X-Energy Reactor Company, an advanced nuclear reactors and next-generation fuel technology developer, has completed an oversubscribed Series D funding round of approximately US$700 million. The round was led by Jane Street and attracted new investors including ARK Invest, Galvanize, Hood River Capital Management, Point72, Reaves Asset Management, XTX Ventures and others, alongside existing backers such as Ares Management funds, Corner Capital, Emerson Collective, NGP and Segra Capital Management.
Founder and Executive Chairman Kam Ghaffarian said the strong investor support reflects confidence in X-energy’s role in the future energy landscape. “When I founded X-energy, I envisioned a company that could redefine how to make advanced nuclear energy accessible, affordable, and essential to an energy-abundant future. With the support of our investors, both new and existing, we are closer to realising that vision,” he said.
The company plans to use the proceeds to expand its supply chain and commercial pipeline, supporting what it describes as an industry-leading orderbook of more than 11 GW—equivalent to around 144 advanced small modular reactors (SMRs).
Chief Executive J. Clay Sell said the investment would accelerate commercial deployment of X-energy’s Xe-100 reactor and TRISO-X fuel. “This financing allows us to deepen partnerships with critical deployment partners and invest in a robust and reliable supply chain to deliver projects successfully,” he said.
X-energy is advancing its Xe-100 SMR and proprietary TRISO-X fuel through major partnerships with Dow, Amazon and Centrica. Its initial proposed four-unit Xe-100 plant is planned at Dow’s UCC Seadrift Operations in Texas, supported by the US Department of Energy’s Advanced Reactor Demonstration Program and currently under Nuclear Regulatory Commission review. Amazon has secured options to deploy more than 5 GW of Xe-100 projects across the United States by 2039, beginning with the Cascade Advanced Energy Facility in Washington state. In the UK, X-energy is working with Centrica to deploy 6 GW of capacity.
The company is also developing the first US-based advanced nuclear fuel fabrication facility for TRISO-X fuel, positioning its portfolio to deliver scalable, safe and reliable power amid rising global energy demand.
Moelis & Company and J.P. Morgan Securities served as placement agents for the transaction, with Latham & Watkins acting as legal adviser to X-energy.
