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Kalkine IPO Report

Is this the right time to exit from X-Energy, Inc.(XE)?

Apr 27, 2026

Company Overview

X-Energy, Inc. is an advanced nuclear energy company headquartered in Rockville, Maryland, focused on the design, development, and commercialization of next-generation small modular reactors (SMRs) and proprietary nuclear fuel. The company is centered on two integrated technology platforms: its flagship Xe-100 high-temperature gas-cooled reactor (HTGR) and its proprietary TRISO-X pebble fuel, manufactured at its Oak Ridge, Tennessee facility. The Xe-100 is designed to deliver up to 80 MWe of electricity (or 200 MWth of heat) per unit and is scalable to 320 MWe through a four-pack configuration, making it suitable for industrial heat, power generation, and data center applications.

Initial Public Offering

The company launched its IPO on April 24th, 2026, under the ticker XE and sold approximately 42,857,143 shares of Class A Common Stock at USD 17.50 share. We had covered this IPO in our ‘Kalkine IPO Report’ on April 20, 2026, and had concluded that this IPO was “Attractive” given it given the financial performance of the company, use of proceeds, and associated risks.

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Disclaimer-

This report (“Report”) has been issued by Kalkine New Zealand Limited (FSP691351) (NZBN:9429047678101) (“Kalkine”). Kalkine is a Financial Advice Provider (“FAP”) and is authorised by a Class 1 Financial Advice Provider Licence issued by Financial Markets Authority (“FMA”) to provide financial advice. Kalkine provides only general financial advice through its research reports following a person becoming a member. The reports contain buy/sell/hold and other recommendations in relation to equity securities, managed funds and other managed investment schemes and other financial advice products. The recommendations and opinions in this Report and on Kalkine website do not take into account any of your investment objectives, financial situation or needs. Before you make a decision about whether to acquire a financial product, you should obtain the Product Disclosure Statement from the product issuer. You should consider the appropriateness of advice taking into account your own objectives, financial situation and needs and seek independent financial advice before making any financial decisions. If you act on the advice in the research reports, you may have to pay fees, expenses or other amounts (but not to Kalkine).

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Past performance is not a reliable indicator of future performance.