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SUPPLEMENTAL CASH FLOW INFORMATION - Schedule of Supplemental cash flow disclosures (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Supplemental Cash Flow Information [Abstract]
Accrued deferred transaction costs	$ 3,031	$ 225
Government grant reimbursement receivable for purchase of property and equipment	4,359	1,924
Property and equipment included in accounts payable and accrued expenses	$ 14,245	$ 7,507

REVENUE AND GRANT INCOME RECOGNITION - Schedule of Revenues and Grant Income by Geographic Location (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Disaggregation of Revenue [Line Items]
Total revenues and grant income	$ 43,423	$ 20,804
United States
Disaggregation of Revenue [Line Items]
Total revenues and grant income	43,423	20,440
International
Disaggregation of Revenue [Line Items]
Total revenues and grant income	$ 0	$ 364

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2026
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Rule 10b5-1 Arrangement Modified	false
Non-Rule 10b5-1 Arrangement Modified	false

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Pay vs Performance Disclosure
Net Income (Loss)	$ (166,217)	$ (10,212)

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The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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-Subparagraph (SX 210.13-01(a)(4)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 37: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 38: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 39: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 40: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 41: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 42: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 43: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-60B

Reference 44: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-7

Reference 45: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482740/230-10-45-28

Reference 46: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1A

Reference 47: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1B

Reference 48: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (f)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481538/470-20-65-4

Reference 49: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

FAIR VALUE MEASUREMENTS - Schedule of Estimated Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Short-term investments	$ 449,509	$ 304,908
Long-term investments	270,438	261,458
Carrying Value
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Cash equivalents	89,645	235,593
Short-term investments	449,509	304,908
Long-term investments	270,438	261,458
Money market fund \| Carrying Value
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Cash equivalents	89,645	152,951
Corporate Bonds \| Carrying Value
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Cash equivalents		36,021
Short-term investments	271,166	163,331
Long-term investments	204,548	208,419
Government Treasury Bills \| Carrying Value
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Short-term investments	88,944	88,154
Long-term investments	49,848	43,468
Commercial Paper and Certificates of Deposit [Member] \| Carrying Value
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Cash equivalents		45,430
Short-term investments	65,022	35,717
Foreign Issuer Debt Securities \| Carrying Value
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Cash equivalents		1,191
Short-term investments	24,377	17,706
Long-term investments	16,042	9,571
Level 1 \| Fair Value
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Cash equivalents	89,645	152,951
Short-term investments	88,918	88,206
Long-term investments	49,679	43,540
Level 1 \| Money market fund \| Fair Value
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Cash equivalents	89,645	152,951
Level 1 \| Corporate Bonds \| Fair Value
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Cash equivalents		0
Short-term investments	0	0
Long-term investments	0	0
Level 1 \| Government Treasury Bills \| Fair Value
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Short-term investments	88,918	88,206
Long-term investments	49,679	43,540
Level 1 \| Commercial Paper and Certificates of Deposit [Member] \| Fair Value
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Cash equivalents		0
Short-term investments	0	0
Level 1 \| Foreign Issuer Debt Securities \| Carrying Value
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Short-term investments		0
Level 1 \| Foreign Issuer Debt Securities \| Fair Value
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Cash equivalents		0
Short-term investments	0
Long-term investments	0	0
Level 2 \| Fair Value
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Cash equivalents	0	82,645
Short-term investments	359,982	216,769
Long-term investments	219,923	218,055
Level 2 \| Money market fund \| Fair Value
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Cash equivalents	0	0
Level 2 \| Corporate Bonds \| Fair Value
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Cash equivalents		36,022
Short-term investments	270,705	163,335
Long-term investments	203,916	208,482
Level 2 \| Government Treasury Bills \| Fair Value
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Short-term investments	0	0
Long-term investments	0	0
Level 2 \| Commercial Paper and Certificates of Deposit [Member] \| Fair Value
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Cash equivalents		45,432
Short-term investments	64,939	35,726
Level 2 \| Foreign Issuer Debt Securities \| Fair Value
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Cash equivalents		1,191
Short-term investments	24,338	17,708
Long-term investments	$ 16,007	$ 9,573

