Amazon-backed X-energy files to raise up to $800M in IPO | TechCrunch
Nuclear startup X-energy began its investor roadshow Wednesday as it works toward its IPO, setting its target price between $16 and $19 per share, according to documents filed with the U.S. Securities and Exchange Commission. If it lists at the high end, the startup could net about $814 million.
X-energy and its peers have been riding a renewed wave of interest in fission power as demand for electricity has surged on the back of AI data centers and societywide electrification.
Amazon is one of X-energy’s biggest backers. The tech giant led a $500 million Series C-1 round and has pledged to buy as much as 5 gigawatts of nuclear power from the company by 2039.
The IPO is sure to come as a relief to X-energy’s investors, which have put about $1.8 billion into the company, according to PitchBook. The startup had previously attempted to go public via reverse merger with a special purpose acquisition company, but the two parties canceled the deal in 2023 as the SPAC craze petered out.
X-energy’s reactor is what’s known as a high-temperature, gas-cooled reactor. Inside, uranium encased in spheres of ceramic and carbon is cooled by helium gas. The gas then transfers heat to a steam turbine loop to generate electricity. The fuel design, known as TRISO, is expected to be safer than previous fuel arrangements, though it’s not widely used today.
The startup said in its SEC filing that it’s already embroiled in a patent dispute with another company that recently went bankrupt. Ultra Safe Nuclear Corporation (USNC) went bankrupt in 2024, and its assets were purchased in bankruptcy to form Standard Nuclear. X-energy alleges that USNC infringed on its fuel fabrication patents and that the matter hasn’t been resolved to its satisfaction during the course of the bankruptcy proceedings.
Outside of China, development of new nuclear reactors has all but stalled, stymied by delays and cost overruns. A new breed of startups hopes that by shrinking reactors, they’ll be able to overcome some of the challenges that have beset traditional designs.
Techcrunch event
San Francisco, CA
|
October 13-15, 2026
None of the small modular reactor startups have built a power plant yet, though several are racing to meet a deadline of July 4 set by the Trump administration.
While many might miss the arbitrary deadline, they’re still likely to achieve criticality, the moment when fission reactions become self-sustaining.
But the road from criticality to profitable power plants is likely to be long. Mass manufacturing can help bring costs down, but it usually takes around a decade for the process to start paying dividends. What’s more, the number of reactors these companies are planning to build might be more than other companies have attempted, but it might not be high enough to reap the true benefits of mass manufacturing.
X-energy expects that by the time its reactor production techniques are mature — what experts call “Nth-of-a-kind” — it will be able to bring costs down by 30% relative to the first-of-a-kind. Investors should pay close attention to how much that first reactor costs. It could make or break the company’s prospects.
#Amazonbacked #Xenergy #files #raise #800M #IPO #TechCrunchAmazon,IPO,nuclear fission,nuclear power,X-Energy
Nuclear startup X-energy began its investor roadshow Wednesday as it works toward its IPO, setting its target price between $16 and $19 per share, according to documents filed with the U.S. Securities and Exchange Commission. If it lists at the high end, the startup could net about $814 million.
X-energy and its peers have been riding a renewed wave of interest in fission power as demand for electricity has surged on the back of AI data centers and societywide electrification.
Amazon is one of X-energy’s biggest backers. The tech giant led a $500 million Series C-1 round and has pledged to buy as much as 5 gigawatts of nuclear power from the company by 2039.
The IPO is sure to come as a relief to X-energy’s investors, which have put about $1.8 billion into the company, according to PitchBook. The startup had previously attempted to go public via reverse merger with a special purpose acquisition company, but the two parties canceled the deal in 2023 as the SPAC craze petered out.
X-energy’s reactor is what’s known as a high-temperature, gas-cooled reactor. Inside, uranium encased in spheres of ceramic and carbon is cooled by helium gas. The gas then transfers heat to a steam turbine loop to generate electricity. The fuel design, known as TRISO, is expected to be safer than previous fuel arrangements, though it’s not widely used today.
