X-energy saw its shares surge 27% on their Nasdaq debut, opening at $30.11 and closing at $29.20 after an IPO price of $23. The rally reflects investor optimism about modular nuclear reactors as a power source for data centers. The nuclear industry has struggled with delayed projects and cost overruns, but X-energy ’s 80‑MW design offers a smaller, modular alternative that could reduce costs and accelerate deployment. The company was valued at $11.5 billion at close. Its initial share price was revised upward from the $16‑$19 target set during the roadshow. Two Georgia reactors cost about $30 billion to build. Nuclear currently supplies 18% of U.S. electricity. Amazon plans to purchase up to 5 GW of capacity from X-energy over the next decade, and Dow will receive the startup’s first plant. Construction is underway at X-energy ’s fuel facility, and the company has yet to start building a power plant. Analysts note that modularity could bring costs down and provide the redundancy data center operators value. With growing electricity demand from AI workloads, X-energy ’s compact reactors could become a key component of the U.S. grid, offering reliable power that complements renewables and natural gas.