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L0 · Physical Infrastructure

X-Energy

X-Energy develops advanced small modular nuclear reactors and TRISO fuel for carbon-free power.

Updated April 2026

Overview

Founded
2009
Headquarters
Rockville, MD
Segment
Power Generation

Product overview

X-Energy provides Xe-100 high-temperature gas-cooled SMRs (80 MWe each, scalable in packs) and proprietary TRISO-X fuel, offering meltdown-proof, reliable baseload power ideal for AI data centers needing 24/7 clean energy with minimal land use.. Customers include Amazon (5+ GW pipeline via PPAs and investments), Dow, Energy Northwest, and Centrica with over 11 GW commitments. Distinct features: intrinsic safety via physics-based design, high-temperature output for process heat, factory-built modularity for faster deployment, and vertically integrated fuel/services versus traditional nuclear..

Revenue model

Vertically integrated model: reactor sales/licensing, recurring TRISO-X fuel supply (e.g., $100M+ graphite supply deals), long-term O&M service agreements, plus customer-funded investments and long-term power purchase agreements (PPAs) as in Amazon deals for 5+ GW., . No public $/kW or colocation rates disclosed.

Moat

X-Energy's key competitive moat is its proprietary TRISO-X fuel technology and vertically integrated fuel fabrication capability, which provides a critical supply chain advantage in the HALEU-constrained SMR market by enabling safer, more efficient high-temperature gas-cooled reactors that withstand extreme conditions and reduce meltdown risks. This is complemented by the Xe-100's modular, factory-built design for faster deployment, lower costs, and scalability, creating high barriers to entry through patents, technical complexity, and an orderbook exceeding 11 GW.