Total amount raised
$1.8B
Latest funding date
2026-01-28
Location
X-energy has successfully raised funds over 9 rounds, with the latest being a $700 million Series D financing round. The company is backed by 26 investors, including Point72, ARK Investment Management, and Jane Street Capital.
Keep reading to explore the intricacies of X-energy's fundraising journey and the investors backing this innovative platform.
X-energy has raised funding across multiple rounds backed by more than 27 investors, including Jane Street, Amazon's Climate Pledge Fund, Ares Management, ARK Invest, and the U.S. Department of Energy.
Keep reading to explore X-energy's full fundraising journey, from early government grants to its oversubscribed $700 million Series D in 2025.
What Is X-energy?
X-energy is an advanced nuclear technology company headquartered in Rockville, Maryland. Founded in 2009, the company develops the Xe-100, a high-temperature gas-cooled small modular reactor (SMR), and produces TRISO-X fuel — a proprietary nuclear fuel designed for next-generation reactors. X-energy's technology is aimed at delivering safe, carbon-free energy at commercial scale to meet growing global electricity demand, including from data centers and industrial customers.
How Much Funding Has X-energy Raised?
- DOE ARC Grant
- Amount Raised: USD 40,000,000
- Date: January 2016
- Investor: U.S. Department of Energy (Advanced Reactor Concepts Program)
- ARPA-E Grant
- Amount Raised: USD 6,000,000
- Date: May 2020
- Investor: U.S. Department of Energy (ARPA-E)
- DOE ARDP Grant
- Amount Raised: USD 80,000,000
- Date: August 2022
- Investor: U.S. Department of Energy (Advanced Reactor Demonstration Program)
- Series C (Tranche 1)
- Amount Raised: USD 25,000,000
- Date: January 2023
- Lead Investors: DL E&C, Doosan Enerbility
- Series C (Tranche 2 — Final Close)
- Amount Raised: USD 235,000,000 (total Series C including $80M additional close)
- Date: December 2023
- Lead Investors: Ares Management, Kam Ghaffarian (X-energy Founder)
- Series C-1 (Initial Close)
- Amount Raised: USD 500,000,000
- Date: October 2024
- Lead Investor: Amazon's Climate Pledge Fund
- Other Investors: Ken Griffin (Citadel Founder), Ares Management, NGP, University of Michigan
- Series C-1 (Upsized Final Close)
- Amount Raised: USD 200,000,000 (upsizing the Series C-1 to $700M total)
- Date: February 2025
- New Investors: Segra Capital Management, Jane Street, Ares Management funds, Emerson Collective
- Private Equity Round
- Amount Raised: USD 5,000,000
- Date: January 2026
- Lead Investor: Stack Capital Group
- Other Investors: Point72
- Series D
- Amount Raised: USD 700,000,000
- Date: November 2025
- Lead Investor: Jane Street
- New Investors: ARK Invest, Galvanize, Hood River Capital Management, Point72, Reaves Asset Management, XTX Ventures
- Existing Investors: Ares Management funds, Corner Capital, Emerson Collective, NGP, Segra Capital Management
Total Amount Raised: At least $1.8 billion based on disclosed funding (including equity rounds, grants, and private equity; excludes undisclosed seed/Series B rounds).
Key Investors
- Jane Street
- Details: Jane Street is a global trading firm and quantitative investment manager. It led X-energy's Series D ($700M, November 2025) and participated in the Series C-1 upsizing (February 2025), making it one of X-energy's most prominent institutional backers.
- Amazon's Climate Pledge Fund
- Details: Amazon's Climate Pledge Fund anchored X-energy's $500M Series C-1 in October 2024, supporting the deployment of up to 5 GW of X-energy's Xe-100 SMRs to power Amazon's operations with clean energy.
- Ares Management
- Details: Ares Management is a global alternative investment manager. It has participated in X-energy's Series C (December 2023), Series C-1 (October 2024 and February 2025), and Series D (November 2025), making it a consistent multi-round backer.
- ARK Invest
- Details: ARK Invest is a technology-focused investment management firm led by Cathie Wood. It joined as a new investor in the Series D round (November 2025), reflecting growing institutional confidence in advanced nuclear technologies.
- Emerson Collective
- Details: Emerson Collective is an impact investment organization founded by Laurene Powell Jobs. It joined the Series C-1 upsizing (February 2025) and continued its participation in the Series D (November 2025).
- U.S. Department of Energy
- Details: The DOE has been a foundational backer of X-energy since 2016, providing grants through its Advanced Reactor Concepts (ARC), ARPA-E, and Advanced Reactor Demonstration Program (ARDP), collectively contributing over $126 million in non-dilutive government funding.
- Stack Capital Group
- Details: Stack Capital Group is a Toronto-based investment firm. It led a $5 million private equity round in X-energy in January 2026, reflecting continued investor confidence ahead of the company's anticipated IPO.
What's Next for X-energy?
X-energy is focused on commercializing its Xe-100 small modular reactor and TRISO-X fuel technology. With substantial backing from Amazon and other institutional investors, the company is working to complete its reactor design, obtain NRC licensing, and build out its fuel fabrication facility in Oak Ridge, Tennessee. X-energy aims to deploy its first commercial reactors and expand globally to meet the surging demand for clean, reliable energy.
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