New York, May 22, 2026, 14:03 (EDT)
- X-Energy was last trading near $29 on Nasdaq Friday, about a month out from its $23 IPO.
- The company will release first-quarter earnings and operating highlights on June 4.
- Analyst calls on the stock have been mostly positive. Fuel supply, licensing, and when projects come online are still the main questions.
X-Energy shares held steady around $29 on Friday. The advanced nuclear developer picked June 4 for its first results update since going public, setting up an early look for investors who see the stock as a quick-listed AI power play.
X-Energy started trading on Nasdaq in late April, coming to market with an upsized IPO that sold 44.3 million shares at $23 apiece. The raise totaled $1.02 billion. The deal drew attention because Amazon is both an investor and set to be a future nuclear power customer.
U.S. stock markets traded on Friday during regular hours. Nasdaq’s usual cash-equity session runs 9:30 a.m. to 4 p.m. Eastern. Nasdaq lists Memorial Day, May 25, as a holiday.
X-Energy Reactor Company, LLC plans to release its first-quarter 2026 results before the market opens on June 4, the company said late Thursday. A webcast is set for 8 a.m. ET the same day. X-Energy calls itself a designer of advanced small modular reactors and a producer of nuclear fuel.
Wall Street wasted no time after the IPO quiet period. Analysts tracked by Benzinga now have an average price target of $39.57, with Guggenheim setting the high at $57 and Jefferies on the low side at $28.
Morgan Stanley’s David Arcaro said X-Energy is a “first mover in next-generation nuclear technology,” according to Barron’s, and started coverage with an Overweight rating and a $41 price target. Guggenheim is at Buy. Jefferies came in at Hold, saying the early-stage valuation looks more balanced. Barron’s
X-Energy pitches a clear bull case. Its May investor deck laid out a plan to license its reactor tech, provide engineering and lifecycle work, and make TRISO-X fuel. The company doesn’t plan to own nuclear plants itself. Instead, it wants to bring in fees before plants go live and collect ongoing fuel revenue as reactors operate.
Fresh regulatory support landed this week as the U.S. Nuclear Regulatory Commission finished an environmental review and found no significant impact for the proposed Long Mott project in Seadrift, Texas, from Dow and X-Energy. The project would send power and high-temperature steam to a Dow site. Dragan Popovic, X-Energy’s chief global operating officer, said the NRC approval pointed to a smoother licensing process: “There are no shortcuts in nuclear safety.” X-Energy, Inc.
The project offers investors something tangible in a sector where commercial rollout is still years away. X-Energy says Dow, Amazon, and Centrica are among its first customers. If all customer options are used, the company says it could fill a reactor pipeline of more than 11 gigawatts electric in the U.S. and the U.K.
X-Energy’s figures are still early. The prospectus listed 2025 services revenue at $94.3 million and total revenue and grant income at $109.1 million. Net loss landed at $389.8 million, so most of the valuation is still about execution, not earnings now.
The stock trades in a choppy group. Oklo and NuScale Power, both listed advanced-nuclear plays, have seen similar moves as investors price how data centers and industry want steady power; Reuters has reported Big Tech funding for projects tied to TerraPower, Oklo, X-Energy and Kairos as AI increases demand for electricity.
The downside risk is significant. X-Energy points to customer investment decisions, project timing, regulatory sign-offs, first-of-kind build risk, plus reliance on specialized suppliers and access to HALEU, a higher-enriched uranium fuel. These hurdles could push revenue down the line, drive up capital needs, or put gas, solar, and geothermal in a better position on price.
The stock remains above its IPO level for now, but it’s off those first-day highs. The focus shifts to June 4, when management has to prove not so much profits, but if the reactor pipeline, fuel rollout and licensing are hitting timelines that public investors can actually price in.
