X-energy Secures $700 Million in Series D to Expand Nuclear Ambitions

Nuclear startup X-energy has announced a $700 million Series D funding round, the company told TechCrunch. The raise comes less than a year after the startup expanded its Series C round from $500 million to $700 million, pushing the total capital raised in the past year to $1.4 billion. To date, X-energy has accumulated $1.8 billion in funding, a notable sum even in the fast-growing nuclear startup space.

Building the Supply Chain for Small Modular Reactors

X-energy plans to use the new capital to develop the supply chain for its small modular reactors (SMRs). The startup currently has orders for 144 SMRs, which could generate 11 gigawatts of electricity. Its customer roster includes major corporations like Amazon, Dow, and British energy firm Centrica.

Leading Investors Back Nuclear Innovation

The Series D round was led by Jane Street, which had also participated in the expanded Series C. Other investors include Ares Management funds, ARK Invest, Corner Capital, Emerson Collective, Galvanize, Hood River Capital Management, NGP, Point72, Reaves Asset Management, Segra Capital Management, and XTX Ventures.

Advanced Reactor Technology

X-energy is developing high-temperature, gas-cooled reactors, a type recently deployed in Japan and China. Each of its Xe-100 reactors can generate 80 megawatts of electricity and uses billiard ball-sized, carbon-coated pebbles containing uranium particles. Helium gas flows over these pebbles inside the reactor to collect heat, which is then transferred to a steam turbine to produce electricity.

Tech Companies Fueling Nuclear Interest

Like other nuclear startups, X-energy has benefited from growing interest from tech firms and data center operators. Amazon’s Climate Pledge Fund led the first part of the Series C round. Last year, Amazon announced plans to purchase over 600 megawatts of nuclear capacity in the Pacific Northwest and Virginia, with reactors expected online in the early 2030s. By 2039, Amazon’s deal with X-energy could deploy up to 5 gigawatts of capacity.

Racing to Revive the U.S. Nuclear Industry

X-energy is competing with multiple SMR startups to revive the nuclear sector in the United States. While the technology shows promise, only a handful of SMR plants have been built globally, and none are currently operational in the U.S.