Amazon-backed nuclear reactor group X-energy files for IPO

https://www.ft.com/content/22d28650-5536-4446-92ba-b094f56d13fa?syn-25a6b1a6=1

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An Amazon-backed small modular nuclear reactor company is filing for an initial public offering amid rising investor interest in nuclear energy. X-energy submitted a draft registration statement to the Securities and Exchange Commission on Friday, putting it on track to go public sometime in the early summer. The IPO would be the latest for developers of small modular nuclear reactors, which have been touted as a potential solution for rapid electricity demand growth caused largely by data centres, but also the electrification of cars and household appliances. According to data from BloombergNEF, US data centre power demand is set to climb from 34.7 gigawatts in 2024 to 106GW by 2035. X-energy is building an SMR that uses helium as a coolant instead of water, the industry standard. Supplies of helium have been severely disrupted by the effective closure of the Strait of Hormuz amid the Iran war, pushing up commercial prices. “Spot helium prices could spike by 50 per cent to 200 per cent in severe shortage scenarios,” according to Fitch analysts. Amazon backed the company in October 2024, anchoring a $400mn fundraising round along with Citadel’s Ken Griffin. The ecommerce giant took two seats on the company’s board. In November X-energy completed a $700mn fundraising round led by Jane Street, ARK Invest, Galvanize, Hood River Capital Management, Point 72, Reaves Asset Management and XTX Ventures. In addition to Amazon, it has secured contracts with FTSE 100-listed Centrica and Dow. While X-energy has not received full approval from the Nuclear Regulatory Commission to build its reactor, in February the agency licensed the company to make nuclear fuel for advanced reactors at a facility in Oak Ridge, Tennessee. X-energy declined to state how much it is seeking to raise, or how its shares would be priced. JPMorgan, Morgan Stanley, Jefferies and Moelis and Company are acting as the lead bookrunners. X-energy would be the fourth publicly traded SMR company, following Nano Nuclear, NuScale Energy and Sam Altman-backed Oklo. Oklo’s stock price has gained 94 per cent over the past year. But Nano and NuScale have lost ground, falling 32 and 27 per cent respectively. Recommended The Big Read The cost of America’s nuclear revival The filing comes as Wall Street investment bankers are gearing up for a series of potentially huge listings later this year. Elon Musk’s rocket group SpaceX and AI start-ups Anthropic and OpenAI have all indicated plans to go public at some point in 2026. Each of the three deals is expected to raise tens of billions of dollars in proceeds, potentially outstripping the total haul from about 200 US IPOs in 2025. Market volatility triggered by the war in Iran could yet scupper bankers’ pipeline, however, just as the economic turmoil sparked by President Donald Trump’s so-called liberation day tariffs last April put several large US tech listings on pause.

(Arnie Gundersen)

Nuclear's cleanup cost threatens the expansion dream

Countries are racing to build new reactors. But we've barely figured out how to clean up the old ones — and the bill is potentially staggering. 

https://www.dw.com/en/nuclears-cleanup-cost-threatens-the-expansion-dream/a-76431361

(Arnie Gundersen)

Safety meltdown: Trump’s weakening of nuclear reactor regulations sparks opposition

The Morning Star, about AGs and others' opposition to the weakening of nuclear regulations.

https://morningstaronline.co.uk/article/safety-meltdown-trumps-weakening-nuclear-reactor-regulations-sparks-opposition

NRC considers eliminating half-century-old radiation standard - E&E News by POLITICO

NRC considers eliminating half-century-old radiation standard - E&E News by POLITICO https://share.google/eQBkPZxBR5nh11tx1

New issue of Parsons Sun is available

Please click on the image below to view the current edition:

[decomm_wkg] Fukushima at Fifteen - Thomas Bass

https://thebulletin.org/2026/03/fukushima-at-15-living-with-radioactive-hot-spots-and-stigma/

[decomm_wkg] "Energy Secretary Backs Restart of Indian Point Nuclear Plant in NY"

"Energy Secretary Backs Restart of Indian Point Nuclear Plant in NY"

​​​​​​​https://www.enr.com/articles/62634-energy-secretary-backs-restart-of-indian-point-nuclear-plant-in-ny

Peach Bottom Atomic Power Station, Units 2 and 3 - Age-Related Degradation Inspection Report 05000277/2026010 and 05000278/2026020

