X-energy Reactor Company, LLC has officially closed an oversubscribed Series D financing round of approximately $700 million to support its next phase of growth. The round was led by Jane Street, with participation from a mix of new and existing institutional investors, underscoring strong market confidence in advanced nuclear technologies. The fresh capital will help X-energy expand its supply chain and commercial pipeline as it moves to deploy a fleet of Xe-100 small modular reactors to meet rising global demand for clean, reliable power.
Strategic Investment Partners
The Series D attracted several prominent new institutional investors, including ARK Invest, Galvanize, Hood River Capital Management, Point72, Reaves Asset Management, XTX Ventures, and others. They joined existing backers such as Ares Management funds, Corner Capital, Emerson Collective, NGP, Segra Capital Management, and additional long-term supporters. This combination of growth, infrastructure, and climate-focused investors gives X-energy both capital and strategic insight as it scales from project development into large-scale deployment.
Advancing Reactor Technology
A key focus of the funding is the continued commercialization of the Xe-100, X-energy’s high-temperature gas-cooled small modular reactor. Designed to provide flexible, grid-scale electricity and high-temperature steam for industrial processes, the Xe-100 is being positioned as a safer and more versatile alternative to conventional nuclear technologies. The new capital will help X-energy progress its development and licensing efforts, support early projects such as the planned multi-unit plant in Texas, and move from engineering milestones toward full deployment at customer sites.
Strengthening Fuel Infrastructure
X-energy is also building out the fuel infrastructure required to support its growing reactor orderbook. The company’s TRISO-X subsidiary is constructing a first-of-its-kind advanced nuclear fuel fabrication facility in Oak Ridge, Tennessee, dedicated to producing TRISO-based fuel for advanced SMRs. This facility, together with ongoing qualification work at U.S. national laboratories, is central to creating a secure domestic supply chain of specialized fuel that will underpin long-term Xe-100 operations.
Addressing Data Center Growth
The raise comes at a time when the rapid expansion of artificial intelligence and hyperscale data centers is putting unprecedented pressure on power grids. Large technology and industrial customers are seeking firm, carbon-free generation that can operate around the clock, rather than relying solely on intermittent renewables. X-energy’s advanced nuclear solution, backed by long-term agreements with major corporates, is being positioned as a scalable way to support this surge in electricity demand while staying aligned with net-zero commitments.
Executive Leadership Insights
Founder and Executive Chairman Kam Ghaffarian has framed the round as a step toward making advanced nuclear “accessible, affordable, and essential” to an energy-abundant future. Chief Executive Officer J. Clay Sell has emphasized that the new investors bring not only capital but also deep experience in energy, infrastructure, and high-growth technology businesses. Together, the leadership team is focusing on executing against commercial contracts, advancing regulatory approvals, and delivering on commitments to customers in North America and abroad.
Broader Market Implications
This Series D ranks among the largest private financings completed in the advanced nuclear and SMR sector, and it brings X-energy’s total capital raised in roughly the past year to around $1.4 billion when combined with its expanded Series C. It reflects a broader shift in investor sentiment, in which nuclear is increasingly treated as a core pillar of the global energy transition rather than a niche or last-resort option. As governments and corporations push toward net-zero targets while grappling with grid constraints, institutional capital is flowing into technologies that can provide both deep decarbonization and dependable baseload power.
With approximately $700 million in new funding, X-energy is positioned to accelerate deployment of its Xe-100 reactors and associated fuel infrastructure at a commercial scale. The company now aims to convert its substantial pipeline, measured in multiple gigawatts of potential capacity, into operating plants that can directly serve industrial, utility, and data center customers. In a global landscape defined by growing energy demand and tightening climate goals, this financing marks a pivotal moment for X-energy and for the broader commercialization of advanced nuclear solutions.