
X-energy, Inc. (&#34;X-energy&#34;), a leader in advanced nuclear reactor and fuel technology, today announced the pricing of its upsized initial public offering (&#34;IPO&#34;) of 44,254,659 shares of its Class A common stock at a

<p xmlns="http://www.w3.org/1999/xhtml">
X-energy, Inc. ("X-energy"), a leader in advanced nuclear reactor and fuel technology, today announced the pricing of its upsized initial public offering ("IPO") of 44,254,659 shares of its Class A common stock at a public offering price of $23.00 per share. In connection with the offering, X-energy has granted the underwriters a 30-day option to purchase up to an additional 6,638,198 shares of Class A common stock.

</p><p xmlns="http://www.w3.org/1999/xhtml">
The shares are expected to begin trading on the Nasdaq Global Select Market ("Nasdaq") on April 24, 2026, under the ticker symbol "XE." The offering is expected to close on April 27, 2026, subject to customary closing conditions.

</p><p xmlns="http://www.w3.org/1999/xhtml">
J.P. Morgan, Morgan Stanley, Jefferies, and Moelis &amp; Company acted as the lead joint book-running managers for the offering.

</p><p xmlns="http://www.w3.org/1999/xhtml">
A registration statement related to the shares being sold in this offering was declared effective by the U.S. Securities and Exchange Commission on April 23, 2026 (the "Registration Statement"). This offering is being made only by means of a prospectus, copies of which may be obtained from: J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, or by email at <a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="mailto:prospectus-eq_fi@jpmchase.com" shape="rect">prospectus-eq_fi@jpmchase.com</a> and <a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="mailto:postsalemanualrequests@broadridge.com" shape="rect">postsalemanualrequests@broadridge.com</a>; Morgan Stanley &amp; Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY 10014; Jefferies LLC, Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, New York, NY 10022, by telephone at (877) 821-7388 or by email at <a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="mailto:Prospectus_Department@Jefferies.com" shape="rect">Prospectus_Department@Jefferies.com</a>; or Moelis &amp; Company LLC, Attention: Melissa Mariaschin, Managing Director and Head of Distribution, Capital Markets, 399 Park Avenue, 5th Floor, New York, NY 10022, or by email at <a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="mailto:DL_prospectus@moelis.com" shape="rect">DL_prospectus@moelis.com</a>.

</p><p xmlns="http://www.w3.org/1999/xhtml">
<b xmlns="http://www.w3.org/1999/xhtml">Important Information</b>

</p><p xmlns="http://www.w3.org/1999/xhtml">
The Registration Statement may be obtained free of charge at the SEC's website at <a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.sec.gov&amp;esheet=54521929&amp;newsitemid=20260423988681&amp;lan=en-US&amp;anchor=www.sec.gov&amp;index=1&amp;md5=af5d9c3083b5c864efc37933185a6deb" shape="rect">www.sec.gov</a> under "X-Energy, Inc." This press release does not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

</p><p xmlns="http://www.w3.org/1999/xhtml">
<b xmlns="http://www.w3.org/1999/xhtml">About X-energy</b>

</p><p xmlns="http://www.w3.org/1999/xhtml">
X-Energy, Inc. is a leading developer of advanced small modular nuclear reactors and fuel technology for clean energy generation that is redefining the nuclear energy industry through its development of safer and more efficient advanced small modular nuclear reactors and proprietary fuel to deliver clean, safe, reliable energy that meet the demands of the modern economy. X-energy's simplified, modular, and intrinsically safe SMR design expands applications and markets for deployment of nuclear technology and drives enhanced safety, lower cost and faster construction timelines when compared with other SMRs and conventional nuclear.

</p><p xmlns="http://www.w3.org/1999/xhtml">
<b xmlns="http://www.w3.org/1999/xhtml">Cautionary Statement Concerning Forward-Looking Statements</b>

</p><p xmlns="http://www.w3.org/1999/xhtml">
This press release contains forward-looking statements. Forward-looking statements include all statements that are not historical facts. The words "anticipate," "assume," "believe," "continue," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "future," "will," "seek," "foreseeable," the negative version of these words, or similar terms and phrases are intended to identify forward-looking statements. These forward-looking statements include any statements regarding the commencement of trading of the Class A shares on Nasdaq and the expected closing date of X-energy's initial public offering. These forward-looking statements are subject to a number of risks, uncertainties, and assumptions, including those described in the Registration Statement.

