[Form 3] X-Energy, Inc. Initial Statement of Beneficial Ownership

Popovic Dragan, an officer of X-Energy, Inc., has reported initial ownership of the company’s equity.

Rhea-AI Filing Summary

Popovic Dragan, an officer of X-Energy, Inc., has reported initial ownership of the company’s equity. The filing shows direct ownership of 544,962 shares of Class A Common Stock, which a footnote clarifies represent restricted stock. He also holds a stock option over 891,208 shares of Class A Common Stock at an exercise price of $23.00 per share. This option expires on April 24, 2036 and vests in four substantially equal annual installments beginning on December 23, 2026, indicating a long-term, time-based compensation structure rather than a current market transaction.

Insider Trade Summary

2 transactions reported

Mixed 2 txns

Insider Popovic Dragan

Role See Remarks

Type	Security	Shares	Price	Value
holding	Stock Option	--	--	--
holding	Class A Common Stock	--	--	--

Holdings After Transaction: Stock Option — 891,208 contracts (Direct); Class A Common Stock — 544,962 shares (Direct)

Footnotes (2)

1. F1. Represents shares of restricted stock.
2. F2. The stock option vests in four substantially equal annual installments beginning on December 23, 2026.

Key Figures

Restricted stock holdings: 544,962 shares Option underlying shares: 891,208 shares Option exercise price: $23.00 per share +2 more

5 metrics

Restricted stock holdings 544,962 shares Class A Common Stock, reported as restricted stock

Option underlying shares 891,208 shares Underlying Class A Common Stock for stock option

Option exercise price $23.00 per share Stock option on Class A Common Stock

Option expiration date April 24, 2036 Stock option term end

Option vesting start December 23, 2026 First of four annual vesting installments

Key Terms

restricted stock, Stock Option, Class A Common Stock, vests

4 terms

restricted stock financial

"Represents shares of restricted stock."

Shares granted to an individual that carry limits on transfer or sale until certain conditions are met, such as staying with the company for a set time or hitting performance targets. Think of them as a locked gift that gradually opens; for investors they matter because they affect how many shares may enter the market later, signal management incentives and potential dilution, and reveal confidence in future company performance.

Stock Option financial

"security_title": "Stock Option""

A stock option is a contract that gives you the right to buy or sell a company's stock at a specific price within a certain time frame. People use them to potentially make money if the stock's price moves favorably or to protect against losses. It's like holding a coupon that can be used to buy or sell stock at a set price later on.

Class A Common Stock financial

"security_title": "Class A Common Stock""

Class A common stock is a category of a company’s shares that carries a specific set of ownership rights—most commonly defined voting power and claims on dividends—set out in the company’s charter. For investors it matters because the class determines how much influence you have over corporate decisions, the share’s likely dividend and trading behavior, and how it compares in value to other share classes, like choosing a particular seat with different privileges at the company’s decision-making table.

vests financial

"The stock option vests in four substantially equal annual installments"

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 04/24/2026 - 05:04 PM EDT Learn about SEC filing dates

SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person^*

Popovic Dragan

(Last) (First) (Middle)

7607 OLD GEORGETOWN RD UNIT 2102

(Street)

BETHESDA MARYLAND 20814

(City) (State) (Zip)

UNITED STATES

(Country)

2. Date of Event Requiring Statement (Month/Day/Year)
04/24/2026

3. Issuer Name and Ticker or Trading Symbol
X-Energy, Inc. [ XE ]

3a. Foreign Trading Symbol

5. If Amendment, Date of Original Filed (Month/Day/Year)

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	See Remarks

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Class A Common Stock	544,962(1)	D

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Stock Option	(2)	04/24/2036	Class A Common Stock	891,208	$23	D

Explanation of Responses:

1. Represents shares of restricted stock.

2. The stock option vests in four substantially equal annual installments beginning on December 23, 2026.

Remarks:

Executive Vice President and Chief of Global Operations. Exhibit 24 - Power of Attorney.

	/s/ Elizabeth Petrone, Attorney-in-Fact	04/24/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 3: SEC 1473 (03-26)