Shares in nuclear reactor startup Oklo (OKLO) plunged over 7% on Friday as X-Energy (XE), a small modular reactor (SMR) company backed by tech giant Amazon (AMZN), surged by roughly 27% on its trading debut on Nasdaq.
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Trade AMZN with leverageInvestors rushed to grab a stake in X-Energy, pushing the Maryland-based company’s share price up from the offer price of $23 to $29.20 and an additional 2% in after-hours trading. X-Energy previously set an initial public offering (IPO) price target of between $16 and $19 but bumped up the target following strong investor interest.
The company — whose $500 million fundraise in October 2024 was led by Amazon and Ken Griffin, the co-founder and CEO of hedge fund and alternative investment manager Citadel — raised $1 billion from the IPO.
X-Energy also grabbed a market value shy of $12 billion on a fully diluted basis; that is, the valuation obtainable if every option, warrant, restricted stock unit, and convertible share were exercised or converted into stock. For comparison’s sake, Oklo, on a non-diluted basis, had a market cap of $13.27 billion as of the close of trading on Friday.