</p><p xmlns="http://www.w3.org/1999/xhtml">
Any forward-looking statement speaks only as of the date on which it is made, and, except as required by law, X-energy does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. New factors emerge from time to time, and it is not possible for X-energy to predict all such factors. When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements in the Registration Statement. The risk factors and other factors noted in the Registration Statement could cause its actual results to differ materially from those contained in any forward-looking statement.

</p><p xmlns="http://www.w3.org/1999/xhtml"><img xmlns="http://www.w3.org/1999/xhtml" alt="" src="https://cts.businesswire.com/ct/CT?id=bwnews&amp;sty=20260423988681r1&amp;sid=benz2&amp;distro=nx&amp;lang=en" style="width:0;height:0"></img><span xmlns="http://www.w3.org/1999/xhtml" class="bwct31415"></span></p><p xmlns="http://www.w3.org/1999/xhtml" id="mmgallerylink"><span xmlns="http://www.w3.org/1999/xhtml" id="mmgallerylink-phrase">View source version on businesswire.com: </span><span xmlns="http://www.w3.org/1999/xhtml" id="mmgallerylink-link"><a xmlns="http://www.w3.org/1999/xhtml" href="https://www.businesswire.com/news/home/20260423988681/en/" rel="nofollow">https://www.businesswire.com/news/home/20260423988681/en/</a></span></p><p xmlns="http://www.w3.org/1999/xhtml">
Robert McEntyre, Corporate Communications
<br xmlns="http://www.w3.org/1999/xhtml"></br><a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="mailto:media@x-energy.com" shape="rect">media@x-energy.com 
</a><br xmlns="http://www.w3.org/1999/xhtml"></br>+1 240.673.6565

</p><p xmlns="http://www.w3.org/1999/xhtml">
Patricia Gil, Investor Relations
<br xmlns="http://www.w3.org/1999/xhtml"></br><a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="mailto:investors@x-energy.com" shape="rect">investors@x-energy.com 
</a><br xmlns="http://www.w3.org/1999/xhtml"></br>+1 301.558.3040

</p>

X-energy Announces Pricing of Upsized Initial Public Offering

X-energy Announces IPO Pricing and Trading Schedule

<section class="insight" data-version="1">
  <section data-block="information">
    <h3>Information</h3>
    <p>X-energy, Inc. (&amp;#34;X-energy&amp;#34;), a leader in advanced nuclear reactor and fuel technology, today announced the pricing of its upsized initial public offering (&amp;#34;IPO&amp;#34;) of 44,254,659 shares of its Class A common stock at a</p>
  </section>

  <section data-block="ai-summary-paragraph">
    <h3>AI Summary</h3>
    <p>X-energy has priced its IPO at $23 per share with a total of 44.25 million shares. Trading is set to start on April 24, 2026, which could provide significant liquidity and investor interest in advanced nuclear technology.</p>
  </section>

  <section data-block="ai-summary-bullets">
    <h3>Key Points</h3>
    <ul><li>X-energy priced its IPO at $23.00 per share.</li><li>The offering includes 44.25 million shares with potential for additional shares.</li><li>Trading expected to commence on April 24, 2026, under ticker &#039;XE.&#039;</li><li>IPO closure anticipated on April 27, 2026, pending standard conditions.</li><li>Major underwriters include J.P. Morgan and Morgan Stanley.</li></ul>
  </section>

  <section data-block="companies-mentioned">
    <h3>Companies Mentioned</h3>
    <ul><li><strong>J.P. Morgan (JPM)</strong>: Serves as a lead underwriter for the IPO, boosting credibility.</li><li><strong>Morgan Stanley (MS)</strong>: Also a lead underwriter; suggests strong institutional interest.</li><li><strong>Jefferies (JEF)</strong>: A prominent underwriter, enhancing market confidence.</li><li><strong>Moelis &amp; Company (MC)</strong>: Participates as an underwriter, contributing to the overall offering success.</li></ul>
  </section>

