X-energy Inc. (NASDAQ: XE)

X-energy Inc. (NASDAQ: XE) is focused on developing advanced nuclear energy solutions designed to address growing global demand for reliable, clean power. The company is advancing high-temperature gas-cooled reactor technology alongside proprietary nuclear fuel, with the objective of delivering scalable energy systems capable of supporting long-term infrastructure needs. Its approach combines established nuclear science with modern engineering to move from research concepts to commercial deployment.

The company’s technology is designed to meet the evolving requirements of energy-intensive sectors that extend beyond traditional electricity consumption. By producing both constant power and high-temperature steam, X-energy’s systems are positioned to support applications across heavy industry, large-scale computing environments, and other infrastructure requiring continuous energy supply. This dual-output capability reflects a focus on enabling broader industrial use cases.

X-energy emphasizes the transition from innovation to execution, pairing technical development with commercial partnerships and project pipelines. The company is currently developing more than 11 GW of new nuclear capacity across projects in the United States and United Kingdom, including collaborations with organizations such as Dow Chemical, Amazon and Centrica.

The company is headquartered in Rockville, Maryland.

Portfolio

Xe-100

The Xe-100 is a high-temperature gas-cooled small modular reactor designed to generate electricity and industrial steam through an integrated system based on core physics and material performance. The reactor uses TRISO-X fuel, a graphite core and helium coolant to produce energy through nuclear fission, with heat transferred through a closed system to generate steam for power generation or industrial applications. Steam temperatures can reach approximately 565°C, enabling use across both grid-scale electricity and high-temperature industrial processes.

The system is designed with intrinsic safety characteristics, relying on physical feedback mechanisms rather than complex mechanical systems. If temperatures rise, the nuclear reaction slows naturally, supporting stable operation without external intervention. The reactor can be deployed in modular configurations, with each unit capable of coming online independently, allowing phased capacity additions aligned with demand.

TRISO-X

TRISO-X is X-energy’s proprietary nuclear fuel, consisting of uranium kernels encapsulated in multiple ceramic and carbon layers and embedded within graphite pebbles. Each particle acts as its own containment system, with layered barriers designed to retain fission products and maintain structural integrity under high-temperature conditions. The fuel is engineered to remain stable at temperatures exceeding 1,450°C and incorporates high-assay low-enriched uranium to enable higher efficiency and burnup.

The multi-layered structure includes a carbon buffer layer, pyrolytic carbon layers and silicon carbide, with an additional zirconium carbide layer providing enhanced performance under extreme conditions. This microscopic containment approach reduces reliance on large external containment systems while supporting long-term operational stability and simplified spent fuel handling.

Market Opportunity

X-energy is targeting large-scale energy demand driven by industrial activity and emerging infrastructure needs. The company reports a commercial pipeline of approximately 11 GW of new nuclear capacity under development across projects in the United States and United Kingdom. Its Xe-100 reactor is designed as an 80 MWe unit, with four-unit plants delivering approximately 320 MWe and 12-unit configurations capable of providing gigawatt-scale power.

The company’s technology is positioned to support applications requiring continuous, high-output energy, including large load customers such as data centers and heavy industry. Its ability to deliver both electricity and high-temperature steam expands potential deployment scenarios beyond traditional power generation into broader industrial use cases.

Leadership Team

Dr. Kam Ghaffarian, Founder & Chairman, has more than 35 years of experience building companies at the intersection of government contracting and technological innovation. He founded Stinger Ghaffarian Technologies in 1994, which was later acquired by KBR, Inc. (NYSE: KBR), and has held roles at Lockheed Martin, Ford Aerospace and Loral. He is also co-founder and chairman of Intuitive Machines, LLC (NASDAQ: LUNR), along with Axiom Space, Quantum Space and IBX.

J. Clay Sell, Chief Executive Officer, has served as CEO since January 2019 and as a member of the Board since July 2021. He previously served as President of Hunt Energy Horizons from April 2008 to February 2018. Prior to that, he held multiple roles in the U.S. government over 14 years, including Deputy Secretary of Energy from March 2005 to February 2008, as well as positions in the White House and the Senate Energy & Water Subcommittee of Appropriations.

Daniel Gross, Chief Financial Officer, brings experience in private equity, venture capital and energy project finance. Prior to joining X-energy, he led Amazon’s equity investment into the company and served on its Board, and previously held roles including Director in Amazon’s Corporate Development unit focused on the Climate Pledge Fund, Chief Investment Officer of Climate Real Impact Solutions, founding partner of Hudson Clean Energy, and positions at Goldman Sachs Special Situations Group and GE Capital’s Energy Financial Services unit.