X-energy, a leading developer of advanced small modular nuclear reactors (SMRs) and nuclear fuel technology, achieved a historic milestone on February 13, 2026, when its subsidiary TRISO-X received the first new commercial nuclear fuel fabrication facility license from the U.S. Nuclear Regulatory Commission (NRC) in over 50 years.[2][3] This approval, coupled with significant investments from technology giant Amazon and other major investors, positions the Maryland-based company at the forefront of the next generation of nuclear energy development.
This post examines X-energy’s technology, ownership structure, recent developments, and the implications of its progress for the future of clean energy.
Company Overview and Technology
Founded in 2009 by Kam Ghaffarian and headquartered in Rockville, Maryland, X-energy is a private venture capital-backed company specializing in the development of advanced nuclear reactors and proprietary fuel technologies.[9] The company employs approximately 469 people and has established itself as a leader in the advanced nuclear commercialization space.[9]
The Xe-100 Reactor
X-energy’s flagship product is the Xe-100, an advanced high-temperature gas-cooled reactor (HTGR) designed as an 80-megawatt electric (MWe) unit. The reactor is optimized in four-unit plants delivering 320 MWe, with the capability to scale up to 12 units generating 960 MWe.[5]
A key differentiator of the Xe-100 is its versatility. Beyond electricity generation, the reactor can provide high-temperature heat and steam reaching 565°C for industrial applications, making it suitable for manufacturing, chemical production, hydrogen generation, and petroleum refining. The reactor operates at a 95% capacity factor, significantly higher than many other generating sources, and uses helium as a coolant that cycles through the core absorbing heat without becoming radioactive.
TRISO-X Fuel Technology
The Xe-100 is powered by X-energy’s proprietary TRISO-X fuel, which the U.S. Department of Energy has called “the most robust nuclear fuel on Earth.” TRISO (tristructural isotropic) fuel consists of poppy-seed-sized uranium kernels encapsulated in multiple layers of carbon and ceramic materials. These coated particles are embedded in graphite to form spherical fuel elements commonly referred to as “pebbles.”[1]
The unique design of TRISO fuel allows it to retain fission products within the fuel without requiring complex safety systems, enabling engineers to simplify reactor design and potentially reduce licensing complexity. The fuel acts as its own containment vessel, with pebbles capable of being directly transferred to dry storage without needing a spent fuel pool.
Ownership and Investment Landscape
X-energy has attracted substantial investment from a diverse group of strategic and financial investors, raising approximately $1.8 billion in private capital as of early 2026.[4][9] The company also benefits from up to $1.2 billion in U.S. Department of Energy funding through the Advanced Reactor Demonstration Program (ARDP).[6]
Key Strategic Investors
Amazon: In October 2024, Amazon’s Climate Pledge Fund anchored an approximately $500 million Series C-1 financing round for X-energy. This investment represents a strategic partnership aimed at bringing more than 5 gigawatts of new power projects online across the United States by 2039 — the largest commercial deployment target of SMRs to date.[4] Amazon is also supporting an initial 320-megawatt project with regional utility Energy Northwest in central Washington, with an option to expand that project to 12 units and 960 megawatts.
Dow Inc.: In March 2023, Dow and X-energy signed a joint development agreement to build a four-unit Xe-100 facility at Dow’s UCC Seadrift Operations manufacturing site on the Texas Gulf Coast. Dow’s wholly owned subsidiary, Long Mott Energy LLC, filed the construction permit application with the NRC on March 31, 2025.[6] Once complete, the Long Mott Generating Station is expected to be the first grid-scale advanced nuclear reactor deployed to serve an industrial site in North America, providing the site with safe, reliable, clean electricity and steam while reducing the Seadrift Site’s Scope 1 and 2 emissions by approximately 500,000 metric tons of CO₂e annually.
Ontario Power Generation (OPG): OPG serves as both a strategic partner for potential deployment in Canada and a financial investor in X-energy.
