Nuclear startup X-energy launched its investor roadshow on Wednesday as it prepares for its IPO, aiming for a pricing range between $16 and $19 per share, based on filings with the U.S. Securities and Exchange Commission. If it lists at the upper limit, the startup stands to raise approximately $814 million.

X-energy and its counterparts have benefitted from a renewed interest in fission energy as the demand for electricity has escalated due to AI data centers and widespread electrification.

Amazon ranks among X-energy’s primary supporters, having led a $500 million Series C-1 funding round and committed to purchasing up to 5 gigawatts of nuclear energy from the firm by 2039.

The IPO will likely come as a welcome development for X-energy’s investors, who have invested nearly $1.8 billion in the startup, according to PitchBook. The company previously sought to go public through a reverse merger with a special purpose acquisition corporation, but the agreement was aborted in 2023 as the SPAC trend subsided.

X-energy’s reactor is classified as a high-temperature, gas-cooled reactor. Within it, uranium encapsulated in ceramic and carbon spheres is cooled using helium gas, which then transmits heat to a steam turbine loop to produce electricity. The TRISO fuel design is anticipated to be safer than earlier fuel configurations, although its current usage is limited.

The startup mentioned in its SEC filing that it is currently involved in a patent dispute with another firm that recently declared bankruptcy. Ultra Safe Nuclear Corporation (USNC) went bankrupt in 2024, with its assets acquired during the bankruptcy process to establish Standard Nuclear. X-energy claims that USNC violated its fuel fabrication patents and that the issue has not been satisfactorily resolved during the bankruptcy proceedings.

Outside of China, the advancement of new nuclear reactors has nearly come to a halt, hindered by delays and budget overruns. A new generation of startups believes that by reducing the size of reactors, they can tackle some of the challenges that traditional designs face.

None of the emerging modular reactor startups have successfully constructed a power plant yet, although several are striving to meet a deadline of July 4 set by the Trump administration.

While many may not achieve the arbitrary deadline, they are still expected to reach criticality, the point at which fission reactions become self-sustaining.

However, the path from criticality to commercially viable power plants is anticipated to be lengthy. Mass production could help reduce costs, but generally, it takes about a decade for the manufacturing process to start yielding benefits. Furthermore, while the number of reactors these firms plan to construct may exceed previous attempts by other companies, it may not be sufficient to fully capitalize on the advantages of mass production.

X-energy anticipates that by the time its reactor manufacturing methods achieve maturity — referred to by experts as “Nth-of-a-kind” — it will be capable of lowering costs by 30% compared to the first-of-a-kind reactors. Investors should closely monitor the cost of that initial reactor, as it could significantly impact the company’s future.