Nuclear powerhouse IX-energy began a roadshow for investors on Wednesday as it works toward its IPO, pricing it at between $16 and $19 per share, according to filings with the US Securities and Exchange Commission. If listed at the top end, the startup could earn around $814 million.
IX-energy and its peers have been riding a renewed wave of interest in decentralized energy as demand for electricity has risen on the back of AI data centers and the electrification of society as a whole.
Amazon is one of X-energy’s biggest sponsors. The tech giant led a $500 million Series C-1 round and pledged to buy up to 5 gigawatts of nuclear power from the company by 2039.
The IPO is sure to be a boon for X-energy investors, who have put about $1.8 billion into the company, according to PitchBook. The startup had previously tried to go public by reuniting with a special-purpose acquisition company, but the two sides canceled the deal in 2023 as the SPAC continued.
The X-energy reactor is known as a high-temperature, gas-cooled reactor. Inside, uranium surrounded by ceramic spheres and carbon is cooled with helium gas. The gas then transfers heat to a steam turbine loop to generate electricity. The fuel design, known as TRISO, is expected to be safer than previous fuel systems, although it is not widely used today.
The startup said in its SEC filing that it is already embroiled in a patent dispute with another recently defunct company. The Ultra Safe Nuclear Corporation (USNC) disappeared in 2024, and its assets were bought out of bankruptcy to form Standard Nuclear. IX-Energy alleges that USNC is infringing on patents for the production of fuel and that the matter has not been satisfactorily resolved during the bankruptcy proceedings.
Outside of China, development of new nuclear reactors has stalled, hampered by delays and cost overruns. New types of startups hope that with fewer developers, they will be able to overcome some of the challenges that have plagued traditional designs.
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No small reactor startups have built a power plant yet, though many are racing to meet a July 4 deadline set by the Trump administration.
Although many may miss the unofficial deadline, they still have the opportunity to receive criticism, the time when the fission reaction becomes self-sustaining.
But the road from raw materials to profitable power plants can be long. Mass production can help keep costs down, but it usually takes about ten years for the process to start paying dividends. Furthermore, the number of reactors these companies plan to build may be higher than what other companies have attempted, but may not be high enough to reap the true benefits of mass production.
IX-energy expects that when its reactor production methods are mature – what experts call the “Nth-of-a-kind” – it will be able to reduce costs by 30% compared to the first one. Investors should pay close attention to how much the first reactor costs. It can make or break a company’s prospects.
