X-Energy (XE) is a company developing nuclear energy products, and its small modular nuclear reactors could hold significant value for the expansion of artificial intelligence and data centers. As a nuclear technology company deeply tied to Amazon (AMZN), X-Energy’s small modular reactor concept aligns with the potential demand for clean energy from AI data centers.
Founded in 2009, X-Energy has been dedicated to manufacturing industrial-grade nuclear reactors. Until recently, the company has drawn widespread attention only as hyperscale data center operators seek low-cost, clean energy solutions to power their facilities. The company’s main products currently include the Xe-100, a gas-cooled small modular reactor that uses helium for cooling, each capable of generating 80 megawatts of electricity, as well as TRISO-X fuel, which, according to management, consists of particles coated to withstand high temperatures without melting, offering greater stability and safety.
In 2024, Amazon became interested in X-Energy, leading the company’s $500 million Series C funding round. The two parties are collaborating, aiming to produce 5 gigawatts of energy by 2039. Although X-Energy’s technology represents a possible direction for future energy, the company has not yet delivered any finished products. Its goal is to have its first reactors ready by 2030.
X-Energy has recently reached several partnerships, including an 11-gigawatt agreement with SGL Carbon and South Korea’s Doosan Enerbility. In addition to Amazon, the company has also secured orders from Dow Inc. and the British company Centrica. According to media reports, Amazon holds a 20% stake in the company.
X-Energy went public on April 24 at $23 per share. Although, like many IPO stocks, it pulled back after a strong initial rise, the share price is still 30% above the offering price.
Having a partner like Amazon certainly boosts confidence, but X-Energy is far from profitable. The company reported that in 2025, its so-called revenue and grant income amounted to $109 million, with a comprehensive loss of $390 million.
X-Energy may make significant progress in the energy sector and could become a strong company in the long term. However, its prospects are currently highly uncertain. The company also faces competition from Oklo, NuScale, and traditional nuclear reactor companies.
The company has not yet achieved product commercialization, remains about five years away from market entry, currently shows substantial financial losses, and faces competition from multiple fronts. For investors looking to gain exposure to this emerging technology, directly investing in Amazon or other clean energy companies that have already commercialized their products may be a more prudent choice.
