X-Energy, backed by Amazon, goes public at $23 per share but remains unprofitable with no finished products yet.

X-Energy went public on April 24 at $23 per share and is up 30% from the IPO price. Amazon owns 20% of the company after participating as the anchor investor in a $500 million Series C funding round in 2024.

The company develops small nuclear modular reactors (SMRs) called Xe-100 that use helium cooling and can produce 80 megawatts (MW) of electricity each, plus TRISO-X fuel with coated particles designed to withstand high heat. X-Energy and Amazon are collaborating to produce 5 gigawatts (GW) of energy by 2039.

X-Energy reported $109 million in revenue and grant income in 2025 with a $390 million comprehensive loss, and is not slated to produce any product for about five years from now. The company faces competition from Oklo and NuScale as well as conventional nuclear reactor companies.