO of X-energy, commented, “This successful financing enables us to strengthen strategic partnerships with key deployment collaborators and invest further in our supply chain, ensuring the effective delivery of our projects.”
Kam Ghaffarian, Ph.D., Founder and Executive Chairman of X-energy, stated, “The positive response and commitment from our investors underscore X-energy’s pivotal role in shaping the future of energy. Our founding vision has been to make advanced nuclear energy accessible, affordable, and essential for a sustainable future. This support brings us closer to achieving that goal.”
Proceeds from this financing will be used to advance X-energy’s supply chain and commercial pipeline, supporting a robust order book exceeding 11 GW, equivalent to approximately 144 advanced small modular reactors.
“We remain committed to developing a world-class project and technology delivery platform to accelerate commercialization of our Xe-100 reactor and TRISO-X fuel,” said Sell. “This investment supports our efforts to deliver on customer commitments effectively.”
X-energy continues to progress its Xe-100 advanced small modular reactor and TRISO-X fuel through collaborations with Dow, Amazon, and Centrica. The company’s initial proposed four-unit Xe-100 plant is slated for Dow Inc.’s UCC Seadrift Operations site on the Texas Gulf Coast, supported by the U.S. Department of Energy’s Advanced Reactor Demonstration Program and currently under review by the U.S. Nuclear Regulatory Commission.
Additionally, X-energy and Amazon have announced options to deploy over 5 GW of Xe-100 projects across the United States by 2039, beginning with the Cascade Advanced Energy Facility in Washington State, developed in partnership with Energy Northwest.
In the United Kingdom, X-energy is collaborating with Centrica to deploy 6 GW. Moreover, X-energy is constructing an advanced nuclear fuel fabrication facility in the United States to manufacture its proprietary TRISO-X fuel, the first of its kind in the country. Collectively, X-energy’s initiatives are intended to provide scalable, safe, and reliable power to help meet growing global energy needs.
X-energy’s recent fundraising is part of a broader trend among companies developing small modular reactors (SMRs), which are nuclear fission reactors generating less than 300 megawatts of electricity, approximately one-third the capacity of conventional reactors.
Earlier this month, SMR developer Valar Atomics secured $130 million in investment from parties including Anduril Industries founder Palmer Luckey and Palantir Chief Technology Officer Shyam Sankar. Aalo Atomics raised $100 million in August, TerraPower, backed by Bill Gates, obtained $650 million in June, and Radiant secured $165 million in May. Adam Stein, Director of Nuclear Energy and Innovation at the Breakthrough Institute, commented, “This is the best fundraising environment ever for [nuclear] fission.”
Related:
X-energy Begins Commercial Qualification Testing for TRISO-X Fuel at Idaho National Laboratory
X-energy, Military to Advance Microreactor Technology