X-energy rides nuclear wave, raises $700M Series D

Nuclear startup X-energy raised $700 million in a Series D round, the company told TechCrunch. The new fundraise comes less than a year after it expanded its Series C from $500 million to $700 million, bringing the total raised in the last year or so to $1.4 billion, a sizable amount even in the heady world of nuclear power startups. X-energy has raised $1.8 billion, to date. X-energysaid the new infusion will help build the supply chain for its small modular reactors (SMR). So far, the startup says it has orders for 144 SMRs capable of generating 11 gigawatts of electricity. Customers include Amazon, Dow, and British energy company Centrica. The new round was led by Jane Street, which joined as an investor in the expanded Series C. Other investors participating include Ares Management funds, ARK Invest, Corner Capital, Emerson Collective, Galvanize, Hood River Capital Management, NGP, Point72, Reaves Asset Management, Segra Capital Management, and XTX Ventures. X-energy is developing high-temperature, gas-cooled reactors, a type more recently used in Japan and China. Each of its Xe-100 reactors can generate 80 megawatts of electricity, and they are fueled by billiard ball-sized, carbon-coated pebbles containing uranium particles. Inside the reactor, helium gas flows over the pebbles, collecting heat, which is transferred to a steam turbine to generate electricity. Like other nuclear startups, X-energy has ridden a wave of interest from tech companies and data center developers. Amazon’s Climate Pledge Fundled the first installmentof the startup’s Series C. The tech company also announced last year it would buymore than 600 megawattsof nuclear capacity in the Pacific Northwest and Virginia, with the reactors coming online in the early 2030s. Altogether, Amazon’s deal with X-energy could see as much as 5 gigawatts deployed by 2039. X-energy is in a race withseveral other SMR startupsto resuscitate the nuclear industry in the United States. While many of the designs appear promising,only a handfulSMR power plants have been built to date, none of which are in the United States. Topics Senior Reporter, Climate Tim De Chant is a senior climate reporter at TechCrunch. He has written for a wide range of publications, including Wired magazine, the Chicago Tribune, Ars Technica, The Wire China, and NOVA Next, where he was founding editor. De Chant is also a lecturer in MIT’s Graduate Program in Science Writing, and he was awarded a Knight Science Journalism Fellowship at MIT in 2018, during which time he studied climate technologies and explored new business models for journalism. He received his PhD in environmental science, policy, and management from the University of California, Berkeley, and his BA degree in environmental studies, English, and biology from St. Olaf College. You can contact or verify outreach from Tim by [email protected]. StrictlyVC concludes its 2025 series with an exclusive event featuring insights from leading VCs and builders such as Pat Gelsinger, Mina Fahmi, and more. Plus, opportunities to forge meaningful connections. Anduril’s autonomous weapons stumble in tests and combat, WSJ reports This Thanksgiving’s real drama may be Michael Burry versus Nvidia The future will be explained to you in Palo Alto Why ‘hold forever’ investors are snapping up venture capital ‘zombies’ Altman describes OpenAI’s forthcoming AI device as more peaceful and calm than the iPhone OpenAI learned the hard way that Cameo trademarked the word ‘cameo’ US banks scramble to assess data theft after hackers breach financial tech firm