Nuclear startup X-energy has begun its investor roadshow, setting sights on an Initial Public Offering (IPO) with a target price between $16 and $19 per share. If successful at the high end, it could raise up to $814.3 million.

The surge in interest in fission power is driven by rising demand for electricity, particularly from AI data centers and society’s shift towards electrification. Amazon, a significant backer, has committed to purchasing up to 5 gigawatts of nuclear power from X-energy by 2039.

X-energy’s reactor uses a high-temperature gas-cooled design known as TRISO, which is expected to be safer than previous fuel arrangements, although it's not widely used today. The startup now faces a patent dispute with Ultra Safe Nuclear Corporation (USNC), which recently filed for bankruptcy and had its assets purchased in the process.

Despite delays and cost overruns, small modular reactor startups like X-energy hope to overcome these challenges by shrinking reactors and mass-producing them. However, achieving profitability may still take a decade or more, with costs only predicted to fall by 30% once production methods are matured.