X-Energy (XE) Registration filing summary

Company overview and business model

• Designs advanced small modular nuclear reactors (SMRs) and manufactures proprietary TRISO-X nuclear fuel, targeting growing global electricity demand, especially from AI and data centers.

• Flagship product, the Xe-100, is a high-temperature gas-cooled reactor (HTGR) designed for modular deployment, high safety, and flexible industrial and power applications.

• Business model is IP-driven, generating revenue from technology licensing, engineering and project services, and recurring fuel fabrication and supply contracts, without owning or operating plants.

• Initial customers include Dow, Amazon, and Centrica, with a pipeline of over 11 GWe and 144 reactors across the U.S. and U.K.

• TRISO-X fuel fabrication facility (TX-1) in Oak Ridge, TN, is under construction and expected to be North America's first commercial advanced nuclear fuel plant.

Financial performance and metrics

• For the year ended December 31, 2025: $94.3M in services revenue, $14.8M in grant income, $109.1M total revenues and grant income.

• Operating expenses for 2025 were $279.4M, with an operating loss of $170.3M and a net loss of $389.8M.

• As of December 31, 2025: $458.9M in cash and cash equivalents, $304.9M in short-term investments, $261.5M in long-term investments.

• Pro forma net tangible book value per share after the offering is $4.58, with an immediate dilution of $12.92 per share to new investors at the $17.50 IPO price.

• Company has a history of operating losses and expects to continue incurring losses as it scales up operations and R&D.

Use of proceeds and capital allocation

• Estimated net proceeds of $693.8M from the IPO (at $17.50/share midpoint), to be used to purchase newly issued Common Units from XERC.

• XERC will use proceeds for working capital, R&D, sales and marketing, general corporate purposes, and capital expenditures, including supply chain and procurement.

• May allocate a portion of proceeds to future growth projects.