X-Energy, Inc. received a joint Schedule 13G disclosing beneficial ownership stakes held or reported by related Citadel entities and Mr. Kenneth Griffin. The filing states shares outstanding were 273,442,494 as of April 27, 2026. GFNCI LLC and XERC Holdings report 16,219,322 shares (5.9%) each; Citadel Advisors, Citadel Advisors Holdings LP and Citadel GP LLC report 2,198,811 shares (0.8%) each; Citadel Securities entities report 139,868 shares (0.1%); and Mr. Griffin is reported to beneficially own 18,558,001 shares (6.8%). The filing shows these holdings reflect shared voting and shared dispositive power rather than sole voting or disposal power. The statement is joint and includes organizational and address details for the reporting persons.
Positive
None.
Negative
None.
Insights
Joint Schedule 13G discloses concentrated, shared holdings among Citadel entities and Mr. Griffin.
The filing lists tangible ownership figures tied to specific entities and reports shared voting and dispositive power for the disclosed shares. The 273,442,494 shares outstanding anchor each percentage calculation; the largest reported beneficial position is 18,558,001 shares (6.8%) linked to Mr. Griffin.
These disclosures are routine for institutional owners; subsequent filings may update percentages if holdings change. Review future ownership statements for material shifts above beneficial thresholds.
Filing follows Schedule 13G mechanics: joint filing, attribution across related entities, and power-of-attorney signatures.
The statement identifies control relationships (e.g., GFNCI sole member of XERC Holdings; Mr. Griffin’s controlling interests) and attaches a joint filing agreement. Signatures include an attorney-in-fact reference to a previously filed power of attorney.
For regulatory review, confirm future amendments if ownership or voting arrangements change; the filing records shared — not sole — voting/dispositive authority for the listed shares.
A Schedule 13G is a formal document that investors file with the government when they acquire a large ownership stake in a company, usually for investment purposes rather than control. It helps keep the public informed about who owns significant parts of a company's shares, which can influence how the company is managed and how investors make decisions. Filing this schedule is important for transparency and understanding the ownership landscape of publicly traded companies.
Beneficially ownfinancial
"may be deemed to beneficially own 16,219,322 Shares"
Beneficially own means having the economic rights and risks of a security—such as the right to receive dividends, sell the shares, or profit from price changes—whether or not your name appears on the official share register. Think of it like renting a car: you use it and reap the benefits even if the title lists someone else. Investors care because beneficial ownership determines who truly controls value, must be disclosed under securities rules, and can signal potential influence or trading activity that affects a stock’s price.
Shared Dispositive Powerregulatory
"Shared Dispositive Power 16,219,322.00"
Joint Filing Agreementregulatory
"Exhibit 99.1 - Joint Filing Agreement"
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
X-Energy, Inc.
(Name of Issuer)
Class A common stock, par value $0.0001 per share (the "Shares")
(Title of Class of Securities)
98386P102
(CUSIP Number)
04/27/2026
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
schemaVersion:
SCHEDULE 13G
CUSIP Number(s):
98386P102
1
Names of Reporting Persons
GFNCI LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
16,219,322.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
16,219,322.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
16,219,322.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
5.9 %
12
Type of Reporting Person (See Instructions)
OO
Comment for Type of Reporting Person: The percentages reported in this Schedule 13G are based upon 273,442,494 Shares outstanding as of April 27, 2026 (according to the issuer's prospectus as filed with the Securities and Exchange Commission on April 27, 2026). Except as described in the preceding sentence, all Shares for the holdings of the reporting persons reported in this Schedule 13G are as of the opening of the market on May 4, 2026.