 

Peach Bottom Atomic Power Station, Units 2 and 3 - Age-Related Degradation Inspection Report 05000277/2026010 and 05000278/2026020 ADAMS Accession No. ML26068A044 Peach Bottom ARD IR 2026010.pdf

Peach Bottom ARD IR 2026010.pdf

[decomm_wkg] Absolutely ESSENTIAL reading 4 Decom group: Also by PDF attachment

https://www.rogerrapoport.com/latest-writings/detroit-free-press-michigans-risky-palisades-reactor-restart-is-behind-schedule

By Roger Rapoport.  March 2, 2026

Detroit Free Press: Michigan's risky Palisades reactor restart is behind schedule

Just six months after receiving its first operating license for a nuclear reactor, Holtec International’s “unprecedented milestone in U.S. nuclear energy” may be turning into a millstone. 

Holtec is attempting the first-ever reopening of a nuclear plant permanently closed for decommissioning – the Palisades reactor, near Lake Michigan in Van Buren County, which was shut down in 2022.

Restarting this reactor has always been a risky bet.  Twenty-one months into the project, Holtec has announced delay after delay while continuing to draw vast public subsidies to restart a plant that a far more experienced operator shut down.  As management fails to submit required documentation, costly nuclear fuel sits idle at Palisades, and Holtec seeks exceptions from Nuclear Regulatory Commission for work on a reactor so noncompliant that no government agency would even consider approving its construction today.

As the project stutters, it's becoming clear that Washington and Lansing lawmakers are gambling Michigan’s reputation on the dangerous restart of the wrong reactor.

Delays and exceptions

After multiple delays, stretching back to June 2024, Holtec, a New Jersey company with zero nuclear reactor operating experience, is back in line at the Nuclear Regulatory Commission seeking forgiveness for unpermitted welding on the 55-year-old Palisades reactor pressure vessel containment head.  

This ask, likely to take many months to review, comes after a late 2025 NRC amendment to the Palisades fire safety plan to comply with current government reactor standards. It also follows a controversial NRC exemption related to resleeving approximately 1,400 cracked tubes at the plant’s ancient steam generators, as well as a unique October 2025 accident in which a worker fell into the reactor vessel and had to be fished out.

A day after Gov. Gretchen Whitmer boasted in her state of the state address that Michigan has become the “first state to ever restart a nuclear power plant at Palisades” the Nuclear Regulatory Commission released a transcript of a Feb. 12 letter to Holtec announcing yet another “change in the reactor’s estimated review schedule.”

Citing “the need to request additional information from Holtec,” the agency said it “expects to complete its review by April 8.” 

The agency cautioned that “these estimates could change due to several factors such as subsequent requests for additional information and an unanticipated addition of scope to the review.” 

To the surprise of the financial community and the nuclear industry at large, Holtec is betting the farm on an NRC “relief request” unprecedented in the 68-year history of American atomic power.

In an 84-page filing released by the NRC in late January, Holtec concedes this unauthorized welding does not comply with American Society of Mechanical Engineers (ASME) standards.

This is a humiliating blow to the bipartisan coalition in Congress and the Michigan Legislature backing this unprecedented reactor restart, with billions in grants, subsidies and loans.

These new safety challenges at Palisades could threaten financing of the entire atomic energy industry.  Continued Holtec startup delays could also crush the Trump and Whitmer administrations’ plans to subsidize two more Holtec nuclear plants at the Palisades site with a startup $400 million grant.  Michigan previously approved two $150 million grants for the project, and the U.S. Department of Energy authorized a separate $1.5 billion loan.  Anticipating a green light, Holtec has already clearcut vast acreage to make room for these first-of-their-kind reactors.

Kevin Kamps at the advocacy group Beyond Nuclear estimates the tab for state and corporate welfare at this Covert Township reactor, as well as the Big Rock Point reactor site near Charlevoix, could top $16 billion.  This underscores why Holtec is in a hurry to launch an initial public offering aimed at netting up to $10 billion.

