X-Energy, a nuclear energy company backed by Amazon.com (AMZN), is returning to the public markets with a target to raise up to $8 billion. This move comes as electricity demand, particularly from the artificial intelligence sector, continues to surge.

The company plans to issue approximately 42.9 million shares, priced between $16 and $19 per share. At the upper end of the pricing range, the total funds raised would be approximately $814.3 million, valuing the company at close to $7.5 billion.

The timing of this IPO is critical. X-Energy is focused on developing small modular reactors and advanced nuclear fuel, coinciding with a massive increase in power demand driven by data center construction and broader societal electrification. Amazon.com has taken a leading role by investing $50 million in X-Energy's Series C-1 funding round and has committed to purchasing up to 5 gigawatts of nuclear power from the company by 2039, providing a clear long-term customer.

This public offering represents a "second chance" for X-Energy. The company previously attempted to go public in 2023 via a SPAC merger but abandoned the plan due to deteriorating market conditions. Now, with heightened investor interest in AI infrastructure, the market environment is significantly different. The IPO is being led by major investment banks including J.P. Morgan and Morgan Stanley. ARK Investment Management, led by Cathie Wood, is reportedly considering a share purchase of up to $105 million.

Founded in 2009, X-Energy specializes in designing small modular reactor technology and manufacturing TRISO-based nuclear fuel. The company's reactors are high-temperature gas-cooled models, and their fuel design is considered safer than traditional fuel configurations.