RELATED PARTY TRANSACTIONS - Summary of Balances Within Due from and Due to Related Parties and Long-term Deferred Revenue (Parenthetical) (Details) - USD ($)
$ in Thousands

Mar. 31, 2026

Dec. 31, 2025

Due from related parties

$ 4,182

$ 4,580

Unbilled receivable

51,159

41,529

Related Party [Member]

Due from related parties

^[1]

4,182

4,580

Related Party [Member] | DOW

Due from related parties

4,100

4,500

Unbilled receivable

$ 3,500

$ 700

[1]	As of March 31, 2026 and December 31, 2025, $4.1 million and $4.5 million, respectively, is related to Dow, of which $3.5 million and $0.7 million, respectively, is unbilled.

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-3

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(k)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(k)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481990/310-10-45-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c)(2)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c)(2)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

+ Details

PROPERTY AND EQUIPMENT, NET - Schedule of Property and Equipment, Net (Details) - USD ($)
$ in Thousands

Mar. 31, 2026

Dec. 31, 2025

Property, Plant and Equipment [Line Items]

Property and equipment at cost

^[1]

$ 77,420

$ 53,694

Accumulated depreciation

(4,039)

(3,589)

Property and equipment, net

73,381

50,105

Equipment and Materials

Property, Plant and Equipment [Line Items]

Property and equipment at cost

2,335

Computer Equipment and Software

Property, Plant and Equipment [Line Items]

Property and equipment at cost

4,809

3,760

Office Furniture and Fixtures

Property, Plant and Equipment [Line Items]

Property and equipment at cost

355

Leasehold Improvements

Property, Plant and Equipment [Line Items]

Property and equipment at cost

1,879

2,708

Land

Property, Plant and Equipment [Line Items]

Property and equipment at cost

1,697

Construction-in-progress

Property, Plant and Equipment [Line Items]

Property and equipment at cost

$ 66,345

$ 42,839

[1]	Net of reimbursement from the United States Government.

GOVERNMENT GRANTS FOR PROPERTY AND EQUIPMENT

3 Months Ended

Mar. 31, 2026

Government Assistance [Abstract]

GOVERNMENT GRANTS FOR PROPERTY AND EQUIPMENT

NOTE 5 — GOVERNMENT GRANTS FOR PROPERTY AND EQUIPMENT

During the three months ended March 31, 2026 and 2025, the Company received reimbursements from the DOE under the ARDP related to construction of its nuclear fuel fabrication and reactor testing facilities. The Company recognizes the grant from the DOE at the time in which the costs are incurred in compliance with the conditions of the grant, which were $33.1 million and $9.4 million for the three months ended March 31, 2026 and 2025, respectively.

SUPPLEMENTAL CASH FLOW INFORMATION

3 Months Ended

Mar. 31, 2026

Supplemental Cash Flow Elements [Abstract]

SUPPLEMENTAL CASH FLOW INFORMATION

NOTE 16 — SUPPLEMENTAL CASH FLOW INFORMATION

Supplemental cash flow disclosures are as follows (in thousands):


	Three Months Ended March 31,
	2026		2025
Non-cash Investing and Financing Activities:
Accrued deferred transaction costs	$	3,031	$	225
Government grant reimbursement receivable for purchase of property and equipment		4,359		1,924
Property and equipment included in accounts payable and accrued expenses		14,245		7,507

REVENUE AND GRANT INCOME RECOGNITION (Tables)

3 Months Ended

Mar. 31, 2026

Revenue from Contract with Customer [Abstract]

Schedule of Revenues and Grant Income by Customer Type

A summary of revenues and grant income by customer type is as follows (in thousands):