Windfall profits for an

inexperienced nuclear operator

A windfall of this kind would be a remarkable achievement for the rookie New Jersey-based reactor operator.  It bought Palisades in 2022 for decommissioning after it was shut down ahead of schedule by nuclear fleet operator Entergy Nuclear.  After drawing down many millions from the Palisades decommissioning trust fund the Holtec team did a series of repairs on the 55-year-old reactor.  Last summer the NRC granted Holtec an operating license.  The restart schedule has been delayed for agency review of Holtec’s welds involving the Reactor Pressure Vessel Closure Head, Control Rod Drive Mechanism and InCore Instrumentation Penetrations.

Central to this work are nozzles sealing off control rods held in long tubes atop the 150-ton reactor pressure vessel head.  The control rods are inserted to turn the reactor off and removed to start it up.  Part of the primary coolant system, these nozzles contain a radioactive boric acid solution.

After a 2002 boric acid spill ate a frightening hole in the reactor pressure vessel closure head at Ohio’s Davis-Bessie reactor, nuclear reactor owners nationwide repaired or replaced their closure heads at the urging of the NRC. 

Consumers and its successor, Entergy Nuclear, skipped these overdue upgrades.  They saved time and money by submitting to two decades of stepped up NRC reactor inspections.  That special treatment led to additional shutdowns that cost millions per day.  This expense and other safety related challenges persuaded Entergy to give up and sell the obsolete plant to Holtec for government-subsidized decommissioning.

Today, a Palisades restart requires NRC approval of unauthorized and noncompliant welds at the plant.

Too dangerous to get wrong

Critical to the NRC’s review is analyzing the possibility that Holtec’s unauthorized welds could contribute to a dangerous leak.  If that happened, highly radioactive boric acid could be dumped on the reactor pressure vessel closure head, similar to the Davis-Bessie disaster.

This would lead to an immediate safety-related shutdown causing reputational damage to the nuclear power industry.  It could also erode investor confidence in the viability of other startups seeking federal and state funding.  Among those are the Google/Meta backed restarts of reactors at Pennsylvania’s Three Mile Island and Iowa’s Duane Arnold Energy Center.

Alan Blind, Palisades director of engineering for six years and former vice president for nuclear at New York’s Consolidated Edison says: 

“Holtec’s new relief request makes it clear they did not follow the NRC-required ASME standards on this unapproved welding work.  No nuclear reactor company in the world would have gone ahead on this work without advance regulatory approval.  I don’t know of any company that has done nozzle welding this way.”

The questionable work focuses on nozzle welds at the bottom of the control rod tubes.  As required by NRC regulations, reactor operators submit their welding code relief requests for review and approval prior to starting this critical work.  Because it previously ran the plant on a decommissioning license, Holtec proceeded on the legal theory of “implied consent.”

Blind says Holtec’s new exemption request under an operation license 

“makes it clear the plant is completely out of compliance.  There is no easy way to fix what they have apparently done wrong on the latest welds.  If the NRC turns down Holtec’s unique proposal, restart of the plant could require replacement of the reactor pressure vessel closure head at a cost of up to $750 million.  This could slow the restart by years.

"This solution, plus the plant’s long overdue need to upgrade its obsolete steam generators, could cost $1.5 billion or more and take up to five years.  That doesn’t take into account other potential safety problems.”

Missing paperwork

Another potential challenge is that plant operators are required to submit quality assurance paperwork documenting that welds to the reactor head control rod pressure spray nozzles follow ASME code.

At a Feb. 9 NRC meeting on a related matter, Holtec conceded it does not have required quality assurance paperwork proving metal in the original construction is compatible with new Holtec welds proposed for the Palisades reactor pressurizer.  Failure to provide this kind of critically important quality documentation — central to safe operation — could cripple a restart plan.

Don’t Waste Michigan Director Michael Keegan says: 

"In this meeting, Holtec admitted it has not been able to retrieve these quality assurance documents proving it can meet required ASME code and has no idea when they will be available.  In effect Holtec is telling the NRC ‘the dog ate my homework.’”

