Amazon-backed nuclear startup X-energy files for an IPO



X-energy is targeting a share price of $16–$19, which at the high end values the IPO at around $814M. Amazon led a $500M round and has committed to buying up to 5GW of nuclear power from the company by 2039.


 X-energy, an Amazon-backed nuclear reactor startup, has begun its investor roadshow and filed IPO documents with the US Securities and Exchange Commission, targeting a price of $16 to $19 per share.

At the high end of the range, the IPO could net approximately $814 million. The company has raised around $1.8 billion in total from investors to date, according to PitchBook.

X-energy builds high-temperature, gas-cooled nuclear reactors. Its fuel design, known as TRISO, encases uranium in spheres of ceramic and carbon cooled by helium gas, which then transfers heat to a steam turbine to generate electricity.

The design is considered safer than previous fuel arrangements because TRISO pellets cannot melt and retain their structural integrity in extreme heat. Amazon has been among X-energy’s most significant backers, leading a $500 million Series C-1 round and committing to purchase as much as five gigawatts of nuclear power from the company by 2039, a contract that underpins X-energy’s commercial case significantly.

The IPO comes at a moment of renewed momentum for nuclear power in the United States, driven in large part by the electricity demands of AI data centres and broad societal electrification.

None of the small modular reactor startups currently in development have built a working power plant yet, though several are working toward a July 2026 deadline set by the Trump administration.

The path to the IPO has not been entirely smooth for X-energy: the company had previously attempted to go public via a reverse merger with a SPAC, but cancelled that deal in October 2023 as the SPAC market contracted.

X-energy’s SEC filing also discloses an ongoing patent dispute with Standard Nuclear, which emerged from the assets of bankrupt startup Ultra Safe Nuclear Corporation, relating to fuel fabrication patents that X-energy alleges were infringed.



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Recent Reviews


If you’ve bought a new Raspberry Pi, or just got your hands on an older model that someone else didn’t want, there are many ways to put that little computer to good use, and here are six of them.

Retro gaming galore

Recalbox running on a Raspberry Pi 500+. Credit: Tim Brookes / How-To Geek

One of the most popular uses for Raspberry Pi computers is as a retro gaming emulation system. Which systems can be emulated depends on which specific model of Pi you have, but even the oldest ones can do a great job with retro 8-bit and 16-bit titles, or MAME arcade titles. In fact, building your own arcade cabinet with a Pi at its heart is a common project, and you’ll find lots of instructional guides on the web to that effect.

8bitdo arcade stick for Nintendo Switch.

8/10

Number of Colors

1

Control Types

Arcade Stick


Build your own NAS

A Raspberry Pi configured as a NAS. Credit: Raspberry Pi Foundation

A NAS or Network-Attached Storage device is effectively a local file server that lets you store and access data on your local network using hard drives. You can go out and buy a NAS or you can follow the official Raspberry Pi NAS tutorial and turn your old USB hard drives into a NAS using stuff you already have, or can get for just a few dollars.

Everyone loves local streaming tools like Plex or Jellyfin, but not everyone wants to dedicate an expensive computer to act as the streaming server. Well, as long as your requirements aren’t too fancy, you can use a Raspberry Pi as a Plex server.

Just don’t expect it to handle heavy-duty transcoding. The good news is that most of your client devices can probably play back videos without the need for transcoding.

Turn your Pi into a home automation hub

The Home Assistant Green smart home hub surrounded by smart home devices. Credit: home-assistant.io

Home automation hub devices can cost hundreds of dollars, but if you have an old Raspberry Pi, you can run your smart home off it. The most common and effective solution is an open-source app called Home Assistant.

Raspberry Pi logo above a photo of Raspberry Pi boards.


I Run My Smart Home Off a Raspberry Pi, Here’s How It Works

Make your home smarter on a budget with a Raspberry Pi.

Build a weather station

If you’re interested in the weather, want to contribute to weather data, or are just sick of getting rained on when you least expect it, you have the option of getting a weather station kit for your Raspberry Pi or using something like the Raspberry Pi Sense HAT, which can detect pressure, humidity, and temperature, but not wind speed. However, there are also generic wind and rain sensors you can buy, and, of course, don’t forget an outdoor project enclosure.

There are a few guides on the web, but this weather station guide for Raspberry Pi is a good place to get some ideas.

Create a home web server

Another fun project to do is hosting your own little web server using a Raspberry Pi. You can make a website that only works on your home LAN, or even host something that people from outside your home network can access. Using open source software to host your own web resources is highly educational, and it can also be a way to do something genuinely useful without having to rely on a cloud service somewhere on the internet.

Imagine having your own little bulletin board at home, or hosting content like ebooks, music, or audiobooks?


Infinite possibilities

Despite lacking in the raw power department, all Raspberry Pi devices are little miracles—single board computers that can (in principle) do anything their bigger cousins can. Just more slowly. So if you have a few old Raspberry Pis hanging around, don’t be too quick to retire them yet.



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