Pure-Play Advanced Nuclear with a Differentiated Business Model and Anchor Customers. Initiating at OW With $38 PT.

Research evidence excerpt

Pure-Play Advanced Nuclear with a Differentiated Business Model and Anchor Customers. Initiating at OW With $38 PT.

Clean Tech

X-Energy, Inc. (XE)

EQUITY RESEARCH Initiating Coverage

May 19, 2026

Pure-Play Advanced Nuclear with a Differentiated Price: 26.77

Price Target: 38.00 Business Model and Anchor Customers. Initiating at

Rating: Overweight OW With $38 PT.

Key Statistics:

Symbol NSQ: XE We are initiating coverage on X-Energy (XE) with an Overweight rating

52-Week Range 25.06 - 37.10 and a 12-month price target of $38. X-Energy is, in our opinion, the most

Market Cap 10,503.2 strategically positioned company in the U.S. advanced nuclear landscape,

ADV (3 mo) NA combining a Generation IV high-temperature gas-cooled reactor (the

Shares Out (M) 273.4 Xe-100) with a vertically integrated proprietary fuel business (TRISO-

X) that is the first and only U.S. NRC-licensed Category II commercial

Research Analysts: advanced nuclear fuel facility. The company has a contracted pipeline of

Derek Soderberg 36 reactor plants representing 144 reactors and ~11.5GW of cumulative 212-359-8721

Derek.Soderberg@cantor.com capacity, anchored by Dow (DOW, NC), Amazon (AMZN, OW, covered by D.

Drew Nordquist Mathivanan) / Energy Northwest, and Centrica (CNA-LN, NC). We believe

469-250-2315 X-Energy's unique Xe-100 design, blue-chip customer relationships, and

Drew.Nordquist@cantor.com diversified revenue streams positions the company to emerge as a leading

REV ($M) platform within the multi-trillion dollar energy transition.

FYE Dec 2026E 2027E 2028E ●Anchor customers de-risk the deployment ramp. X-Energy's first-

1Q $51.9E $166.1 $243.8 of-a-kind (FOAK) project with Dow at Seadrift, TX (320MW) is 2Q $50.2E $218.3 $321.2

3Q $68.8E $218.3 $330.6 supported under the U.S.