	Three Months Ended March 31,
	2026		2025
Customer type:
DOE	$	39,008	$	15,201
Services revenue		35,491		11,488
Grant income		3,517		3,713
Department of War		779		1,950
Commercial		3,636		3,653
Total revenues and grant income	$	43,423	$	20,804

A summary of revenues and grant income by contract type is as follows (in thousands):


	Three Months Ended March 31,
	2026		2025
Contract type:
Cost-based	$	40,930	$	17,365
Services revenue		37,413		13,652
Grant income		3,517		3,713
Fixed fee		335		940
Cost plus fixed fee		443		2,108
Time & materials		1,715		391
Total revenues and grant income	$	43,423	$	20,804

Schedule of Revenues and Grant Income by Geographic Location

Revenues and Grant Income by Geographic Location

The Company has revenues and grant income in the following geographic locations (in thousands):


	Three Months Ended March 31,
	2026		2025
Customer Location:
United States	$	43,423	$	20,440
International		-		364
Total revenues and grant income	$	43,423	$	20,804

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING PRONOUNCEMENTS - Schedule of Other Income and Expense (Details) - USD ($)
$ in Thousands

3 Months Ended

Mar. 31, 2026

Mar. 31, 2025

Summary Of Significant Accounting Policy [Line Items]

Foreign currency transaction gain (loss)

$ (119)

$ 161

Other expense

(20)

(5)

Total other income (expense), net

(109,038)

10,737

Warrant Liabilities [Member]

Summary Of Significant Accounting Policy [Line Items]

Mark-to-market gain (loss)

^[1]

(108,899)

10,968

C-2 Notes [Member] | Notes Payable [Member]

Summary Of Significant Accounting Policy [Line Items]

Mark-to-market gain (loss)

^[2]

$ 0

$ (387)

[1]	Refer to Note 13 — Fair Value Measurements
[2]	Refer to Note 7 — Debt

FAIR VALUE MEASUREMENTS (Tables)

3 Months Ended

Mar. 31, 2026

Fair Value, Option, Quantitative Disclosures [Line Items]

Schedule of Rollforward of Level 3 Measurements

A roll forward of the Level 3 measurements is as follows (in thousands):


	June 2022 Warrants		2024 Warrants
Beginning balance as of January 1, 2026	$	10,776	$	263,390
Exercises/Settlements		—		(365,166	)
Change in fair value recognized in Other income (expense), net		7,123		101,776
Ending balance as of March 31, 2026	$	17,899	$	—


	June 2022 Warrants			December 2022 Warrants			C-2 Notes			2024 Warrants
Beginning balance as of January 1, 2025	$	3,636		$	1,394		$	18,537		$	45,604
Change in fair value recognized in Other income (expense), net		(543	)		(62	)		387			(10,363	)
Change in fair value attributable to instrument-specific credit risk recognized in Other comprehensive income(1)		—			—			(153	)		—
Ending balance as of March 31, 2025	$	3,093		$	1,332		$	18,771		$	35,241

__________

(1)

As the fair value option was elected for the C-2 Notes, the change in fair value attributable to instrument-specific credit risk associated with each instrument is recorded within Other comprehensive income (loss), and the remaining change in fair value is recorded within Other income (expense), net on the condensed consolidated statements of operations and comprehensive loss. The change in instrument specific credit risk is estimated based on the option adjusted spread of comparable companies and the option adjusted spread of the U.S. high yield index for companies with similar credit ratings.

