X-Energy

XE · NASDAQ

$10.74+$0.20 (+1.90%)TodayMarket closed · Oct 20, 7:57 PM ET

Prev close $10.54

XE analyst rating

BuyConsensus of 9 analysts over the last 12 months. 67% rate it a buy.

Strong buy0
Buy6
Hold2
Underperform1
Sell0

12-month price target · 12 analysts

Average $33.02 (+207.5% upside)

Low: $9.09
Now: $10.74
High: $59.85

Upgrades and downgrades

The latest rating actions, newest first

XE analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Piper Sandler	Oct 19, 2026	Maintains	Underweight	$9.00 → $8.00	38%
Morgan Stanley	Oct 14, 2026	Maintains	Overweight	$41.00 → $34.00	52%
Piper Sandler	Sep 9, 2026	Initiates	Underweight	$9.00	38%
Guggenheim	Sep 8, 2026	Maintains	Buy	$57.00	55%
Cantor Fitzgerald	Aug 14, 2026	Maintains	Overweight	$38.00	29%
UBS	Jul 1, 2026	Maintains	Buy	$40.00 → $34.00	45%
Cantor Fitzgerald	May 20, 2026	Initiates	Overweight	$38.00	29%
UBS	May 19, 2026	Initiates	Buy	$40.00	45%
TD Cowen	May 19, 2026	Initiates	Buy	$35.00	51%
JP Morgan	May 19, 2026	Initiates	Overweight	$38.00	57%

The case for and against

Updated Oct 18, 2026

Bull case

X-Energy is supported by a rare combination of near-term contract visibility, federally backed execution, and vertically integrated technology that is difficult for peers to replicate quickly. Its 2Q26 revenue and grant income of $54.6M, up 154% year over year, plus the DOE-approved ARDP continuation through March 2027 under a 50/50 cost share, improve revenue continuity while reducing funding uncertainty around TX-1 and Dow-related execution. The February 2026 Part 70 license for TRISO-X, ~80% second-quarter construction completion, secured HALEU supply from two suppliers, and partnerships with Dow, Amazon, Energy Northwest, Centrica, and Talen Energy collectively strengthen the company’s commercial pathway.

Bear case

X-Energy is facing a fundamentally weak risk-reward setup because its lead DowSeadrift project has seen DOE cost share rise to $2.1B from $1.2B, implying about $4.2B of total cost and roughly $915M of matching private capital before FID, while the Xe-100 still lacks NRC approval and has no disclosed overnight capital cost. The company’s economics also rest on fragile assumptions: only Amazon and Dow have committed capital, Amazon owns about 25% of equity and caps pricing, and the uncontracted technology fee is an untuned, six-fold range with no signed IP agreement. Meanwhile, TRISO-X fuel remains costly at about $30,000/kg versus roughly $2,000-3,300/kg for LEU, and 2Q26 operating losses of ($110.0M) against $1,899.8M of liquidity underscore a business still consuming cash ahead of commercial scale.

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