Business
X-Energy Stock Up More Than 20% Following IPO
Shares in nuclear-energy company X-Energy jumped more than 20% in their debut Friday, valuing the company at close to $12 billion as artificial intelligence drives demand for new sources of electricity. The company’s high-profile backers include Amazon.com and Ken Griffin, the founder of hedge-fund firm Citadel.
X-Energy priced its shares at $23 apiece Thursday and now trades on the Nasdaq under the ticker “XE.” Shares recently changed hands at $29.
Ahead of X-Energy’s initial public offering, Griffin was set to score paper gains of about $300 million from a $100 million personal investment he made just a year-and-a-half ago, according to people familiar with the matter.
Investment firm Ares Management was another winner, other people familiar with the matter said. The firm was set to make more than four times the over-$160 million it invested in the company.
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