Schedule of Estimated Fair Values of Financial Instruments

The estimated fair values of the Company’s financial instruments that are not measured at fair value on a recurring basis, categorized based upon the fair value hierarchy, are as follows (in thousands):


			Fair Value
	Carrying Value		Level 1		Level 2
March 31, 2026
Cash equivalents
Money market fund	$	89,645	$	89,645	$	—
Total in cash and cash equivalents	$	89,645	$	89,645	$	—
Short-term investments
Corporate bonds	$	271,166	$	—	$	270,705
Government treasury bills		88,944		88,918		—
Commercial paper and certificates of deposit		65,022		—		64,939
Foreign issuer debt securities		24,377		—		24,338
Total in short-term investments	$	449,509	$	88,918	$	359,982
Long-term investments
Corporate bonds	$	204,548	$	—	$	203,916
Government treasury bills		49,848		49,679		—
Foreign issuer debt securities		16,042		—		16,007
Total in long-term investments	$	270,438	$	49,679	$	219,923
December 31, 2025
Cash equivalents
Money market fund	$	152,951	$	152,951	$	—
Commercial paper and certificates of deposit		45,430		—		45,432
Corporate bonds		36,021		—		36,022
Foreign issuer debt securities		1,191		—		1,191
Total in cash and cash equivalents	$	235,593	$	152,951	$	82,645
Short-term investments
Corporate bonds	$	163,331	$	—	$	163,335
Government treasury bills		88,154		88,206		—
Commercial paper and certificates of deposit		35,717		—		35,726
Foreign issuer debt securities		17,706		—		17,708
Total in short-term investments	$	304,908	$	88,206	$	216,769
Long-term investments
Corporate bonds	$	208,419	$	—	$	208,482
Government treasury bills		43,468		43,540		—
Foreign issuer debt securities		9,571		—		9,573
Total in long-term investments	$	261,458	$	43,540	$	218,055

Schedule of Company's Financial Instruments of Carrying Values and Fair Values

The following table summarizes the carrying values and fair values of the Company’s financial instruments that were not carried at fair value on the condensed consolidated balance sheets (in thousands):


March 31, 2026	Amortized Cost Basis		Allowance for Credit Losses		Net carrying amount		Gross Unrealized Gains		Gross Unrealized Losses			Aggregate Fair Value
U.S. Government securities	$	138,791	$	—	$	138,791	$	—	$	(194	)	$	138,597
Corporate securities		540,736		—		540,736		6		(1,181	)		539,561
Foreign securities		40,420		—		40,420		1		(76	)		40,345
Total held to maturity securities	$	719,947	$	—	$	719,947	$	7	$	(1,451	)	$	718,503


December 31, 2025	Amortized Cost Basis		Allowance for Credit Losses		Net carrying amount		Gross Unrealized Gains		Gross Unrealized Losses			Aggregate Fair Value
U.S. Government securities	$	131,623	$	—	$	131,623	$	123	$	—		$	131,746
Corporate securities		407,466		—		407,466		105		(28	)		407,543
Foreign securities		27,277		—		27,277		5		(1	)		27,281
Total held to maturity securities	$	566,366	$	—	$	566,366	$	233	$	(29	)	$	566,570

Schedule of Amortized Cost and Estimated Fair Value of Held to Maturity Securities by Contractual Maturity

The amortized cost and estimated fair value of held to maturity securities by contractual maturity are shown below (in thousands):


March 31, 2026	Amortized Cost Basis		Fair Value
Due in less than one year	$	449,509	$	448,900
Due after one year through five years		270,438		269,603
Total	$	719,947	$	718,503
December 31, 2025
Due in less than one year	$	304,908	$	304,975
Due after one year through five years		261,458		261,595
Total	$	566,366	$	566,570

2024 Warrants

Fair Value, Option, Quantitative Disclosures [Line Items]

Schedule of Valuation Techniques and Significant Unobservable Inputs

The significant inputs, including significant unobservable inputs, used in the recurring Level 3 fair value measurements of the 2024 Warrants are as follows:



Significant Inputs	March 18, 2026			March 31, 2025
Expected term (years)	N/A				1.0
Equity volatility		90.0	%		57.0	%
Risk-free rate		3.7	%		4.0	%

June 2022 Warrants

Fair Value, Option, Quantitative Disclosures [Line Items]

Schedule of Valuation Techniques and Significant Unobservable Inputs

The significant inputs, including significant unobservable inputs, used in the recurring Level 3 fair value measurements of the June 2022 Warrants are as follows:



