X-Energy, Inc. is a developer of advanced nuclear energy technologies, focusing on small modular reactors (SMRs) and proprietary nuclear fuels. Headquartered in Rockville, Maryland, the company's core product is the Xe-100, a high-temperature gas-cooled pebble-bed reactor designed to generate up to 80 megawatts of electric power or 200 megawatts of thermal output per unit. To support its reactors, X-Energy manufactures TRISO-X, a proprietary tri-structural isotropic particle fuel that seals uranium in a protective coating, preventing meltdowns and significantly enhancing operational safety.
The company's business model revolves around licensing its reactor technology, providing engineering services, and selling its proprietary fuel to utilities, industrial facilities, and technology companies. While X-Energy is currently in its commercialization and development phase, it generates the majority of its near-term revenue from government contracts and grants. A significant portion of this funding comes from the U.S. Department of Energy's Advanced Reactor Demonstration Program (ARDP), which supports the deployment of its first commercial-scale facilities. In 2025, the company reported $109.1 million in revenue, primarily derived from these government partnerships.
Geographically, X-Energy is focused on the United States market but is expanding its footprint globally through partnerships, including a 16-unit reservation agreement with Doosan Enerbility to support an 11-gigawatt pipeline. The company's competitive position is strengthened by its intrinsically safe reactor design, which allows for faster construction timelines and lower upfront costs compared to conventional nuclear plants. Furthermore, X-Energy is strategically positioned to address the surging electricity demands of artificial intelligence and hyperscale data centers, offering a reliable, zero-carbon baseload power alternative to intermittent renewable energy sources. The company went public in April 2026, raising over $1 billion to accelerate the commercialization of its SMR and fuel technologies.
