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(Bloomberg) — X-Energy Inc. filed for a US initial public offering, becoming the latest firm to advance public listing plans despite turmoil in the Middle East souring risk sentiment.
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The Rockville, Maryland-based company 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, according to a Friday filing with the US Securities and Exchange Commission.
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The filing comes as fears about an escalation of the war in Iran boosted oil prices and hammered stocks and bonds after CBS reported the Pentagon is preparing to deploy ground forces into Iran.
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X-Energy designs next-generation nuclear reactor technologies and makes advanced nuclear fuel. Its reactors use so-called Triso pellets, or tristructural isotropic, poppyseed-sized uranium beads that burn hotter and longer than conventional fuel.
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The company raised roughly $700 million late last year in a deal led by Jane Street with participation from investors including ARK Invest, Galvanize, Point72, and Ares Management funds. A deal to go public through a merger with a blank-check firm backed by private equity company Ares Management was called off in 2023.
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X-energy is using its small modular reactor and TRISO-X fuel in projects with Dow Inc., Amazon.com Inc., and Centrica.
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The offering is being led by JPMorgan Chase & Co., Morgan Stanley, Jefferies Financial Group Inc., and Moelis & Co. The company will be listed on the Nasdaq Stock Market under the symbol XE.
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