The startup said in its SEC filing that it’s already embroiled in a patent dispute with another company that recently went bankrupt. Ultra Safe Nuclear Corporation (USNC) went bankrupt in 2024, and its assets were purchased in bankruptcy to form Standard Nuclear. X-energy alleges that USNC infringed on its fuel fabrication patents and that the matter hasn’t been resolved to its satisfaction during the course of the bankruptcy proceedings.
Outside of China, development of new nuclear reactors has all but stalled, stymied by delays and cost overruns. A new breed of startups hopes that by shrinking reactors, they’ll be able to overcome some of the challenges that have beset traditional designs.
Techcrunch event
San Francisco, CA | October 13-15, 2026
None of the small modular reactor startups have built a power plant yet, though several are racing to meet a deadline of July 4 set by the Trump administration.
While many might miss the arbitrary deadline, they’re still likely to achieve criticality, the moment when fission reactions become self-sustaining.
But the road from criticality to profitable power plants is likely to be long. Mass manufacturing can help bring costs down, but it usually takes around a decade for the process to start paying dividends. What’s more, the number of reactors these companies are planning to build might be more than other companies have attempted, but it might not be high enough to reap the true benefits of mass manufacturing.
X-energy expects that by the time its reactor production techniques are mature — what experts call “Nth-of-a-kind” — it will be able to bring costs down by 30% relative to the first-of-a-kind. Investors should pay close attention to how much that first reactor costs. It could make or break the company’s prospects.

![‘Cyberpunk: Edgerunners’ Creator’s New Manga Series Is a Love Letter to ‘Inception’ and Soulsborne Games
In the time before Cyberpunk: Edgerunners 2‘s imminent arrival on Netflix this fall, I’ve been living it up, rewatching the anime and re-reading manga from the folks responsible for its first season being Crunchyroll’s 2023 Anime of the Year.
While I’ve already waxed poetic about writer Bartosz Sztybor‘s Rebecca-centric prequel manga showcasing Night City as having plenty more stories to tell, season one creator Rafał Jaki has spun the block off the momentum of being one of Manga Plus’ first Western manga creators post-Edgerunners with an inventive new manga series that’s giving Inception meets Elden Ring. Coming off the heels of his refreshingly imaginative sci-fi series No\Name, in which folks’ powers were derived from the meanings of their given names, Jaki and artist Machine Gamu‘s newest series, Brain Alive—which he announced on his official X/Twitter account with a Google Drive link to read its first chapter for free—looks poised to carry that energy forward with a dark fantasy premise geared toward cinephiles and gamers alike. [embed]https://www.youtube.com/watch?v=01qvd0J-6Fc[/embed] In patented Edgerunners heart-shattering fashion, Brain Alive opens with a father named Daniel awakening from a car crash to the news that his wife didn’t survive and his son is in a coma. To keep his son company, Daniel reads him new volumes of the dark fantasy novel that inspired the Soulsborne video games they used to play together as a family. After falling asleep by his son’s bedside, Daniel finds himself stark naked inside a dungeon. Turns out, his dreams run on a kind of Kamen Rider ZETZ rule where he enters his son’s dreamscape influenced by his mind’s imaginings of their favorite video game series. But things are far from fun and games.
© Rafał Jaki/Machine Gamu Fortunately, if Daniel dies in the dream, he doesn’t die in real life. Any progress he makes in the dream follows a roguelike-meets-Soulsborne rule, with bonfire checkpoints featuring the dream-eating yokai, Baku, as a save state statue, and he returns a bit stronger as he retraces his steps in his son’s dreams. Unfortunately, Daniel can’t honk shoo-mimimi into his son’s dreams willy-nilly. He’s got a limited number of times he can go into his son’s dreams to make as much progress as he can and inch closer to saving his son’s life. Meaning, runs can’t be redone by closing his eyes and diving into his dreams multiple times a night. Think Persona 3 dungeon runs where, instead of planning dates and going to school in the interim of making doubly sure if you want to get your shit rocked in Tartarus, Daniel dedicates every waking moment to “git gud” at Soulsborne games to save his son’s life. Buddy can’t catch a break.