  <section data-block="category">
    <h3>Corporate Developments</h3>
    <p>This news falls under &#039;Corporate Developments&#039; as it pertains to X-energy&#039;s public listing and financing efforts, crucial for its growth in the advanced nuclear sector.</p>
  </section>

  <section data-block="market-moving">
    <h3>Market-Moving</h3>
    <ul><li>Initial trading debut on Nasdaq could attract speculative investment.</li><li>Potential for shared price appreciation given the clean energy focus.</li><li>Underwriters have the option for additional shares, indicating strong demand.</li><li>Positive sentiment around nuclear energy technologies may enhance stock performance.</li></ul>
  </section>

  <section data-block="key-facts">
    <h3>Key Facts</h3>
    <ul><li>IPO priced at $23.00 per share.</li><li>44,254,659 shares offered, with an additional 6.6 million option.</li><li>Shares to begin trading on April 24, 2026.</li><li>Expected IPO closure on April 27, 2026.</li><li>Registration statement effective as of April 23, 2026.</li></ul>
  </section>

  <section data-block="trading-thesis">
    <h3>Trading Thesis</h3>
    <p>X-energy shares may face initial volatility but could appreciate post-IPO due to demand in the clean energy sector.</p>
  </section>
</section>


<p xmlns="http://www.w3.org/1999/xhtml">
X-energy, Inc. ("X-energy"), a leader in advanced nuclear reactor and fuel technology, today announced the pricing of its upsized initial public offering ("IPO") of 44,254,659 shares of its Class A common stock at a public offering price of $23.00 per share. In connection with the offering, X-energy has granted the underwriters a 30-day option to purchase up to an additional 6,638,198 shares of Class A common stock.

</p><p xmlns="http://www.w3.org/1999/xhtml">
The shares are expected to begin trading on the Nasdaq Global Select Market ("Nasdaq") on April 24, 2026, under the ticker symbol "XE." The offering is expected to close on April 27, 2026, subject to customary closing conditions.

</p><p xmlns="http://www.w3.org/1999/xhtml">
J.P. Morgan, Morgan Stanley, Jefferies, and Moelis &amp; Company acted as the lead joint book-running managers for the offering.

</p><p xmlns="http://www.w3.org/1999/xhtml">
A registration statement related to the shares being sold in this offering was declared effective by the U.S. Securities and Exchange Commission on April 23, 2026 (the "Registration Statement"). This offering is being made only by means of a prospectus, copies of which may be obtained from: J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, or by email at <a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="mailto:prospectus-eq_fi@jpmchase.com" shape="rect">prospectus-eq_fi@jpmchase.com</a> and <a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="mailto:postsalemanualrequests@broadridge.com" shape="rect">postsalemanualrequests@broadridge.com</a>; Morgan Stanley &amp; Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY 10014; Jefferies LLC, Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, New York, NY 10022, by telephone at (877) 821-7388 or by email at <a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="mailto:Prospectus_Department@Jefferies.com" shape="rect">Prospectus_Department@Jefferies.com</a>; or Moelis &amp; Company LLC, Attention: Melissa Mariaschin, Managing Director and Head of Distribution, Capital Markets, 399 Park Avenue, 5th Floor, New York, NY 10022, or by email at <a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="mailto:DL_prospectus@moelis.com" shape="rect">DL_prospectus@moelis.com</a>.

