X-Energy (XE), the nuclear energy company backed by Amazon (AMZN), made a strong debut on the Nasdaq on Friday, closing 27% above its IPO price after raising $1 billion in its public offering.
X-Energy, Inc. Class A Common Stock, XE
The stock continued moving higher into the following week, rising another ~16% in premarket trading on Monday. That puts the total move well above its IPO price in under two trading sessions.
The company priced its IPO to raise $1 billion, drawing backing from Amazon and Ken Griffin, founder of hedge fund Citadel. At Friday’s close, X-Energy carried a market cap of $11.6 billion.
X-Energy uses modular nuclear reactors to supply power to industrial facilities and data centers. Its client list includes Dow, Inc. and Amazon.
The company joins a growing list of nuclear and energy startups positioning themselves around AI infrastructure demand. Oklo (OKLO) and Fermi (FRMI) are among others in the space, though both traded lower on Monday, down 7.15% and 9.04% respectively.
Amazon’s involvement is tied to its need for reliable, low-carbon electricity to run AWS data centers. As AI workloads increase inside those facilities, power sourcing has become a more pressing operational issue for the company.
X-Energy reported $109.3 million in revenue for 2025. It also posted a $390 million net loss for the same year, reflecting the early-stage nature of building out nuclear reactor infrastructure.
The company’s modular reactor technology is still scaling, and the path to profitability will depend heavily on securing and executing long-term energy contracts with major clients like Amazon.
The AI boom has sent energy demand projections sharply higher, and nuclear has emerged as one of the most talked-about solutions given its reliability and low carbon footprint.
X-Energy’s IPO adds a new publicly listed name to that conversation, one with a direct commercial relationship with one of the world’s largest cloud providers.
Amazon’s backing adds credibility, but also raises questions about concentration risk if the Amazon relationship represents an outsized portion of future revenue.
The stock’s strong open suggests investor appetite for the nuclear-AI energy theme is still running hot, even as some peers pulled back Monday.
As of premarket trading on Monday, XE was up approximately 16%, building on Friday’s 27% first-day gain.
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