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

X-Energy, Inc. develops the Xe-100 HTGR SMR and TRISO-X HALEU pebble fuel, targeting baseload power for AI data centers and industrial heat amid surging electricity demand projected to grow 25% globally by 2030. The company's IP-driven model licenses reactor tech, provides services, and sells fuel fabrication without owning/operating plants, minimizing capex while generating recurring revenue over 60-year plant lives. Key differentiators include physics-based safety (no active systems needed), online refueling for 95%+ capacity factor, and high-temp steam (565°C) enabling decarbonization of hard-to-abate industries. TX-1 facility construction began 2024, targeting 2028 ops as North America's first commercial HALEU TRISO fab with capacity for 11 Xe-100s.

Financials show development-stage losses: 2025 revenue/grants $109M (-9% YoY) from ARDP ($438M reimbursed) and customers; $390M net loss driven by $224M warrant MTM loss and $161M direct costs. Pro forma post-reorg net loss $126M; $459M cash supports runway. Up-C structure post-IPO holds Common Units matching Class A shares; Continuing Equity Owners get Class B (voting, no econ rights) and redemption rights for Class A/cash. TRA mandates 85% of ~$X tax benefits paid to pre-IPO owners, potentially $X over X years—substantial drag on liquidity.

Pipeline: Dow ARDP demo (320 MWe Seadrift TX, CPA docketed May 2025, 18-mo review); Amazon 5 GWe options (first 320-960 MWe WA); Centrica 6 GWe UK. TAM $2.3T (1,975 Xe-100s) in core US/UK/Canada markets. Risks center on ARDP extensions (max 2030), NRC delays (Dow CPA Q1 2027), HALEU supply (DOE allocations bridge to 2027+), FOAK execution/costs. Dual-class voting (1 vote/share both classes) preserves founder control; insiders hold ~% post-IPO.

IPO proceeds buy XERC units for working capital/capex; no dividends planned. Management led by ex-DOE Deputy Sec. Sell; 916 employees (42% advanced degrees). High materiality as IPO funds commercialization amid nuclear policy tailwinds (ADVANCE Act, IRA credits) but execution risks loom large.