X-energy

Type: Company — Private SMR developer (HTGR)

X-energy is developing the Xe-100, an 80 MWe High-Temperature Gas-Cooled Reactor (HTGR) that uses TRISO (TRistructural ISOtropic) fuel particles — tiny ceramic-coated uranium spheres that are inherently melt-proof. The Xe-100 is designed for industrial heat applications (not just electricity) and datacenter power. Amazon (AWS) is a key strategic backer and PPA partner.

Technology

• HTGR (pebble-bed variant): Helium-cooled; 750°C outlet temperature (can provide industrial process heat)
• TRISO fuel: Ceramic-coated UO2 spheres; designed to retain fission products even at extreme temperatures; no meltdown scenario possible
• Output: 80 MWe per unit; designed to be deployed in 4-unit clusters (320 MWe)
• HALEU fuel required: 15.5% enrichment

Key Status

• NRC pre-application: Active; NRC agreed to target 18-month review for construction permit
• Safety evaluation: NRC safety evaluation expected November 2026; final decision late 2026/early 2027
• AWS partnership: Amazon invested in X-energy and committed to procuring Xe-100 power
• DOE ARDP award: $80M Phase 1 award (Pathway II demonstration track)
• Target: First power 2030 at earliest (same window as Natrium)

Key Facts

• TRISO fuel can be manufactured by BWX Technologies (BWXT) — a US-listed company with existing fuel fabrication capability
• Xe-100 industrial heat application (750°C) could serve hydrogen production, chemical plants, synthetic fuels — broader addressable market than just electricity
• Amazon's backing is both financial and offtake commitment

Outstanding Questions

• Does the NRC safety evaluation in November 2026 reveal any significant design issues?
• What is X-energy's HALEU fuel supply agreement? (More critical timeline than NRC permit)
• At 80 MWe per unit, how many Xe-100s would Amazon need for a meaningful datacenter power supply?
• Will X-energy maintain independent operation or be acquired by a larger industrial player?