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(Bloomberg) — X-Energy Inc., a nuclear energy firm that counts Amazon.com Inc. as a backer, raised $1.02 billion in an upsized US initial public offering that priced above the marketed range.
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The Rockville, Maryland-based company sold 44.3 million shares for $23 each, according to a statement Thursday. X-Energy had marketed the shares for $16 to $19 each.
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At the IPO price, the company has a market value of $9.1 billion based on the outstanding shares listed in its filings.
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X-Energy designs small modular nuclear reactors and makes advanced nuclear fuel. Its reactors use so-called Triso pebbles, or tristructural isotropic, poppyseed-sized uranium kernels that burn hotter and longer than conventional fuel. The firm plans to use its reactors to power industrial facilities and artificial intelligence data centers and has agreements in place with Dow Inc., Amazon and Centrica Plc.
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Ark Investment Management was interested in buying as much as $105 million worth of shares in the offering at the IPO price, according to the filings.
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The offering comes as firms have been racing to bring the first US small modular reactor to market. X-Energy aims to make its first delivery by the early 2030s. Citigroup Inc. analyst Vikram Bagri wrote in a note to clients April 17 that X-Energy’s IPO launch “suggests continued appetite among investors for small modular reactors.”
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Founder and chairman Kamal Ghaffarian controls 61% of the class B shares of the company, while affiliates of Ares Management Corp. have 26%, the filings show.
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X-Energy had a net loss of roughly $390 million on revenue of $94 million, not including grants, last year, compared with a net loss of $126 million on revenue of $84 million a year earlier, the filing shows.
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The offering is being led by JPMorgan Chase & Co., Morgan Stanley, Jefferies Financial Group Inc. and Moelis & Co. The company expects to debut Friday on the Nasdaq Stock Market under the symbol XE.
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