X-energy is a pre-commercial developer of advanced small modular nuclear reactors (SMRs) and nuclear fuel. Its flagship product is the Xe-100, a High Temperature Gas-cooled Reactor (HTGR) designed to produce 80 MWe or 200 MWt per unit, optimized for deployment in a four-reactor, 320 MWe configuration. The Xe-100 targets two customer types: industrial operators needing both electricity and high-temperature steam for processes like chemical manufacturing or refining, and data center operators needing large-scale, always-on carbon-free power. X-energy's second core product is TRISO-X pebble fuel — a proprietary spherical fuel made from high-assay low-enriched uranium — manufactured through a pilot facility in Oak Ridge, Tennessee, and a commercial-scale facility under construction and expected online in early 2028. X-energy describes itself as an IP-driven business: it does not build or operate reactors, but instead licenses its reactor design to customers and earns fees across three streams — technology licensing fees, lifecycle services (site selection, engineering, regulatory support, construction, and ongoing O&M over a 60-year plant life), and fuel fabrication fees. Today, X-energy has no commercial reactor deployments and earns revenue almost entirely through cost-reimbursable contracts under the DOE's Advanced Reactor Demonstration Program. Its three announced customers are Dow, Amazon, and Centrica, with a total pipeline of over 11 GWe across 144 reactors, though no technology licensing, fuel supply, or long-term services agreements have been signed yet. First commercial deployments are targeted for the early 2030s.