SCHEDULE 13G
CUSIP Number(s):
98386P102
1
Names of Reporting Persons
XERC Holdings LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
16,219,322.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
16,219,322.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
16,219,322.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
5.9 %
12
Type of Reporting Person (See Instructions)
OO
SCHEDULE 13G
CUSIP Number(s):
98386P102
1
Names of Reporting Persons
Citadel Advisors LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
2,198,811.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
2,198,811.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
2,198,811.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
0.8 %
12
Type of Reporting Person (See Instructions)
IA, HC, OO
SCHEDULE 13G
CUSIP Number(s):
98386P102
1
Names of Reporting Persons
Citadel Advisors Holdings LP
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
2,198,811.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
2,198,811.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
2,198,811.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
0.8 %
12
Type of Reporting Person (See Instructions)
HC, PN
SCHEDULE 13G
CUSIP Number(s):
98386P102
1
Names of Reporting Persons
Citadel GP LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
2,198,811.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
2,198,811.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
2,198,811.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
0.8 %
12
Type of Reporting Person (See Instructions)
HC, OO
SCHEDULE 13G
CUSIP Number(s):
98386P102
1
Names of Reporting Persons
Citadel Securities LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
139,868.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
139,868.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
139,868.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
0.1 %
12
Type of Reporting Person (See Instructions)
BD, OO
SCHEDULE 13G
CUSIP Number(s):
98386P102
1
Names of Reporting Persons
Citadel Securities Group LP
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
139,868.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
139,868.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
139,868.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
0.1 %
12
Type of Reporting Person (See Instructions)
HC, PN
SCHEDULE 13G
CUSIP Number(s):
98386P102
1
Names of Reporting Persons
Citadel Securities GP LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
139,868.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
139,868.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
139,868.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
0.1 %
12
Type of Reporting Person (See Instructions)
HC, OO
SCHEDULE 13G
CUSIP Number(s):
98386P102
1
Names of Reporting Persons
Kenneth Griffin
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
UNITED STATES
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
18,558,001.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
18,558,001.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
18,558,001.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
6.8 %
12
Type of Reporting Person (See Instructions)
HC, IN
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
X-Energy, Inc.
(b)
Address of issuer's principal executive offices:
530 Gaither Road, Suite 700, Rockville, MD 20850
Item 2.
(a)
Name of person filing:
This Schedule 13G is being jointly filed by GFNCI LLC ("GFNCI"), XERC Holdings LLC ("XERC Holdings"), Citadel Advisors LLC ("Citadel Advisors"), Citadel Advisors Holdings LP ("CAH"), Citadel GP LLC ("CGP"), Citadel Securities LLC ("Citadel Securities"), Citadel Securities Group LP ("CALC4"), Citadel Securities GP LLC ("CSGP") and Mr. Kenneth Griffin (collectively with GFNCI, XERC Holdings, Citadel Advisors, CAH, CGP, Citadel Securities, CALC4 and CSGP, the "Reporting Persons") with respect to the Shares of the above-named issuer owned by XERC Holdings, Citadel Multi-Strategy Equities Master Fund Ltd., a Cayman Islands company ("CM"), and Citadel Securities. Such owned Shares may include other instruments exercisable for or convertible into Shares.
GFNCI is the sole member of XERC Holdings. Citadel Advisors is the portfolio manager for CM. CAH is the sole member of Citadel Advisors. CGP is the general partner of CAH. CALC4 is the non-member manager of Citadel Securities. CSGP is the general partner of CALC4. Mr. Griffin is the President and Chief Executive Officer of CGP, and owns a controlling interest in GFNCI, CGP and CSGP.
The filing of this statement shall not be construed as an admission that any of the Reporting Persons is the beneficial owner of any securities covered by the statement other than the securities actually owned by such person (if any).
(b)
Address or principal business office or, if none, residence:
The address of GFNCI and XERC Holdings is Southeast Financial Center, 200 S. Biscayne Blvd., Suite 3300, Miami, Florida 33131. The address of Citadel Advisors, CAH, CGP, Citadel Securities, CALC4, CSGP and Mr. Griffin is 830 Brickell Plaza, 15th Floor, Miami, Florida 33131.
(c)
Citizenship:
Each of GFNCI, XERC Holdings, Citadel Advisors, CGP, Citadel Securities and CSGP is organized as a limited liability company under the laws of the State of Delaware. Each of CALC4 and CAH is organized as a limited partnership under the laws of the State of Delaware. Mr. Griffin is a U.S. citizen.
(d)
Title of class of securities:
Class A common stock, par value $0.0001 per share (the "Shares")
(e)
CUSIP Number(s):
98386P102
Item 3.
If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)
A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
(k)
Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.
Ownership
(a)
Amount beneficially owned:
1. GFNCI LLC may be deemed to beneficially own 16,219,322 Shares.
2. XERC Holdings LLC may be deemed to beneficially own 16,219,322 Shares.
3. Each of Citadel Advisors LLC, Citadel Advisors Holdings LP and Citadel GP LLC may be deemed to beneficially own 2,198,811 Shares.
4. Citadel Securities LLC may be deemed to beneficially own 139,868 Shares.
5. Each of Citadel Securities Group LP and Citadel Securities GP LLC may be deemed to beneficially own 139,868 Shares.
6. Mr. Griffin may be deemed to beneficially own 18,558,001 Shares.
(b)
Percent of class:
1. The number of Shares that GFNCI LLC may be deemed to beneficially own constitutes 5.9% of the Shares outstanding.
2. The number of Shares that XERC Holdings LLC may be deemed to beneficially own constitutes 5.9% of the Shares outstanding.