 260302PalNeverRestart.pdf

No: 26-001 March 5, 2025 CONTACT: Scott Burnell, 301-415-8200 NRC to Hold Public Meeting on Proposed Changes to Contested Hearings Rockville, Md. – The Nuclear Regulatory Commission announces details on contested hearings public meeting. The proposed rule was issued for public comment on March 3: What: NRC virtual public meeting to discuss proposed changes to the contested hearing process. When: March 19, 2026, 1-3 p.m. Eastern time How: The meeting will include NRC presentations and an opportunity for questions and answers; details on how to attend are included in the meeting notice. Comments on the proposed rule can be submitted through the federal government’s rulemaking webpage at regulations.gov under Docket ID NRC-2025-1501. Details on how to submit comments are included in the rule; comments will be accepted through April 2. Note: NRC will not be accepting comments during the meeting.   The U.S. Nuclear Regulatory Commission was created as an expert, technical agency to protect public health, safety, and security, and regulate the civilian use of nuclear materials, including enabling the deployment of nuclear power for the benefit of society. Among other responsibilities, the agency issues licenses, conducts inspections, initiates and enforces regulations, and plans for incident response. The NRC is collaborating with interagency partners to implement reforms outlined in new Executive Orders and the ADVANCE Act to streamline agency activities and enhance efficiency.

26-001-a.pdf

NRC Announces Opportunity to Request a Hearing on Paducah Laser Enrichment Facility License Application

No: 26-030 March 6, 2026 CONTACT: Office of Public Affairs, 301-415-8200 NRC Announces Opportunity to Request a Hearing on Paducah Laser Enrichment Facility License Application Rockville, MD. — The Nuclear Regulatory Commission has announced the opportunity to request a hearing on an application from Global Laser Enrichment LLC for a license to construct and operate the proposed Paducah Laser Enrichment Facility in McCracken County, Kentucky. In a notice and order approved by the Commission, the NRC established milestones for an Atomic Safety and Licensing Board to conduct adjudicatory proceedings on the application. Anyone whose interest may be affected by the proposed license and who wishes to participate as a party in an adjudicatory hearing on the application must file a petition to intervene within 60 days of when the notice and order is published in the Federal Register. Details on the hearing process and filing requirements are contained in the notice and order, which will be published in the Federal Register at a later date. The NRC accepted the license application for review on Aug. 4, 2025. Accepting a license application for review is not an indication of whether the NRC will approve the license application. Global Laser Enrichment seeks a license to construct and operate a facility that uses laser technology to enrich uranium. The proposed facility would be authorized to enrich natural uranium and re-enrich depleted uranium from previous enrichment operations. The NRC is preparing a safety evaluation report and an environmental impact statement as part of its review. The agency previously published a notice to conduct a scoping process to prepare an environmental impact statement. No licensing decision has been made. Additional information on the hearing process and fuel cycle facility licensing is available on the NRC website.     The U.S. Nuclear Regulatory Commission was created as an expert, technical agency to protect public health, safety, and security, and regulate the civilian use of nuclear materials, including enabling the deployment of nuclear power for the benefit of society. Among other responsibilities, the agency issues licenses, conducts inspections, initiates and enforces regulations, and plans for incident response. The NRC is collaborating with interagency partners to implement reforms outlined in new Executive Orders and the ADVANCE Act to streamline agency activities and enhance efficiency.

26-030.pdf

Decommissioning Updates: Peach Bottom-1 damaged fuel transports; TMI-1 Update

Highlights in bold,

March 4, 2026.

Hello again, Eric;

 

The staff has provided the following information regarding your Peach Bottom questions:

 

There is no question asked in 3a, so no response is available.

 

DOE began groundwork for a new onsite facility called the Environmental Management Disposal Facility (EMDF) in 2023. It is scheduled to begin accepting waste by 2035.

 

Amendment No. 18 to Facility Operating License No. DPR-12 for Peach Bottom Unit 1 was issued on June 11, 2024, (ML24082A241). This amendment revises Technical Specifications (TSs) requirements allowing the licensee to do characterizations that will support the development of a contingency plan. The Environmental Review and Modification of License Expiration Dates for Peach Bottom Units 2 and 3 was issued on September 30, 2025 (ML25209A020). The December 23, 2025, exemption authorizes the licensee to complete decommissioning at Peach Bottom Unit 1 no later than 20 years after permanent cessation of operations of either Peach Bottom Unit 2 or 3, whichever is earlier, and in no case to extend decommissioning of Peach Bottom Unit 1 beyond 2074. The NRC staff asked several clarifying questions regarding security, environment, funding, waste disposal, and shared systems during the audit conducted on April 11, 2024. The licensee provided the responses on May 13, 2024, in its supplemental information letter (ML24134A179). The shared systems are discussed in this letter. Follow-up responses from the licensee were provided in the RAI response letter dated August 1, 2024.