Financial Investors
X-energy has built a robust base of financial investors through multiple funding rounds. In November 2025, the company closed an oversubscribed Series D funding round totaling approximately $700 million, led by Jane Street with participation from new investors including ARK Invest, Ares Management, Point72, and others.[4] Most recently, in January 2026, Stack Capital Group Inc. invested $5 million USD into X-energy.[8]
The company’s total investor count exceeds 44, including notable names such as Citadel founder and CEO Ken Griffin, affiliates of Ares Management Corporation, NGP, the University of Michigan, and Curtiss-Wright Corporation.[9]
Historic NRC Fuel License Achievement
On February 13, 2026, X-energy’s wholly owned subsidiary TRISO-X received a historic 40-year Special Nuclear Material license (SNM-7007) from the Nuclear Regulatory Commission under 10 CFR Part 70.[2][3] This marks the first-ever approval of a commercial Category II nuclear fuel fabrication facility and the first new fuel facility licensed by the NRC in over 50 years, authorizing TRISO-X to fabricate commercial TRISO fuel using high-assay low-enriched uranium (HALEU) at its TRISO-X Fuel Fabrication Facility (TF3) under construction in Oak Ridge, Tennessee.[1]
The TRISO-X Fuel Fabrication Facility
The Oak Ridge facility represents a multi-phase approach to establishing commercial TRISO fuel production in the United States. The first production unit, TX-1, is currently under construction at the 110-acre Horizon Center Site, with vertical construction having begun on November 17, 2025.[7] The construction phase is expected to span five years, with core-and-shell completion of the 214,812-square-foot facility expected by mid-2026.[2][7]
Once operational following NRC final inspection, TX-1 will house one production line with a capacity of 5 metric tons of uranium per year — approximately 700,000 TRISO pebbles annually — enough fuel for up to 11 Xe-100 reactors.[2] A second unit, TX-2, is currently in the design phase and will significantly scale TRISO fuel production capacity to support X-energy’s 11 GW commercial pipeline.[1] Operations are projected to start in 2027.[2]
The NRC completed its review three months ahead of the published schedule.[1] NRC Chairman Ho K. Nieh stated: “Commercial-scale production of this fuel is key to enabling the deployment of advanced reactor designs. This license represents an important milestone that supports the Department of Energy’s program to accelerate deployment of nuclear technologies and deliver more power to the grid.”[2][10]
Fuel Feedstock and Supply Chain
The facility will source feedstock from multiple locations: low-enriched uranium U₃O₈ from Urenco USA’s enrichment facility in Eunice, New Mexico; HALEU U₃O₈ from the American Centrifuge Plant in Piketon, Ohio; and dilute uranyl nitrate from the Department of Energy’s Savannah River Site in Aiken, South Carolina. Feedstock will be transported in NRC-licensed containers via truck.[3]
In April 2025, TRISO-X was allocated an initial tranche of HALEU through the DOE’s HALEU Availability Program to manufacture fuel for the first core loads at Long Mott Generating Station.[7]
Commercial Pipeline and Global Expansion
X-energy has built an 11 GW commercial pipeline equivalent to 144 Xe-100 reactors, supported by strategic partnerships and supply chain agreements with global industrial leaders.[1][4]
U.S. Deployment Projects
Long Mott Generating Station, Texas: The four-unit 320-MWe plant planned for Dow’s Seadrift Operations represents X-energy’s first commercial deployment. The NRC is currently reviewing the construction permit application filed on March 31, 2025, under an 18-month schedule, with a permit possible later in 2026.[6] Construction could begin later this decade with startup expected early next decade.
Cascade Advanced Energy Facility, Washington: In partnership with Energy Northwest and Amazon, this initially planned 4-unit, 320-MW plant has options to expand to 12 units as part of Amazon’s strategy to bring more than 5 GW of new power projects online by 2039.[4]
International Expansion
United Kingdom: In September 2025, X-energy signed a joint development agreement with British utility Centrica to deploy a fleet of up to 6 GW of Xe-100 capacity in the UK, with a preferred first project being a 12-unit, 960-MW deployment at the Hartlepool site adjacent to the existing Hartlepool nuclear power station.[5] Centrica expects to launch full-scale development in 2026, with electricity generation targeted for the mid-2030s subject to regulatory approval.
Canada: The company has completed a feasibility study for Xe-100 deployment in Alberta, Canada, and signed a Memorandum of Understanding focused on increasing Indigenous access and inclusion in the wider Canadian nuclear industry.
South Korea: X-energy secured a 16-unit Xe-100 component reservation with manufacturing partner Doosan Enerbility, which is committing to a new SMR component factory in Changwon, South Korea, with capacity to support approximately 20 Xe-100 reactors annually at full production.