Significant Inputs	March 31, 2026			March 31, 2025
Expected term (years)	1.9			2.9
Equity volatility		90.0	%		57.0	%
Risk-free rate		3.8	%		3.8	%

December 2022 Warrants

Fair Value, Option, Quantitative Disclosures [Line Items]

Schedule of Valuation Techniques and Significant Unobservable Inputs

The significant inputs, including significant unobservable inputs, used in the recurring Level 3 fair value measurements of the December 2022 Warrants were as follows:


Significant Inputs	March 31, 2025
Expected term (years)	2.9
Equity volatility		57.0	%
Discount for lack of marketability		27.0	%
Risk-free rate		3.8	%

C-2 Notes

Fair Value, Option, Quantitative Disclosures [Line Items]

Schedule of Valuation Techniques and Significant Unobservable Inputs

The significant inputs, including significant unobservable inputs, used in the recurring Level 3 fair value measurements of the C-2 Notes were as follows:


Significant Inputs	March 31, 2025
Discount rate		13.2	%
Credit spread		9.0	%
Equity volatility		57.0	%
Risk-free rate		4.2	%

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING PRONOUNCEMENTS - Deferred Transaction Costs (Additional Information) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2026	Dec. 31, 2025
Summary Of Significant Accounting Policy [Line Items]
Deferred offering costs		$ 8.5	$ 3.9
Series C-1 Preferred Units
Summary Of Significant Accounting Policy [Line Items]
Issuance costs	$ 2.5

COMMITMENTS AND CONTINGENCIES (Tables)

3 Months Ended

Mar. 31, 2026

Commitments and Contingencies Disclosure [Abstract]

Commitments to Purchase Goods or Services Related to Supply Agreements

Those commitments are as follows (in thousands):


	Unconditional Purchase Obligations
2026	$	14,500
2027		13,000
2028		9,500
2029		13,893
2030 and thereafter		—
Total	$	50,893

RELATED PARTY TRANSACTIONS (Tables)

3 Months Ended

Mar. 31, 2026

Schedule of Related Party Revenues

The table below summarizes related party revenues that are reflected within Services revenue in the condensed consolidated statements of operations and comprehensive loss (in thousands):


	Three Months Ended March 31,
	2026		2025
Revenue associated with Dow	$	1,923	$	2,164
Total	$	1,923	$	2,164

Schedule of Related Party Expenses

The table below summarizes the expenses with related parties that are reflected in the condensed consolidated statements of operations and comprehensive loss (in thousands):


	Three Months Ended March 31,
	2026		2025
Subcontracting services(1)	$	1,196	$	9,083
General and administrative services(2)		267		282
Total	$	1,463	$	9,365

__________

(1)

Expenses relating to subcontracting services are reflected within Direct costs in the condensed consolidated statements of operations and comprehensive loss.

(2)

Expenses related to general and administrative services are reflected within Selling, general, and administrative expenses in the condensed consolidated statements of operations and comprehensive loss.

Schedule of Due from and Due to related parties and Long-term deferred revenue

The following balances were recorded within Due from and Due to related parties and Long-term deferred revenue (in thousands):


	March 31, 2026		December 31, 2025
Due from related parties (1)	$	4,182	$	4,580
Due to related parties		4,299		4,225
Long-term deferred revenue		2,285		2,353

__________

(1)

As of March 31, 2026 and December 31, 2025, $4.1 million and $4.5 million, respectively, is related to Dow, of which $3.5 million and $0.7 million, respectively, is unbilled.