© Rafał Jaki/Machine Gamu As Soulsborne enemies are wont to do, everything from skeleton warriors and giant yokai to poisonous snakes wants to run the dozens with Daniel for keeps, leaving the weary father with nothing but his Soulsbourne techniques, like perfect dodges, attacking enemy weak points, and real-life sword lessons, to keep himself alive. It also doesn’t hurt that Daniel’s got the boon of a fire sabre with the spirit of his dead wife guiding him through his son’s lucid dark fantasy dreams. If the dead wife of it all isn’t the most Christopher Nolan-ism of all time, I don’t know what is. © Rafał Jaki/Machine Gamu © Rafał Jaki/Machine Gamu As is evident from its first chapter, Jaki owes a lot to both anime and the video games he’s played and helped bring into fruition in the stories he crafts. “I create in order to give back even a small fraction of what I have received from loving the work of other creators,” Jaki told IGN. “My hope is to provide someone else with that same moment of awe that I have experienced myself, offering a glimpse into another person’s mind and sharing thoughts and feelings.”
© Rafał Jaki/Machine Gamu As a wary fan of the diminishing returns of isekai-adjacent storytelling, what Jaki and Machine Gamu have put forward in Brain Alive‘s first chapter feels far from the derogatory sameness I’ve encountered from manga and anime that take gamified RPG rules for the sake of power fantasy wish-fulfillment while handwaving their many icky implications. It probably helps that Jaki is no stranger to expansive video game scripts, as the writer of Dark Horse’s The Witcher 3: Ronin comic and The Witcher: Old World board game. Like Former Destiny writer Frank Barbiere and Swamp Thing: Twin Branches artist Morgan Beem’s Image Comics series The Author Immortal (which I also strongly recommend folks check out), Brain Alive is a story with stakes and teeth I can’t wait to see pan out. You can read the first chapter of Brain Alive here ahead of its English release coming later this year, and Jaki’s first-ever manga series, No\Name, on MANGA Plus. Want more io9 news? Check out when to expect the latest Marvel, Star Wars, and Star Trek releases, what’s next for the DC Universe on film and TV, and everything you need to know about the future of Doctor Who. #Cyberpunk #Edgerunners #Creators #Manga #Series #Love #Letter #Inception #Soulsborne #GamesCyberpunk: Edgerunners,Manga,Rafal Jaki ‘Cyberpunk: Edgerunners’ Creator’s New Manga Series Is a Love Letter to ‘Inception’ and Soulsborne Games
In the time before Cyberpunk: Edgerunners 2‘s imminent arrival on Netflix this fall, I’ve been living it up, rewatching the anime and re-reading manga from the folks responsible for its first season being Crunchyroll’s 2023 Anime of the Year.
While I’ve already waxed poetic about writer Bartosz Sztybor‘s Rebecca-centric prequel manga showcasing Night City as having plenty more stories to tell, season one creator Rafał Jaki has spun the block off the momentum of being one of Manga Plus’ first Western manga creators post-Edgerunners with an inventive new manga series that’s giving Inception meets Elden Ring. Coming off the heels of his refreshingly imaginative sci-fi series No\Name, in which folks’ powers were derived from the meanings of their given names, Jaki and artist Machine Gamu‘s newest series, Brain Alive—which he announced on his official X/Twitter account with a Google Drive link to read its first chapter for free—looks poised to carry that energy forward with a dark fantasy premise geared toward cinephiles and gamers alike. [embed]https://www.youtube.com/watch?v=01qvd0J-6Fc[/embed] In patented Edgerunners heart-shattering fashion, Brain Alive opens with a father named Daniel awakening from a car crash to the news that his wife didn’t survive and his son is in a coma. To keep his son company, Daniel reads him new volumes of the dark fantasy novel that inspired the Soulsborne video games they used to play together as a family. After falling asleep by his son’s bedside, Daniel finds himself stark naked inside a dungeon. Turns out, his dreams run on a kind of Kamen Rider ZETZ rule where he enters his son’s dreamscape influenced by his mind’s imaginings of their favorite video game series. But things are far from fun and games.
