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Amazon has intensified its push into nuclear energy by backing X-energy, a small modular reactor developer, and is now positioned to benefit from the company’s potential public-market debut.
In 2024, Amazon invested $500 million in a Series C-1 funding round for X-energy, according to the report cited by TechCrunch. X-energy is preparing for an initial public offering that could raise more than $800 million, TechCrunch reported.
Amazon is described as one of X-energy’s biggest backers due to its early investment. X-energy has raised a total of around $1.8 billion. The company previously attempted to go public through a SPAC merger, but that deal was called off in 2023.
New nuclear reactor development has become a major focus as the United States seeks additional energy sources to support power-hungry data centers and rising demand tied to artificial intelligence.
X-energy is among several companies competing to build new nuclear power plants.
Amazon has a deal to buy up to 5 gigawatts of nuclear power from X-energy by 2039. The company also has agreements in place with Energy Northwest and Dominion Energy for future nuclear power.
Beyond retail, Amazon has diversified into streaming, consumer products, satellites, and cloud services. It has also become one of the largest investors in data centers in recent years, reflecting expectations for future energy demand tied to AI products and cloud computing.
The report says the nuclear-related and energy strategy is expected to strengthen Amazon’s position in satellites and increase competition with Starlink. Amazon is also expected to expand its internet and mobile offerings after the relevant acquisition is completed.
After being categorized as a cloud and AI growth stock in 2025, Amazon could see investors place additional emphasis on its exposure to space and nuclear power in 2026, based on the themes highlighted in the report.

Premium gym chains are entering a “golden era” that is ending or already in decline, as rising operating costs collide with shifting consumer preferences toward more flexible, community-based ways to exercise. Long-term memberships are shrinking, margins are pressured by higher rents and facility expenses, and competition from smaller, more personalized…