Three years after a failed SPAC merger, X-energy shares finished Friday up 27% following an IPO that valued the SMR developer at roughly $11.5B. (WSJ)
Amazon owns close to 20% of the company after stepping in as both investor and customer in 2024. Ares Management—which led the busted SPAC and stuck around with fresh financing—is set to clear over 4X on its $160M stake.
What changed: AI-driven electricity demand pulled SMRs back into vogue. Amazon alone has a 5+ GW commitment from X-energy.
Yes, but: The Maryland-based company is still years from completing a reactor or clearing regulatory licensing. And it’s racing comps like Bill Gates-backed TerraPower, Oklo, and NuScale for the same hyperscaler appetite.