X-Energy, Inc. (XE) SEC Filings

Kamal Seyed Ghaffarian and X-Energy Holdings, LLC report beneficial ownership of X-Energy, Inc. Class A Common Stock. Based on 287,458,734 shares outstanding as of August 10, 2026, Ghaffarian may be deemed to beneficially own 92,871,109 shares, or 25.0% of the class, through direct holdings and multiple affiliated entities, while X-Energy Holdings, LLC reports 79,033,595 shares, or 21.8%. Ghaffarian has sole voting and dispositive power over 13,837,514 shares and shared power over 79,033,595 shares, and disclaims beneficial ownership of securities held by the affiliated entities.

X-Energy, Inc. develops advanced small modular nuclear reactors and fuel and reported sharp growth in activity for the six months ended June 30, 2026. Total revenues and grant income were $98.0 million, more than double the prior-year period, driven primarily by U.S. Department of Energy cost-based contracts under the Advanced Reactor Demonstration Program and work for Dow and the Department of War.

Growth remains highly investment-intensive. Operating expenses rose to $274.2 million, producing an operating loss of $176.1 million and a net loss of $271.6 million, compared with a $99.1 million loss a year earlier. Operating cash outflow was $164.6 million, and capital expenditures net of reimbursements were substantial. The April 2026 IPO provided about $1.1 billion of net proceeds at $23.00 per share, helping lift cash and cash equivalents to $1.15 billion and total assets to $2.26 billion. The company reports no debt and has eliminated prior warrant liabilities, but 29.8% of X-Energy Reactor Company, LLC is held by non-controlling interests, and nearly all revenue and grants come from a small number of government and industrial counterparties.

X-Energy, Inc. reported strong top-line growth for the quarter ended June 30, 2026, with total revenues and grant income of $54.6 million, up 154% from the prior-year quarter, driven mainly by higher activity under its DOE Advanced Reactor Demonstration Program agreement. For the first six months, revenues and grant income reached $98.0 million, up 132% year over year.

Operating scale-up remains costly: total operating expenses were $164.6 million in the quarter, resulting in an operating loss of $110.0 million and Adjusted EBITDA of $(70.5) million. For the six months, net cash used in operating activities was $164.6 million and net cash used in investing activities was $239.6 million, reflecting higher project and construction spending.

Liquidity improved significantly following the Nasdaq listing and IPO, which generated approximately $1.1 billion in net proceeds. As of June 30, 2026, cash and cash equivalents were $1,145.4 million, short-term investments $489.8 million, and long-term investments $264.6 million, for total liquidity of $1.90 billion, with no debt outstanding. Operationally, X-energy advanced HALEU enrichment supply agreements, expanded graphite supply capacity with SGL Carbon, progressed construction of its TX-1 fuel facility, secured an $11 million Tennessee grant, and reported a project pipeline of 144 Xe-100 reactors totaling about 11.5 GWe.

X-Energy, Inc. received a Schedule 13G filing from a group of Ares-affiliated entities reporting significant ownership of its Class A common stock. The group, referred to as the Reporting Persons, collectively has beneficial ownership of 38,263,341 Class A shares, including 24,418,756 Class A shares issuable upon conversion of an equal number of Common Units (with cancellation of corresponding Class B shares). This position represents 12.3% of the Class A shares, based on 287,458,734 Class A shares outstanding as of June 2, 2026, as adjusted for the convertible units. Individual holdings include Ares X-Energy Holdings LP, Ares X-Energy Co-Invest LP and ACIP Investments Pooling LLC - Series 31, with detailed voting and dispositive power reported as shared rather than sole. The Ares entities and related general partners and managers disclaim beneficial ownership of securities not held of record by them.

Amazon.com, Inc. reports beneficial ownership of 65,836,948 shares of X-Energy, Inc. Class A common stock. These shares are held of record by Amazon.com NV Investment Holdings LLC, a wholly owned subsidiary of Amazon.

Based on 287,458,734 Class A shares outstanding as of June 2, 2026, Amazon’s position represents 22.9% of the class. Amazon has sole voting and sole dispositive power over all 65,836,948 shares, with no shared voting or dispositive authority.

X-Energy, Inc. is reported to have a significant shareholder group led by Segra Capital Management, LLC and related entities. Segra Capital Management, Segra Global Management, Segra Resource Partners, LP, Segra XE 1, LP, Segra XE 2, LP, and Adam Rodman jointly report beneficial ownership of 15,129,629 shares of common stock as of July 16, 2026.

This position represents 5.3% of X-Energy’s common stock, based on 287,458,734 shares outstanding cited from the issuer’s Form 10-Q. The reporting persons hold 0 shares with sole voting or dispositive power and 15,129,629 shares with shared voting and dispositive power. They state that the filing should not be construed as an admission of beneficial ownership or of forming a group under Section 13(d) or 13(g).

X-Energy, Inc. director Michael J. Wallace filed an amended Form 3 to correct his previously reported holdings. The amendment notes that 50,250 shares of Class A common stock and 16,750 shares of restricted stock were omitted from his original Form 3 and a subsequent Form 4. The filing also adds 18,997 previously omitted stock options.

After these corrections, Wallace is shown holding 137,161 shares of Class A common stock directly and a stock option tied to 23,834 shares of Class A common stock at an exercise price of $23.00 per share. The option is vested as to 17,874 underlying shares and is scheduled to vest further as to 1,210 shares on September 12, 2026, 2,374 shares on January 1, 2027, and 2,376 shares on January 1, 2028.

X-Energy, Inc. insider Kamal Seyed Ghaffarian reported updated holdings and a collateral arrangement involving company stock. One entry shows he directly holds 1,240,543 shares of Class A Common Stock. Another reflects 5,308,515 shares held indirectly through several entities he controls.

Within these indirect holdings, IBX, LLC perfected a security interest in 279,438 shares to secure a non‑negotiable promissory note owed to IBX, LLC by an unaffiliated third party. The outstanding note balance was $3,727,858 as of June 12, 2026 and increases by $1,414 per day, plus collection costs. Using the June 12, 2026 NASDAQ closing price of $18.59 per share, 200,530 shares would have satisfied the note on that date, though the actual number of shares ultimately transferred to cover the debt may differ, up to the 279,438 pledged shares. The filing does not show any open‑market share purchases or sales by Dr. Ghaffarian.

X-Energy, Inc. reported strong top-line growth but a much larger loss for the quarter ended March 31, 2026. Total revenues and grant income rose to $43.4 million from $20.8 million a year earlier, driven mainly by U.S. government-funded engineering and development work under the Advanced Reactor Demonstration Program.

The company posted a net loss of $166.2 million versus $10.2 million in the prior-year quarter, largely due to a $108.9 million mark‑to‑market loss on warrant liabilities. Operating expenses more than doubled to $109.5 million as X‑Energy ramped direct project costs and corporate overhead.

Cash, cash equivalents and restricted cash fell to $228.3 million from $462.6 million at year-end, after $67.3 million of operating cash use and $166.0 million of investing outflows, including heavy capital spending on fuel fabrication and reactor test facilities. Subsequent to quarter-end, X‑Energy closed an IPO of 50.9 million Class A shares, raising approximately $1.1 billion in net proceeds.