3. The number of Shares that each of Citadel Advisors LLC, Citadel Advisors Holdings LP and Citadel GP LLC may be deemed to beneficially own constitutes 0.8% of the Shares outstanding.
4. The number of Shares that Citadel Securities LLC may be deemed to beneficially own constitutes 0.1% of the Shares outstanding.
5. The number of Shares that each of Citadel Securities Group LP and Citadel Securities GP LLC may be deemed to beneficially own constitutes 0.1% of the Shares outstanding.
6. The number of Shares that Mr. Griffin may be deemed to beneficially own constitutes 6.8% of the Shares outstanding.
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
1. GFNCI LLC: 0
2. XERC Holdings LLC: 0
3. Each of Citadel Advisors LLC, Citadel Advisors Holdings LP and Citadel GP LLC: 0
4. Citadel Securities LLC: 0
5. Each of Citadel Securities Group LP and Citadel Securities GP LLC: 0
6. Mr. Griffin: 0
(ii) Shared power to vote or to direct the vote:
1. GFNCI LLC: 16,219,322
2. XERC Holdings LLC: 16,219,322
3. Each of Citadel Advisors LLC, Citadel Advisors Holdings LP and Citadel GP LLC: 2,198,811
4. Citadel Securities LLC: 139,868
5. Each of Citadel Securities Group LP and Citadel Securities GP LLC: 139,868
6. Mr. Griffin: 18,558,001
(iii) Sole power to dispose or to direct the disposition of:
1. GFNCI LLC: 0
2. XERC Holdings LLC: 0
3. Each of Citadel Advisors LLC, Citadel Advisors Holdings LP and Citadel GP LLC: 0
4. Citadel Securities LLC: 0
5. Each of Citadel Securities Group LP and Citadel Securities GP LLC: 0
6. Mr. Griffin: 0
(iv) Shared power to dispose or to direct the disposition of:
1. GFNCI LLC: 16,219,322
2. XERC Holdings LLC: 16,219,322
3. Each of Citadel Advisors LLC, Citadel Advisors Holdings LP and Citadel GP LLC: 2,198,811
4. Citadel Securities LLC: 139,868
5. Each of Citadel Securities Group LP and Citadel Securities GP LLC: 139,868
6. Mr. Griffin: 18,558,001
Item 5.
Ownership of 5 Percent or Less of a Class.
Not Applicable
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
Not Applicable
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
Not Applicable
Item 8.
Identification and Classification of Members of the Group.
Not Applicable
Item 9.
Notice of Dissolution of Group.
Not Applicable
Item 10.
Certifications:
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
GFNCI LLC
Signature:
/s/ Gerald Beeson
Name/Title:
Gerald Beeson, Authorized Signatory
Date:
05/04/2026
XERC Holdings LLC
Signature:
/s/ Gerald Beeson
Name/Title:
Gerald Beeson, Authorized Signatory
Date:
05/04/2026
Citadel Advisors LLC
Signature:
/s/ Seth Levy
Name/Title:
Seth Levy, Authorized Signatory
Date:
05/04/2026
Citadel Advisors Holdings LP
Signature:
/s/ Seth Levy
Name/Title:
Seth Levy, Authorized Signatory
Date:
05/04/2026
Citadel GP LLC
Signature:
/s/ Seth Levy
Name/Title:
Seth Levy, Authorized Signatory
Date:
05/04/2026
Citadel Securities LLC
Signature:
/s/ Seth Levy
Name/Title:
Seth Levy, Authorized Signatory
Date:
05/04/2026
Citadel Securities Group LP
Signature:
/s/ Seth Levy
Name/Title:
Seth Levy, Authorized Signatory
Date:
05/04/2026
Citadel Securities GP LLC
Signature:
/s/ Seth Levy
Name/Title:
Seth Levy, Authorized Signatory
Date:
05/04/2026
Kenneth Griffin
Signature:
/s/ Seth Levy
Name/Title:
Seth Levy, attorney-in-fact*
Date:
05/04/2026
Comments accompanying signature: * Seth Levy is signing on behalf of Kenneth Griffin as attorney-in-fact pursuant to a power of attorney previously filed with the Securities and Exchange Commission, and hereby incorporated by reference herein. The power of attorney was filed as an attachment to a filing by Citadel Advisors LLC on Schedule 13G for Allakos Inc. on October 13, 2023.
