As filed with the U.S. Securities and Exchange Commission on April 23, 2026
Registration No. 333-
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM S-1
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933
X-Energy, Inc.
(Exact Name of Registrant as Specified in its Charter)
| Delaware | 4911 | 41-3934505 |
|
(State or other jurisdiction of incorporation or organization) |
(Primary Standard Industrial Classification Code Number) |
(I.R.S. Employer Identification No.) |
530 Gaither Road, Suite 700
Rockville, Maryland 20850
(301) 358-5600
(Address, including zip code, and telephone number, including area code, of registrant’s principal executive offices)
J. Clay Sell
Chief Executive Officer
530 Gaither Road, Suite 700
Rockville, Maryland 20850
(301) 358-5600
(Name, address, including zip code, and telephone number, including area code, of agent for service)
Copies to:
|
Paul F. Sheridan Jr. Ian
Schuman |
J. Clay Sell X-Energy, Inc. 530 Gaither Road, Suite 700 Rockville, Maryland 20850 (301) 358-5600 |
P. Michelle Gasaway Michael Hong Philip
Dear |
Approximate date of commencement of proposed sale to the public:
As soon as practicable after this registration statement becomes effective.
If any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933 check the following box: ¨
If this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. x (File No. 333-294508)
If this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ¨
If this Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
| Large accelerated filer | ¨ | Accelerated filer | ¨ |
| Non-accelerated filer | x | Smaller reporting company | ¨ |
| Emerging growth company | x |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☐
The Registration Statement shall become effective upon filing with the Securities and Exchange Commission in accordance with Rule 462(b) promulgated under the Securities Act of 1933, as amended.
EXPLANATORY NOTE AND INCORPORATION BY REFERENCE
This Registration Statement on Form S-1 (this “Registration Statement”) is being filed pursuant to Rule 462(b) under the Securities Act of 1933, as amended, for the sole purpose of increasing the aggregate number of Class A common stock, par value $0.0001 per share, of X-Energy, Inc. (the “Registrant”) by 1,607,143 shares, 209,627 of which are subject to purchase upon exercise of the underwriters’ option to purchase additional shares of the Registrant’s Class A common stock. The additional securities that are being registered for sale are in an amount and at a price that together represent no more than 20% of the maximum aggregate offering price set forth in the Filing Fee Table (Exhibit 107) filed as an exhibit to the Registration Statement on Form S-1, as amended (File No. 333-294508) (the “Prior Registration Statement”). The information set forth in the Prior Registration Statement and all exhibits thereto are hereby incorporated by reference in this filing.
The required opinion and consents are listed on an Exhibit Index attached hereto and filed herewith.
Exhibit Index
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, as amended, the registrant has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Rockville, State of Maryland, on this 23rd day of April, 2026.
| X-Energy, Inc. | ||
| By: | /s/ J. Clay Sell | |
| Name: | J. Clay Sell | |
| Title: | Chief Executive Officer | |
Pursuant to the requirements of the Securities Act of 1933, as amended, this registration statement has been signed below by the following persons in the capacities indicated below on this 23rd day of April, 2026.
| Name | Title | |
|
/s/ J. Clay Sell |
Chief Executive Officer (Principal Executive Officer) | |
| J. Clay Sell | ||
|
/s/ Daniel Gross |
Chief Financial Officer (Principal Financial Officer) | |
| Daniel Gross | ||
|
/s/ Laura Garcia |
Senior Vice President and Chief Accounting Officer (Principal Accounting Officer) | |
| Laura Garcia | ||
|
* |
Director | |
| Kamal Ghaffarian | ||
|
* |
Director | |
| Edward Sonnenschein | ||
|
* |
Director | |
| Michael J. Wallace | ||
|
* |
Director | |
| Kathleen W. Hyle | ||
|
* |
Director | |
| Christopher F. Ginther | ||
|
* |
Director | |
| David B. Kaplan | ||
|
* |
Director | |
| Allyson Satin | ||
|
* |
Director | |
| Gregory Goff |
| *By: | /s/ Steven Miller | |
| Name: | Steven Miller | |
| Title: | Attorney-in-fact |
Exhibit 23.1
Consent of Independent Registered Public Accounting Firm
We consent to the incorporation by reference in the Registration Statement on Form S-1 filed pursuant to Rule 462(b) of the Securities Act of 1933 of the reference to our firm under the caption “Experts” and to the incorporation by reference of our report dated March 20, 2026, with respect to the consolidated financial statements of X-Energy Reactor Company, LLC included in Amendment No. 4 to the Registration Statement (Form S-1 No. 333-294508) and related Prospectus of X-Energy, Inc. for the registration of X-Energy, Inc.’s common stock.
