X-Energy stock rose another 7% in premarket trading, trading at $31. The stock extended its powerful debut rally after listing on Nasdaq just one day prior.

The surge follows X-Energy's blockbuster IPO on April 25, which raised $1.02 billion at a final offering price of $23 per share — well above the initial $16-to-$19 target range. The IPO was oversubscribed by more than 15 times, led by top-tier banks including JPMorgan and Morgan Stanley. On its first trading day, the stock closed at $29.20, up 27% from the offering price, with a market capitalization of approximately $11.5 billion.

X-Energy develops small modular nuclear reactors and advanced nuclear fuel, targeting delivery of its first reactors in the early 2030s. Amazon, which held approximately 29% of the company prior to the IPO, serves as both investor and customer, having committed to over 5 gigawatts of new nuclear capacity. Additional clients include Dow Chemical and UK energy services provider Centrica. The company reported revenue of approximately $109 million and a net loss of $390 million in fiscal year ended recently.