 

The fuel handling and transfer paperwork sent with the fuel from Peach Bottom has not been located. An extensive search was done to determine if the NRC possesses any more documentation regarding “bent storage vault,” “broken elements,” leaking canisters, and “salvage cans.” No documentation was found.

 

With regards to questions 11, 12 and 14, please contact DOE using this form:  Contact Us | Department of Energy

 

 

As always, please let me know if you have additional questions. Thanks.

 

Scott.Burnell@nrc.go

TMI-2 Advisory Panel, March 4, 2026.

Reported by Maureen Mulligan.

1.  NRC Project Manager Tanya Hood was on the call and said NRC would continue to do quarterly waste disposal on-site  inspections.  
2. Destroying the cooling towers is in phase two unless Constellation moves ahead with reopening the site. 
3. James Harris who heads up Waste management division reported that 55 shipments of Class A waste has been shipped.  In 2026, they will ship 31 of Class A waste and 48 low level shipments.  
4. On March 31st, the decommissioning Trust  Fund status report is due to NRC.  I asked when it would be available to the public.  They answered that after the sign off from NRC it would be posted on www.nrc.gov under the “public section”.  They said right now the fund was in good shape.  Should be on line by mid-April. 
5. The biggest take away I thought was the fact they expect to ask for a license extension to the 60 year clean up schedule if Constellation moves forward with the Microsoft plan.  
6.  They claim to be working to reduce volumetric waste but I didn’t catch how.  I did see your discovery question about allowing other waste in with high level waste (HLRW) That seems to contradict the statement by Dwight Shearer ( I think it was) that they are reducing volumetric waste.  
7. The other key point is Constellation plans to deliver fuel to the site this year.  DEP Rad Protection said they will re-start assessing  them for DEP’s monitoring  costs, probably in July .  DEP said once fuel is delivered, there are safety concerns.  DEP said the assessment would be under $10,000.

TMI-2.pdf

NRC Issues First Commercial Reactor Construction Approval in 10 Years For TerraPower in Wyoming

 

No: 26-028 March 4, 2026 CONTACT: Scott Burnell, 301-415-8200 NRC Issues First Commercial Reactor Construction Approval in 10 Years For TerraPower in Wyoming ROCKVILLE, Md. — The Nuclear Regulatory Commission has authorized the staff to issue TerraPower’s subsidiary, US SFR Owner, a construction permit for the company’s Kemmerer Power Station Unit 1 commercial nuclear power plant in Kemmerer, Wyoming. “This is a historic step forward for advanced nuclear energy in the United States and reflects our commitment to delivering timely, predictable decisions grounded in a rigorous and independent safety review,” NRC Chairman Ho Nieh said. This is the first commercial reactor the NRC has approved for construction in nearly a decade and the first approval for a non-light water reactor in more than 40 years. NRC staff finished their technical review of this new design in less than 18 months. Following a streamlined mandatory hearing process, the Commission authorized its Office of Nuclear Reactor Regulation to issue the permit, having found the staff’s review of the Kemmerer application adequate to make the necessary regulatory safety and environmental findings. The staff expects to issue the permit soon. TerraPower filed the application in March 2024, requesting a permit to build the sodium-cooled, advanced reactor design on a site near an existing coal-fired power plant. The NRC staff accepted the application and began formal review in May 2024. The 345-megawatt electric (MWe) plant includes an energy storage system to temporarily boost output up to 500 MWe when needed. US SFR Owner would need to submit a separate operating license application, and the NRC staff would need to approve it before the facility could operate. More information about new reactor licensing is available on the NRC website. The NRC staff issued its safety evaluation for the permit in December 2025, and the final environmental impact statement for the site in October 2025.   The U.S. Nuclear Regulatory Commission was created as an expert, technical agency to protect public health, safety, and security, and regulate the civilian use of nuclear materials, including enabling the deployment of nuclear power for the benefit of society. Among other responsibilities, the agency issues licenses, conducts inspections, initiates and enforces regulations, and plans for incident response. The NRC is collaborating with interagency partners to implement reforms outlined in new Executive Orders and the ADVANCE Act to streamline agency activities and enhance efficiency.

 26-028.pdf