XE · X-Energy, Inc. Class A Common Stock

X-Energy, Inc. is pioneering Generation IV small modular reactors (SMRs) with its Xe-100 HTGR, designed for 80 MWe/200 MWt output in scalable 320 MWe plants, targeting AI data centers and industrial heat amid surging electricity demand projected to grow 25% globally by 2030. The company's vertically integrated model—licensing reactor IP, providing services, and fabricating proprietary TRISO-X HALEU pebble fuel—positions it to capture recurring revenue over 60-year plant lives without owning/operating assets. Backed by $438M DOE ARDP reimbursement (50% of $2.4B eligible costs), TX-1 fuel facility construction underway, and a 11 GWe pipeline from Dow (FOAK ARDP), Amazon (5 GWe options), and Centrica (6 GWe UK), X-Energy has de-risked commercialization. Up-C structure post-IPO enables pre-IPO owners to retain pass-through tax benefits while accessing liquidity via redemptions for Class A shares or cash. Proceeds fund XERC Common Unit purchase for working capital/R&D/capex amid $390M 2025 net loss (driven by $224M warrant MTM) and $459M cash runway. Key risks include ARDP extension uncertainty (max 2030), HALEU supply constraints, FOAK execution (Dow CPA review ends 2027), and TRA's 85% tax benefit payout obligation (potentially $X million over Y years). CEO J. Clay Sell (ex-DOE Deputy Secretary) leads experienced team; dual-class preserves founder control. At $2.3T TAM (US/UK/Canada SMRs), X-Energy's safety/physics-based design, fuel moat, and customer traction offer differentiated path to scale.