© Rafał Jaki/Machine Gamu Fortunately, if Daniel dies in the dream, he doesn’t die in real life. Any progress he makes in the dream follows a roguelike-meets-Soulsborne rule, with bonfire checkpoints featuring the dream-eating yokai, Baku, as a save state statue, and he returns a bit stronger as he retraces his steps in his son’s dreams. Unfortunately, Daniel can’t honk shoo-mimimi into his son’s dreams willy-nilly. He’s got a limited number of times he can go into his son’s dreams to make as much progress as he can and inch closer to saving his son’s life. Meaning, runs can’t be redone by closing his eyes and diving into his dreams multiple times a night. Think Persona 3 dungeon runs where, instead of planning dates and going to school in the interim of making doubly sure if you want to get your shit rocked in Tartarus, Daniel dedicates every waking moment to “git gud” at Soulsborne games to save his son’s life. Buddy can’t catch a break.
© Rafał Jaki/Machine Gamu As Soulsborne enemies are wont to do, everything from skeleton warriors and giant yokai to poisonous snakes wants to run the dozens with Daniel for keeps, leaving the weary father with nothing but his Soulsbourne techniques, like perfect dodges, attacking enemy weak points, and real-life sword lessons, to keep himself alive. It also doesn’t hurt that Daniel’s got the boon of a fire sabre with the spirit of his dead wife guiding him through his son’s lucid dark fantasy dreams. If the dead wife of it all isn’t the most Christopher Nolan-ism of all time, I don’t know what is. © Rafał Jaki/Machine Gamu © Rafał Jaki/Machine Gamu As is evident from its first chapter, Jaki owes a lot to both anime and the video games he’s played and helped bring into fruition in the stories he crafts. “I create in order to give back even a small fraction of what I have received from loving the work of other creators,” Jaki told IGN. “My hope is to provide someone else with that same moment of awe that I have experienced myself, offering a glimpse into another person’s mind and sharing thoughts and feelings.”
© Rafał Jaki/Machine Gamu As a wary fan of the diminishing returns of isekai-adjacent storytelling, what Jaki and Machine Gamu have put forward in Brain Alive‘s first chapter feels far from the derogatory sameness I’ve encountered from manga and anime that take gamified RPG rules for the sake of power fantasy wish-fulfillment while handwaving their many icky implications. It probably helps that Jaki is no stranger to expansive video game scripts, as the writer of Dark Horse’s The Witcher 3: Ronin comic and The Witcher: Old World board game. Like Former Destiny writer Frank Barbiere and Swamp Thing: Twin Branches artist Morgan Beem’s Image Comics series The Author Immortal (which I also strongly recommend folks check out), Brain Alive is a story with stakes and teeth I can’t wait to see pan out. You can read the first chapter of Brain Alive here ahead of its English release coming later this year, and Jaki’s first-ever manga series, No\Name, on MANGA Plus. Want more io9 news? Check out when to expect the latest Marvel, Star Wars, and Star Trek releases, what’s next for the DC Universe on film and TV, and everything you need to know about the future of Doctor Who. #Cyberpunk #Edgerunners #Creators #Manga #Series #Love #Letter #Inception #Soulsborne #GamesCyberpunk: Edgerunners,Manga,Rafal Jaki](https://gizmodo.com/app/uploads/2026/08/Brain-Alive-4.jpg)




Post Comment