X-Energy, Inc. (XE)

Price$17.71Cached quoteAs of 2026-09-06 03:43 UTC

AI: Overvalued

Price checkThe shares look expensive because today’s value assumes major commercial success years before reactor sales scale.

Using 287.4 million Class A shares plus 118.9 million Class B-linked units that can convert one-for-one into Class A shares, the observed price implies roughly $7.1 billion of economic equity value before other potential dilution. Subtracting $1.90 billion of cash and investments leaves about $5.2 billion for the operating business. Against roughly $196 million of annualized first-half 2026 revenue plus grant income, that is about 26.5 times. Most revenue remains development work, so the valuation requires successful deployment and profitable scale well before current results prove either. TradingView +3 SEC +3 SEC +3

Big pictureRevenue is growing fast, but losses and cash spending remain too large to call earnings durable.

Annual revenue slipped from $120.2 million in 2024 to $109.1 million in 2025, then first-half 2026 services revenue rose to $90.0 million as project work accelerated. Yet first-half gross loss was about $62.0 million, operating cash use reached $164.6 million, and capital spending was $106.3 million. Free cash flow, meaning cash left after operations and capital investment, was therefore about negative $270.8 million. This is mainly project-stage volatility tied to development milestones and government reimbursement, not a stable commercial earnings cycle. SEC +2 SEC +2

Business strengthA debt-free balance sheet buys time, while customers and fuel progress make the long-term case credible.

X-energy ended June with about $1.90 billion of liquidity and no debt, giving it meaningful protection while development continues. At the first-half 2026 free-cash-flow pace, that liquidity covers roughly three and a half years, although spending could rise as facilities and reactor work scale. The bull case is a contingent 144-reactor, 11.5-gigawatt pipeline involving Dow, Amazon, and Centrica plus improving fuel supply. The bear case is equally concrete: no Xe-100 has operated yet, and about 91% of first-half revenue and grant income came from the U.S. government. SEC +3 X-Energy, Inc. +3 SEC +3

What could change the storyLicensing wins and binding customer orders could justify more value; delays or dilution would weaken it quickly.

The key proof points are Dow’s construction permit, a final investment decision, binding reactor orders, and continued fuel-factory progress. Cash deployment is already substantial: first-half capital spending reached $106.3 million. The IPO supplied about $1.1 billion of net cash, showing how important outside capital remains. Dilution also matters: June filings listed 14.1 million contingent warrant shares, 7.6 million options, and about 7.5 million restricted shares or units. If project costs outrun government and customer funding before commercial cash generation, more equity issuance could reduce each existing share’s claim on future value. SEC +2 SEC +2

AI: News

Second-quarter revenue surgeSecond-quarter activity more than doubled, but higher spending showed that growth still costs substantial cash.

On August 13, X-energy reported second-quarter revenue and grant income of $54.6 million, up 154% from $21.5 million a year earlier. Operating cash use was $97.3 million versus $20.0 million, so stronger activity did not yet translate into cash generation. The shares finished 11.7% higher that session. The timing makes the results a plausible contributor, but it does not prove the report alone caused the move. Investors were rewarding faster project execution while still accepting heavy development spending. X-Energy, Inc. +1

Long-term fuel supply signedA Centrus agreement reduced a key fuel bottleneck for part of X-energy’s planned reactor fleet.

On August 6, X-energy and Centrus announced a definitive long-term agreement for uranium enrichment services, including the higher-enriched fuel needed by the Xe-100. X-energy said full execution would support part of the initial fuel needs for its roughly 11.5-gigawatt commercial pipeline. The shares ended 9.3% higher that day. That reaction is consistent with investors valuing lower fuel-supply risk, although the same-day gain cannot be attributed solely to this announcement. X-Energy, Inc. +1

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Revenue

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2022

2024

2025

Net income

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2022

2024

2025

Free cash flow

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Total cash / debt

CashTotal debt

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2025

Financial statements

	2025	2024	2022	2021
Revenue	$109.1M	$120.2M	$104.9M	$77.0M
Research & development	$1.7M	$1.7M	$2.7M	$1.2M
Operating expenses	$141.2M	$77.4M	$60.3M	$30.3M
Operating income	−$216.9M	−$123.5M	−$102.9M	−$60.8M
Operating margin	−198.81%	−102.80%	−98.08%	−78.97%
EBITDA	−$211.0M	−$108.9M	−$110.3M	−$61.6M
EBITDA margin	−193.39%	−90.60%	−105.11%	−79.98%
Net income	−$389.8M	−$126.0M	−$122.2M	−$64.1M
Net profit margin	−357.27%	−104.83%	−116.54%	−83.21%
Basic EPSper basic share	-$0.54	-$0.46	-$0.45	-$0.23
Diluted EPSper diluted share	-$0.54	-$0.46	-$0.45	-$0.23

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

22.91%of listed shares

AMAZON COM INC65.84M shares · Jun 30, 2026

View holders

Top 20 reported holders of XE
Holder	% owned
AMAZON COM INC	22.91%65.84M shares
SEGRA CAPITAL MANAGEMENT, LLC	5.04%14.48M shares
ARES MANAGEMENT LLC	4.82%13.84M shares
ONTARIO TEACHERS PENSION PLAN BOARD	2.95%8.46M shares
VAN ECK ASSOCIATES CORP	2.48%7.12M shares
Ghaffarian Kamal Seyed / X-Energy Holdings, LLC	≈2.28%6.55M shares
Point72 Asset Management, L.P.	1.98%5.69M shares
Ares Partners Holdco LLC / Ares X-Energy Holdings LP / ACIP Investments Pooling LLC - Series 31	≈1.89%5.44M shares
ARK Investment Management LLC	1.88%5.41M shares
BlackRock, Inc.	1.53%4.4M shares
JANE STREET GROUP, LLC	1.34%3.86M shares
DOW CHEMICAL CO /DE/	1.32%3.79M shares
D. E. Shaw & Co., Inc.	1.31%3.78M shares
SELL JEFFREY CLAY	≈1.30%3.75M shares
CITADEL ADVISORS LLC	0.84%2.41M shares
Hood River Capital Management LLC	0.81%2.34M shares
PRICE T ROWE ASSOCIATES INC /MD/	0.81%2.32M shares
SOROS FUND MANAGEMENT LLC	0.78%2.25M shares
UBS Group AG	0.71%2.05M shares
VANGUARD CAPITAL MANAGEMENT LLC	0.64%1.84M shares

Percentages use 287.4M shares of this listed class outstanding on Jun 30, 2026. ≈ compares the latest reported holding with a share total from a different date; it is not a confirmed current stake.

Gray completes the 100% scale. Reported positions may overlap; holders have different reporting dates.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys4$282.9K disclosed value

Sells (SEC code S)0$0.00 disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Apr 27, 2026Form 4	Duling JoelPresident, TRISO-X	BuyClass A Common Stock	100	$23.00	$2.3K	552.7K
Apr 27, 2026Form 4	GARCIA LAURAChief Accounting Officer	BuyClass A Common Stock	1.2K	$23.00	$27.6K	196.8K
Apr 27, 2026Form 4	Wallace Michael J WallaceDirector	BuyClass A Common Stock	1.0K	$23.00	$23.0K	71.2K
Apr 27, 2026Form 4	HYLE KATHLEEN WDirector	BuyClass A Common Stock	10.0K	$23.00	$230.0K	127.6K

Review ownership filings at SEC.gov ↗

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X-Energy, Inc. (XE)

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