Amazon-Backed X-energy Raises $700M for SMRs, Targets AI Data Center Power Needs

X-energy, the US small-modular-reactor (SMR) developer backed by Amazon has closed a $700 million financing round as private capital pours into next-generation nuclear to meet soaring power needs from data centres and AI, the Financial Times reported.

The raise brings X-energy’s total capital raised in the past 13 months to about $1.4 billion and attracted a slate of new institutional and strategic investors.

Investors are wagering that modular nuclear will be a core source of reliable, low-carbon baseload power as AI and cloud workloads drive electricity demand. X-energy says it now has an order backlog north of 11 gigawatts, roughly 144 Xe-100 SMR units, from industrial and utility partners including Amazon, Dow and the UK’s Centrica.

The company and its backers told the FT the package of commercial commitments distinguishes X-energy in a crowded field of SMR hopefuls.

Who Led & Who Joined?

The $700m round was reported by the FT as led by Jane Street and included new participants such as ARK Invest, Point72 and others, alongside prior strategic backers including Amazon. X-energy’s own announcement said proceeds will accelerate final design, licensing and early construction work for its Xe-100 helium-cooled reactor and related fuel-fabrication efforts.

X-energy’s immediate programme includes four Xe-100 SMRs planned for Dow’s Seadrift, Texas site, a project supported by the US Department of Energy, and separate deployment plans with Centrica in the UK.

The company has applied to the US Nuclear Regulatory Commission for a construction licence and said the review is on an 18-month timetable, which X-energy executives described as “ahead of schedule.”

Why Investors & Tech Firms Care

Tech companies and data-centre operators face a growing squeeze for uninterrupted, carbon-constrained power as AI workloads scale. Supporters argue that SMRs, modular, factory-built reactors that produce tens to a few hundred megawatts each, can be sited closer to demand, offer predictable output, and pair with long-term offtake contracts from hyperscalers.

Backers say X-energy’s helium-cooled Xe-100 design and TRISO fuel promise enhanced safety and modularity versus legacy reactors.

Market Context and Risks

The deal is one of several large rounds for SMR developers in recent months as nuclear financing conditions improve; FT reporting puts SMR fundraising across the sector at roughly $1.5 billion in the past year.

Still, developers must clear tough regulatory, supply-chain and construction-cost hurdles before commercial fleet scale-ups become reality, and scheduling, permitting and licence outcomes will determine whether investor optimism converts into gigawatts of operating capacity.