ORGANIZATION AND NATURE OF BUSINESS

3 Months Ended

Mar. 31, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

ORGANIZATION AND NATURE OF BUSINESS

NOTE 1 — ORGANIZATION AND NATURE OF BUSINESS

Company Overview

X-Energy Reactor Company, LLC (“X-energy” or the “Company”) is a Delaware limited liability company formed on December 14, 2018, and is the successor for financial reporting purposes of X-energy, LLC, a Maryland limited liability company founded in 2009. The Company is headquartered in Rockville, Maryland. The Company is a developer of advanced small modular nuclear reactors and fuel technology for clean energy generation. X-energy is the predecessor for financial reporting purposes of X-Energy, Inc., as further described below.

Initial Public Offering (“IPO”)

On April 27, 2026, subsequent to the period covered by these condensed consolidated financial statements, X-Energy, Inc., a Delaware corporation, successfully closed an IPO of its Class A common stock. In connection with the IPO and related Reorganization Transactions (as defined in Note 18 — Subsequent Events), X-Energy, Inc. became the parent holding company and sole managing member of the Company. Following the IPO and Reorganization Transactions, X-Energy, Inc. controls the business and affairs of the Company and consolidates the Company’s financial results. Refer to Note 18 — Subsequent Events for additional information regarding the IPO and Reorganization Transactions.

ACCRUED LIABILITIES (Tables)

3 Months Ended

Mar. 31, 2026

Payables and Accruals [Abstract]

Schedule of components of accrued liabilities

The following table sets forth the components of accrued liabilities (in thousands):


	March 31, 2026		December 31, 2025
Accrued subcontractor costs	$	37,282	$	18,160
Accrued payroll and related expenses		17,876		21,735
Accrued deferred transaction costs		5,985		2,926
Deferred revenue		3,835		132
Accrued professional fees		3,129		3,423
Operating lease liabilities		2,571		2,344
Incurred cost audits reserve (Note 15)		1,068		1,068
Accrued liabilities – other		3,267		1,429
Total accrued liabilities	$	75,013	$	51,217

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING PRONOUNCEMENTS - Schedule of Balance Receivable Related to Services Revenue and Government Grants (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Summary Of Significant Accounting Policy [Line Items]
Unbilled Receivables and Contract Assets	$ 51,159		$ 41,529
DOE
Summary Of Significant Accounting Policy [Line Items]
Accounts Receivable	20,010		23,628
Unbilled Receivables and Contract Assets	51,129		39,644
Department of War
Summary Of Significant Accounting Policy [Line Items]
Unbilled Receivables and Contract Assets	$ 1,442		$ 1,091
United States Government
Summary Of Significant Accounting Policy [Line Items]
Percentage of total revenue and grant income	92.00%	82.00%
DOW Chemical Company
Summary Of Significant Accounting Policy [Line Items]
Percentage of total revenue and grant income	4.00%	10.00%

REVENUE AND GRANT INCOME RECOGNITION - Schedule of Revenues and Grant Income by Customer Type (Details) - USD ($)
$ in Thousands

3 Months Ended

Mar. 31, 2026

Mar. 31, 2025

Disaggregation of Revenue [Line Items]

Services revenue

^[1]

$ 39,906

$ 17,091

Total revenues and grant income

43,423

20,804

Cost-based

Disaggregation of Revenue [Line Items]

Services revenue

37,413

13,652

Grant income

3,517

3,713

Total revenues and grant income

40,930

17,365

Fixed fee

Disaggregation of Revenue [Line Items]

Total revenues and grant income

335

940

Cost plus fixed fee

Disaggregation of Revenue [Line Items]

Total revenues and grant income

443

2,108

Time & materials

Disaggregation of Revenue [Line Items]

Total revenues and grant income

1,715

391

DOE

Disaggregation of Revenue [Line Items]

Services revenue

35,491

11,488

Grant income

3,517

3,713

Total revenues and grant income

39,008

15,201

Department of War

Disaggregation of Revenue [Line Items]

Total revenues and grant income

779

1,950

Commercial

Disaggregation of Revenue [Line Items]

Total revenues and grant income

$ 3,636

$ 3,653

[1]	Includes related party revenue of $1.9 million and $2.7 million for the three months ended March 31, 2026 and 2025, respectively.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING PRONOUNCEMENTS (Tables)

