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Advanced nuclear startup X-energy has closed a $700 million Series D round led by Jane Street. 

Why it matters: It's the latest private capital fueling next-gen reactors that can meet the electricity demands of hyperscalers. 

Zoom in: New investors in the round included ARK Invest, Corner Capital, Galvanize, Hood River Capital Management, Reaves Asset Management, and XTX Ventures.

Existing investors in the round included Ares Management funds, Emerson Collective, NGP, and Segra Capital Management.

How it works: X-energy has designed a high-temperature, gas-cooled modular reactor and the fuel the reactor uses.

The Rockville, Maryland-based company licenses its reactor designs and plans to manufacture the fuel needed for the reactors.

The idea behind small modular reactors, or SMRs, is that they can be built in factories and delivered to project areas quickly and for a lower cost compared to a traditional large centralized nuclear plant.

Catch up quick: Last year, X-energy closed a $500 million round led by Amazon's Climate Pledge Fund.

Amazon was both an equity investor in X-energy and also committed capital directly into X-energy's nuclear project with Washington-based utility Energy Northwest.

X-energy CEO Clay Sell told Axios last year that it intends to go public via a traditional IPO in the next two to four years.

The big picture: The power demands of AI data centers are leading Big Tech firms to invest in both next-gen nuclear projects and traditional nuclear reactors. 

The Trump administration is also bullish on kickstarting a nuclear renaissance and has supported the sector through various means, like the test reactor program and attempting to streamline the Nuclear Regulatory Commission.

What's next: X-energy plans to use the funds to meet orders of more than 11 GW, including 144 advanced small modular reactors. The company has commercial commitments with Dow, Amazon and Centrica.

X-energy's first project for a Dow facility on the Texas Gulf Coast is targeted to start in the early 2030s.

Jane Street leads nuclear startup X-energy's $700M raise

This is the latest private capital fueling SMRs.

Illustration of dollar bills falling into a nuclear power plant.

Advanced nuclear startup X-energy has closed a $700 million Series D round led by Jane Street. Why it matters: It&#x27;s the latest private capital fueling next-gen reactors that can meet the electricity demands of hyperscalers.

Jane Street leads nuclear startup X-energy's $700M raise

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