Reactor developer files for IPO as it advances SMR partnerships
US-based advanced reactor developer X-energy and energy company Talen Energy have signed a letter of intent to assess the deployment of small modular reactors (SMRs) in Pennsylvania and across the 13-state PJM electricity market, said a statement.
The statement said the companies will explore developing three or more multi-unit plants using X-energy’s XE-100 SMR design, potentially at or near existing fossil-fuel sites.
The PJM Interconnection Regional Transmission Organisation coordinates the movement of wholesale electricity across a large part of the eastern US. It operates the power grid and electricity market across 13 states and Washington, D.C.
The agreement includes early-stage project development work such as feasibility studies, site evaluations and planning for project execution. The partners said the approach could allow the use of existing transmission infrastructure and workforce resources.
The Xe-100 is a Generation IV high-temperature gas-cooled reactor (HTGR). According to the International Atomic Energy Agency, interest in HTGRs is increasing because they can provide efficient and cost-effective electricity and produce high-temperature process heat usable for various industrial applications.
The Xe-100 reactor is designed to produce 80 MW of electricity or 200 MW of process heat using Triso particle fuel, known for its high safety performance. The reactors are expected to operate for up to 60 years.
X-energy is planning deployment of the first Xe-100 SMR at chemical company Dow Inc’s UCC Seadrift Operations in Texas.
In May 2025, the proposed four-reactor project reached a critical milestone when its construction permit application was accepted for review by the US Nuclear Regulatory Commission. The plant, known as Long Mott, could become first advanced nuclear facility at a US industrial site.
In June 2025, Talen signed a long-term power purchase agreement with Amazon to supply up to 1,920 MW of electricity from its Susquehanna nuclear power station.
The proposed cooperation with Talen comes as X-energy said it also prepares for a proposed initial public offering in the US, with the company filing a draft registration statement with the Securities and Exchange Commission.
The company said it intends to list its Class A common stock on the Nasdaq global select market, but the number of shares and price range have not yet been determined.