Supply Chain Development
X-energy has established strategic supply chain partnerships to support its commercial pipeline. In January 2026, the company announced a 10-year graphite supply agreement with SGL Carbon valued at over $100 million for the initial three-year award, with SGL having commenced production of graphite reactor components using their specialized NBG-18 medium-grain isotropic graphite for the Seadrift deployment. The company has also secured agreements for IG-110 fine-grain graphite and partnered with Korea Hydro & Nuclear Power for fleet-scale deployment collaboration.
Path to Commercial Operations
While the NRC license represents a monumental achievement, several steps remain before commercial operations can begin. TRISO-X must obtain additional permits, including air quality operating permits from Tennessee regulators, Department of Transportation registration for hazardous materials transportation, and state radioactive material licenses.[2] Before introducing uranium into the facility, the NRC will conduct a final inspection to verify equipment readiness, safety system functionality, and personnel training and qualifications.[1]
Initial fuel production is expected to support the Long Mott Generating Station, with first reactor deployments targeted for the early 2030s and power delivery to Amazon anticipated by 2039.[2][4] The NRC will also need to complete its review and issuance of construction permits and operating licenses for each reactor project.
Implications for the Nuclear Industry and Clean Energy
X-energy’s progress carries significant implications for the nuclear industry and the broader clean energy transition. The establishment of a domestic commercial TRISO fuel supply addresses a longstanding gap in the U.S. nuclear fuel cycle and supports energy security priorities.[1] The company’s ability to attract substantial private investment from technology companies and financial institutions demonstrates growing confidence in advanced nuclear technology as a solution for reliable, carbon-free baseload power.
For data center operators like Amazon facing surging electricity demands from artificial intelligence and cloud computing, advanced nuclear offers a path to decarbonization while ensuring 24/7 power availability. Similarly, for industrial manufacturers like Dow, the Xe-100’s high-temperature output provides a clean energy solution for processes that have traditionally relied on fossil fuels.
Conclusion
X-energy has positioned itself at the forefront of the advanced nuclear renaissance through its innovative Xe-100 reactor design, proprietary TRISO-X fuel technology, and strategic partnerships with industry leaders including Amazon and Dow. The February 2026 NRC fuel license approval represents a historic milestone that validates the company’s technology and regulatory approach while establishing a foundation for commercial-scale TRISO fuel production in the United States.[2][3]
With approximately $1.8 billion in private capital, strong government support through the Advanced Reactor Demonstration Program, and a growing 11 GW commercial pipeline, X-energy is well-positioned to play a significant role in the deployment of next-generation nuclear technology.[4][9] As the company moves from licensing and design toward construction and operation, its progress will be closely watched by energy industry stakeholders, policymakers, and investors seeking scalable, reliable, carbon-free energy solutions for the 21st century economy.
References
- TRISO-X, “TRISO-X Receives First-Ever Part 70 HALEU Fuel Fabrication License,” February 13, 2026.
- POWER Magazine, “TRISO-X Secures First-Ever NRC Category II License for Commercial Advanced Nuclear Fuel Fabrication,” February 13, 2026.
- Federal Register, “TRISO-X, LLC; Special Nuclear Material License Application for the TRISO-X Fuel Fabrication Facility; Final EIS,” February 13, 2026.
- X-energy, “X-energy Closes Oversubscribed $700 Million Series D Financing Round,” November 24, 2025.
- X-energy, “Centrica and X-energy Sign Joint Development Agreement to Deploy U.K.’s First AMRs,” September 15, 2025.
- X-energy, “Dow and X-energy Submit Construction Permit Application to the NRC,” March 31, 2025.
- ANS Nuclear Newswire, “Construction Begins on X-energy’s Oak Ridge Advanced Fuel Facility,” November 18, 2025.
- Stack Capital Group Inc., “Stack Capital Group Inc. Invests $5 Million USD Into X-energy,” January 28, 2026.
- PitchBook, “X-energy 2026 Company Profile: Valuation, Funding & Investors,” 2026.
- NRC, “Ho Nieh Named 20th NRC Chairman,” January 8, 2026.
Disclaimer: This blog post is for informational purposes only and does not constitute investment advice. X-energy is a private company; investment availability is limited to qualified participants in private funding rounds.