X-Energy, Inc. is conducting an initial public offering of 44,254,659 shares of Class A common stock at an IPO price of $23.00 per share. The offering is expected to raise gross proceeds of $1,017,857,157, with estimated proceeds to X-Energy, Inc. of $959,330,370 before expenses.
The company will list on Nasdaq under the symbol XE and, after the offering, will be an Up-C holding company owning a majority of common units of X-Energy Reactor Company, LLC. The prospectus discloses a Tax Receivable Agreement that may require substantial future cash payments to certain unitholders and notes reliance on DOE ARDP funding and key customers (Dow, Amazon, Centrica) to support initial deployments.
X-Energy, Inc. director Satin Allyson has filed an initial Form 3, which is the first ownership report required for company insiders. This filing identifies Allyson as a director of X-Energy, Inc. but does not list any specific stock transactions or derivative positions.
X-Energy, Inc. filed an initial insider ownership report identifying David B. Kaplan as a director of the company. The filing is a Form 3, which establishes his status as a reporting person under SEC rules, and it does not report any transactions in the company’s securities.
X-Energy, Inc. director Gregory James Goff filed an initial ownership report showing his equity position in the company. He holds 117,640 shares of Class A common stock, which includes 16,750 shares of restricted stock.
Goff also holds a stock option covering 33,356 underlying shares of Class A common stock at an exercise price of $23.00 per share, expiring on April 24, 2036. The option is vested as to 28,607 underlying shares, with the remaining 4,749 underlying shares scheduled to vest in two substantially equal annual installments beginning on January 1, 2027. The filing does not report any new purchases or sales, only current holdings.
X-Energy, Inc. director Christopher Ginther filed an initial ownership report showing he holds 117,640 shares of Class A common stock, including 16,750 shares of restricted stock. He also holds stock options over 33,356 shares at an exercise price of $23.00 per share, expiring on April 24, 2036. Of these option shares, 28,607 are already vested, with the remaining 4,749 scheduled to vest in two substantially equal annual installments beginning on January 1, 2027.
X-Energy, Inc. director Kathleen W. Hyle reported her initial ownership of company securities. She directly holds 117,640 shares of Class A Common Stock, including 29,410 shares of restricted stock. She also holds a stock option on 33,355 shares of Class A Common Stock at an exercise price of $23.00 per share, expiring on April 24, 2036. The option is vested for 25,017 underlying shares, with an additional 3,589 shares vesting on January 1, 2027 and 4,749 shares vesting in two substantially equal annual installments beginning on January 1, 2027. This filing lists holdings and vesting terms rather than any new purchase or sale.
X-Energy, Inc. director Wallace Michael J Wallace filed an initial Form 3 showing his equity position in the company. He directly holds 70,161 shares of Class A Common Stock, including 17,540 shares of restricted stock. He also holds stock options over 4,837 shares at an exercise price of $23.00 per share, vested as to 3,628 shares and scheduled to vest for an additional 1,209 shares on September 12, 2026, with the options expiring in 2036.
X-Energy, Inc. director Edward Sonnenschein filed an initial ownership report showing existing stakes in the company. He directly holds 813,592 shares of Class A common stock, including 17,540 shares of restricted stock, and indirectly holds 30,831 shares through IBX X-Energy SPV I, LLC.
He also holds a stock option covering 4,837 shares of Class A common stock at an exercise price of $23.00 per share, expiring on April 24, 2036. The option is vested as to 3,628 underlying shares, with the remaining 1,209 shares scheduled to vest on September 12, 2026. The filing reports holdings only, not new purchases or sales.
X-Energy, Inc. filed an initial insider ownership report for Dr. Kamal Ghaffarian and X-Energy Holdings, LLC as 10% owners. The filing shows indirect ownership of 84,292,133 shares of Class B Common Stock and 5,029,077 shares of Class A Common Stock, plus 1,234,021 Class A shares held directly. Common Units representing 84,292,133 underlying Class A shares are redeemable on a one-to-one basis, with each Class B share cancelled upon exchange. Dr. Ghaffarian has sole voting and dispositive power over the securities held by the related entities, while disclaiming beneficial ownership beyond his pecuniary interest.
X-Energy, Inc. filed an initial ownership report for Joel Duling, President of TRISO-X, showing his equity stake in the company. He directly holds 552,599 shares of Class A common stock, including 423,855 shares of restricted stock, plus stock options tied to 207,549 shares at a $23.00 exercise price that expire on April 24, 2036, with portions vesting in annual installments beginning in 2026.