Nuclear energy startup X-energy has closed a $700 million Series D funding round, according to reports from TechCrunch. This follows an expanded Series C raise of $700 million less than a year ago, bringing the company’s total funding in the last year to $1.4 billion, and its overall funding to $1.8 billion.
Funding to Scale Small Modular Reactors (SMRs)
The new capital infusion will be used to build out the supply chain for X-energy’s small modular reactors (SMRs). The company claims to have secured orders for 144 SMRs, capable of generating 11 gigawatts of electricity. Major customers include Amazon, Dow, and British energy firm Centrica, indicating growing interest in nuclear power from non-traditional sectors.
Investor Base Includes Tech and Finance Giants
The Series D round was led by Jane Street, which previously invested in the Series C expansion. Additional investors include Ares Management, ARK Invest, Corner Capital, Emerson Collective, Galvanize, Hood River Capital Management, NGP, Point72, Reaves Asset Management, Segra Capital Management, and XTX Ventures. This diverse investor base suggests a broader trend of financial backing for advanced nuclear technologies.
Innovative Reactor Design
X-energy is developing high-temperature, gas-cooled reactors – a design previously deployed in Japan and China. Each Xe-100 reactor can produce 80 megawatts of electricity using uranium fuel encased in carbon-coated pebbles. Helium gas circulates through the reactor core, extracting heat to drive steam turbines for power generation. This technology represents a shift away from traditional large-scale nuclear plants towards smaller, more flexible energy solutions.
Tech Sector Drives Nuclear Renaissance
X-energy, like other nuclear startups, is benefiting from increased interest from tech companies and data center developers. Amazon’s Climate Pledge Fund led the initial portion of the Series C round, and the company has committed to purchasing over 600 megawatts of nuclear capacity for its facilities in the Pacific Northwest and Virginia. Amazon’s total deal with X-energy could result in up to 5 gigawatts of deployed capacity by 2039.
The influx of funding and demand from large corporations highlights a growing recognition of nuclear power as a viable, low-carbon energy source. This resurgence is driven by the need for reliable, baseload power to support energy-intensive operations like data centers and heavy manufacturing. The expansion of SMR technology offers a more adaptable and scalable approach to nuclear energy compared to traditional large-scale plants.