/s/ Ernst & Young LLP
Tysons, Virginia
April 23, 2026
Exhibit 23.2
Consent of Independent Registered Public Accounting Firm
We consent to the incorporation by reference in the Registration Statement on Form S-1 filed pursuant to Rule 462(b) of the Securities Act of 1933 of the reference to our firm under the caption “Experts” and to the incorporation by reference of our report dated March 20, 2026, with respect to the financial statements of X-Energy, Inc. included in Amendment No. 4 to the Registration Statement (Form S-1 No. 333-294508) and related Prospectus of X-Energy, Inc. for the registration of its common stock.
/s/ Ernst & Young LLP
Tysons, Virginia
April 23, 2026
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Calculation of Filing Fee Tables |
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| Table 1: Newly Registered and Carry Forward Securities |
|---|
|
Security Type |
Security Class Title |
Fee Calculation or Carry Forward Rule |
Amount Registered |
Proposed Maximum Offering Price Per Unit |
Maximum Aggregate Offering Price |
Fee Rate |
Amount of Registration Fee |
Carry Forward Form Type |
Carry Forward File Number |
Carry Forward Initial Effective Date |
Filing Fee Previously Paid in Connection with Unsold Securities to be Carried Forward |
||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Newly Registered Securities | |||||||||||||
|
|
1 |
|
|
|
|
$
|
$
|
|
$
|
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| Fees Previously Paid | |||||||||||||
| Carry Forward Securities | |||||||||||||
| Carry Forward Securities | |||||||||||||
|
Total Offering Amounts: |
$
|
$
|
|||||||||||
|
Total Fees Previously Paid: |
$
|
||||||||||||
|
Total Fee Offsets: |
$
|
||||||||||||
|
Net Fee Due: |
$
|
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Offering Note |
|
1 |
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|
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| Table 2: Fee Offset Claims and Sources |
|---|
| Registrant or Filer Name | Form or Filing Type | File Number | Initial Filing Date | Filing Date | Fee Offset Claimed | Security Type Associated with Fee Offset Claimed | Security Title Associated with Fee Offset Claimed | Unsold Securities Associated with Fee Offset Claimed | Unsold Aggregate Offering Amount Associated with Fee Offset Claimed | Fee Paid with Fee Offset Source | |||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Rules 457(b) and 0-11(a)(2) | |||||||||||||
| Fee Offset Claims | |||||||||||||
| Fee Offset Sources | |||||||||||||
| Rule 457(p) | |||||||||||||
| Fee Offset Claims | |||||||||||||
| Fee Offset Sources | |||||||||||||
| Table 3: Combined Prospectuses |
|---|
|
Security Type |
Security Class Title |
Amount of Securities Previously Registered |
Maximum Aggregate Offering Price of Securities Previously Registered |
Form Type |
File Number |
Initial Effective Date |
|
|---|---|---|---|---|---|---|---|
Submission |
Apr. 23, 2026 |
|---|---|
| Submission [Line Items] | |
| Central Index Key | 0002088896 |
| Registrant Name | X-Energy, Inc. |
| Registration File Number | 333-294508 |
| Form Type | S-1 |
| Submission Type | S-1MEF |
| Fee Exhibit Type | EX-FILING FEES |
Offerings - Offering: 1 |
Apr. 23, 2026
USD ($)
shares
|
|---|---|
| Offering: | |
| Fee Previously Paid | false |
| Rule 457(a) | true |
| Security Type | Equity |
| Security Class Title | Class A common stock |
| Amount Registered | shares | 1,607,143 |
| Proposed Maximum Offering Price per Unit | 23.00 |
| Maximum Aggregate Offering Price | $ 36,964,289.00 |
| Fee Rate | 0.01381% |
| Amount of Registration Fee | $ 5,104.77 |
| Offering Note | Represents only the additional number of shares of Class A common stock being registered and includes additional shares of Class A common stock that the underwriters have the option to purchase. Does not include the securities that the Registrant previously registered on the Registration Statement on Form S-1, as amended (File No. 333-294508). Estimated solely for the purpose of calculating the registration fee pursuant to Rule 457(a) under the Securities Act of 1933, as amended (the "Securities Act"). The Registrant previously paid an aggregate filing fee of $129,320.78 for the Registration Statement on Form S-1, as amended (File No. 333-294508). In accordance with Rule 462(b) under the Securities Act of 1933, as amended, an additional amount of securities having a proposed maximum offering price per unit of $23.00 are hereby registered, which includes the additional shares that the underwriters have the option to purchase. |
Fees Summary |
Apr. 23, 2026
USD ($)
|
|---|---|
| Fees Summary [Line Items] | |
| Total Offering | $ 36,964,289.00 |
| Previously Paid Amount | 0.00 |
| Total Fee Amount | 5,104.77 |
| Total Offset Amount | 0.00 |
| Net Fee | $ 5,104.77 |
| Offering Table N/A | |
| Offset Table N/A | N/A |
| Combined Prospectus Table N/A | N/A |