XE: Initiating Coverage With A Buy Rating And $57 Price Target

Research evidence excerpt

XE: Initiating Coverage With A Buy Rating And $57 Price Target

May 19, 2026

Joseph Osha, CFA joseph.osha@guggenheimpartners.com XE: Initiating Coverage With A Buy Rating And $57

415 852 6468 Price Target

Michael Stratoti, CFA

michael.stratoti@guggenheimpartners.com

212 518 9308 Key Message: We are initiating coverage of X-Energy, Inc. (XE) with a Buy rating and

a $57 price target.

XE is a leading next-gen nuclear • Pure-play Leader In Next-Gen Nuclear Technology:

technology provider offering the Xe-100 SMR (Gen IV HTGR, 320 MWe four-packs),XE BUY proprietary TRISO-X fuel, and full-lifecycle services. It holds an industry-leading ~11.5

X-Energy, Inc. GW contracted backlog, more than any other SMR company, representing $150B+

Sector: Energy Technology revenue potential across 144 reactors. The company is levered to surging U.S. electricity

demand from data centers/AI (17% CAGR through 2030), industrial decarbonization Initiating Coverage requiring 750°C process heat, and bipartisan policy support (ARDP, IRA). Data centers

Share Price $25.60 account for 55% of expected load growth.

XE competes in an Price Target $57.00 • Differentiated Position Driven By Proprietary Technology:

emerging SMR market and stands out, in our view, with its industry-leading contracted

backlog, proprietary TRISO-X fuel technology that is meltdown-proof by design (tested

Revenue ($B) at 1,800°C for 12.5 days without failure), and a capital-efficient licensing model that (FY DEC) 1Q 2Q 3Q 4Q FY

generates revenue without owning or operating facilities. Per 320 MWe plant, XE 2025 0.0 0.0 0.0 0.0 0.1

captures $4.2–4.4B in total lifecycle revenue ($13.1–13.6M per MW). XE serves marquee

2026 0.1E 0.0E 0.1E 0.0E 0.2E customers including Amazon (5 GW), Dow Chemical (320 MWe), and Centrica (6 GW),