</p><p xmlns="http://www.w3.org/1999/xhtml">
<b xmlns="http://www.w3.org/1999/xhtml">Important Information</b>

</p><p xmlns="http://www.w3.org/1999/xhtml">
The Registration Statement may be obtained free of charge at the SEC's website at <a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.sec.gov&amp;esheet=54521929&amp;newsitemid=20260423988681&amp;lan=en-US&amp;anchor=www.sec.gov&amp;index=1&amp;md5=af5d9c3083b5c864efc37933185a6deb" shape="rect">www.sec.gov</a> under "X-Energy, Inc." This press release does not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

</p><p xmlns="http://www.w3.org/1999/xhtml">
<b xmlns="http://www.w3.org/1999/xhtml">About X-energy</b>

</p><p xmlns="http://www.w3.org/1999/xhtml">
X-Energy, Inc. is a leading developer of advanced small modular nuclear reactors and fuel technology for clean energy generation that is redefining the nuclear energy industry through its development of safer and more efficient advanced small modular nuclear reactors and proprietary fuel to deliver clean, safe, reliable energy that meet the demands of the modern economy. X-energy's simplified, modular, and intrinsically safe SMR design expands applications and markets for deployment of nuclear technology and drives enhanced safety, lower cost and faster construction timelines when compared with other SMRs and conventional nuclear.

</p><p xmlns="http://www.w3.org/1999/xhtml">
<b xmlns="http://www.w3.org/1999/xhtml">Cautionary Statement Concerning Forward-Looking Statements</b>

</p><p xmlns="http://www.w3.org/1999/xhtml">
This press release contains forward-looking statements. Forward-looking statements include all statements that are not historical facts. The words "anticipate," "assume," "believe," "continue," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "future," "will," "seek," "foreseeable," the negative version of these words, or similar terms and phrases are intended to identify forward-looking statements. These forward-looking statements include any statements regarding the commencement of trading of the Class A shares on Nasdaq and the expected closing date of X-energy's initial public offering. These forward-looking statements are subject to a number of risks, uncertainties, and assumptions, including those described in the Registration Statement.

</p><p xmlns="http://www.w3.org/1999/xhtml">
Any forward-looking statement speaks only as of the date on which it is made, and, except as required by law, X-energy does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. New factors emerge from time to time, and it is not possible for X-energy to predict all such factors. When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements in the Registration Statement. The risk factors and other factors noted in the Registration Statement could cause its actual results to differ materially from those contained in any forward-looking statement.

</p><p xmlns="http://www.w3.org/1999/xhtml"><img xmlns="http://www.w3.org/1999/xhtml" alt="" src="https://cts.businesswire.com/ct/CT?id=bwnews&amp;sty=20260423988681r1&amp;sid=benz2&amp;distro=nx&amp;lang=en" style="width:0;height:0"></img><span xmlns="http://www.w3.org/1999/xhtml" class="bwct31415"></span></p><p xmlns="http://www.w3.org/1999/xhtml" id="mmgallerylink"><span xmlns="http://www.w3.org/1999/xhtml" id="mmgallerylink-phrase">View source version on businesswire.com: </span><span xmlns="http://www.w3.org/1999/xhtml" id="mmgallerylink-link"><a xmlns="http://www.w3.org/1999/xhtml" href="https://www.businesswire.com/news/home/20260423988681/en/" rel="nofollow">https://www.businesswire.com/news/home/20260423988681/en/</a></span></p><p xmlns="http://www.w3.org/1999/xhtml">
Robert McEntyre, Corporate Communications
<br xmlns="http://www.w3.org/1999/xhtml"></br><a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="mailto:media@x-energy.com" shape="rect">media@x-energy.com 
</a><br xmlns="http://www.w3.org/1999/xhtml"></br>+1 240.673.6565

</p><p xmlns="http://www.w3.org/1999/xhtml">
Patricia Gil, Investor Relations
<br xmlns="http://www.w3.org/1999/xhtml"></br><a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="mailto:investors@x-energy.com" shape="rect">investors@x-energy.com 
</a><br xmlns="http://www.w3.org/1999/xhtml"></br>+1 301.558.3040

</p>

X-energy has priced its IPO at $23 per share with a total of 44.25 million shares. Trading is set to start on April 24, 2026, which could provide significant liquidity and investor interest in advanced nuclear technology.

X-energy Announces Pricing of Upsized Initial Public Offering

AI Summary

Sentiment Rationale

Trading Thesis

Market-Moving

Key Facts

Companies Mentioned

Corporate Developments

Related News