<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0609</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2026-04-27</periodOfReport>

    <notSubjectToSection16>1</notSubjectToSection16>

    <issuer>
        <issuerCik>0002088896</issuerCik>
        <issuerName>X-Energy, Inc.</issuerName>
        <issuerTradingSymbol>XE</issuerTradingSymbol>
        <issuerForeignTradingSymbol></issuerForeignTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001620263</rptOwnerCik>
            <rptOwnerName>Ares Partners Holdco LLC</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerNonUSAddressFlag>false</rptOwnerNonUSAddressFlag>
            <rptOwnerStreet1>C/O ARES MANAGEMENT LLC,</rptOwnerStreet1>
            <rptOwnerStreet2>1800 AVENUE OF THE STARS, SUITE 1400</rptOwnerStreet2>
            <rptOwnerCity>LOS ANGELES</rptOwnerCity>
            <rptOwnerState>CA</rptOwnerState>
            <rptOwnerZipCode>90067</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>1</isOther>
            <officerTitle></officerTitle>
            <otherText>Former 10% Owner</otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0002127049</rptOwnerCik>
            <rptOwnerName>Ares X-Energy Holdings LP</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerNonUSAddressFlag>false</rptOwnerNonUSAddressFlag>
            <rptOwnerStreet1>C/O ARES MANAGEMENT LLC,</rptOwnerStreet1>
            <rptOwnerStreet2>245 PARK AVENUE, 44TH FLOOR</rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10167</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>1</isOther>
            <officerTitle></officerTitle>
            <otherText>Former 10% Owner</otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0002127790</rptOwnerCik>
            <rptOwnerName>ACIP Investments Pooling LLC - Series 31</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerNonUSAddressFlag>false</rptOwnerNonUSAddressFlag>
            <rptOwnerStreet1>C/O ARES MANAGEMENT LLC,</rptOwnerStreet1>
            <rptOwnerStreet2>1800 AVENUE OF THE STARS, SUITE 1400</rptOwnerStreet2>
            <rptOwnerCity>LOS ANGELES</rptOwnerCity>
            <rptOwnerState>CA</rptOwnerState>
            <rptOwnerZipCode>90067</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>1</isOther>
            <officerTitle></officerTitle>
            <otherText>Former 10% Owner</otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <aff10b5One>0</aff10b5One>

    <remarks>Upon the closing of the initial public offering of X-Energy, Inc. (the &quot;Issuer&quot;) on April 27, 2026, the reporting persons' ownership of the Issuer's Class A common stock was diluted below 10% and the reporting persons are therefore no longer subject to Section 16 of the Securities Exchange Act of 1934, as amended. This exit report is made on a voluntary basis as the reporting persons have not acquired or disposed of any additional securities of the Issuer.</remarks>

    <ownerSignature>
        <signatureName>Ares Partners Holdco LLC By: /s/ Anton Feingold; Authorized Signatory</signatureName>
        <signatureDate>2026-04-29</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>Ares X-Energy Holdings LP By: /s/ Anton Feingold; Authorized Signatory</signatureName>
        <signatureDate>2026-04-29</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>ACIP Investments Pooling LLC - Series 31 By: /s/ Noah Ehrenpreis; Authorized Signatory</signatureName>
        <signatureDate>2026-04-29</signatureDate>
    </ownerSignature>
</ownershipDocument>