The Venture Codex

Participated · Series C · Dec 2023

X-energy’s core product is the Xe-100, an 80-megawatt, high-temperature, gas-cooled SMR that uses billiard-ball-sized, carbon-coated uranium fuel pebbles and helium coolant to generate steam for electricity. The company is focused on establishing a supply chain capable of delivering these reactors at scale and has already secured orders for 144 SMRs totaling 11 gigawatts of capacity. Early customers include Amazon, Dow, and British utility Centrica; Amazon alone has committed to more than 600 MW of capacity in the Pacific Northwest and Virginia, with the potential to deploy up to 5 GW by 2039. X-energy is positioning its technology to meet surging demand from tech companies and data-center operators seeking reliable, zero-carbon power. Financially, the startup has raised $1.8 billion to date, with $1.4 billion of that coming in the past year through its Series C and Series D rounds. The fresh capital will be used to build out the manufacturing and supply infrastructure required for large-scale SMR deployment.