3 Months Ended

Mar. 31, 2026

Accounting Policies [Abstract]

Schedule of Balance Receivable Related to Services Revenue and Government Grants

The Company’s receivable balances related to services revenue and government grants with the United States Department of Energy (“DOE”) and United States Department of War are as follows (in thousands):


	March 31, 2026		December 31, 2025
Accounts Receivable
DOE	$	20,010	$	23,628
Unbilled Receivables and Contract Assets
DOE	$	51,129	$	39,644
Department of War		1,442		1,091

Schedule of Cash and Cash Equivalents and Restricted Cash

The components of cash, cash equivalents, and restricted cash are as follows (in thousands):


	March 31, 2026		December 31, 2025
Cash and cash equivalents	$	224,076	$	458,932
Restricted cash		4,210		3,698
Cash, cash equivalents, and restricted cash as presented in the Statement of Cash Flows	$	228,286	$	462,630

Schedule of Other Income and Expense

Other income (expense), net consists of the following (in thousands):


	Three Months Ended March 31,
	2026			2025
Foreign currency transaction gain (loss)	$	(119	)	$	161
Mark-to-market loss on C-2 Notes(1)		—			(387	)
Mark-to-market gain (loss) on warrant liabilities(2)		(108,899	)		10,968
Other expense		(20	)		(5	)
Total other income (expense), net	$	(109,038	)	$	10,737

__________

(1)

Refer to Note 7 — Debt

(2)

Refer to Note 13 — Fair Value Measurements

Schedule of Accumulated Other Comprehensive Income Loss

The components of accumulated other comprehensive income (loss) for the three months ended March 31, 2026 and 2025 are as follows (in thousands):


	Changes in fair value of liabilities under fair value option attributable to changes in instrument specific credit risk			Foreign currency translation adjustment			Total
Accumulated other comprehensive income (loss), balance at January 1, 2025	$	(765	)	$	771		$	6
Other comprehensive income (loss)		153			(210	)		(57	)
Accumulated other comprehensive income (loss), balance at March 31, 2025	$	(612	)	$	561		$	(51	)

Accumulated other comprehensive income (loss), balance at January 1, 2026	$	—		$	(117	)	$	(117	)
Other comprehensive income (loss)		—			143			143
Accumulated other comprehensive income (loss), balance at March 31, 2026	$	—		$	26		$	26

FAIR VALUE MEASUREMENTS - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	Mar. 31, 2026	Dec. 05, 2022
June 2022 Warrants
Fair Value, Option, Quantitative Disclosures [Line Items]
Face value of warrants issued	$ 10.0
Warrant \| December 2022 Warrants
Fair Value, Option, Quantitative Disclosures [Line Items]
Number of warrants issued (in units)		444,444
Exercise price of warrants		$ 0.01

RELATED PARTY TRANSACTIONS - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions			3 Months Ended
	Mar. 18, 2026	Oct. 03, 2025	Mar. 31, 2026	Mar. 31, 2025
Related Party Transaction [Line Items]
Amount recognized related to the warrant			$ 108,899	$ (10,968)
Issuance date fair value of warrant			$ 55,300
2025 Warrant
Related Party Transaction [Line Items]
Grant date fair value of warrant		$ 162,700
2025 Warrant \| Related Party Customer
Related Party Transaction [Line Items]
Exercise period of 2025 warrant		1 year
2024 Warrant \| Investor
Related Party Transaction [Line Items]
Exercise price of warrants			$ 7.46
Preferred units authorized			40.2
Issuance date fair value of warrant			$ 55,300
Series C-1 Preferred Units \| 2025 Warrant
Related Party Transaction [Line Items]
Preferred units authorized		14.1
Series C-1 Preferred Units \| 2024 Warrant
Related Party Transaction [Line Items]
Exercise price of warrants		$ 6.487
Series C-1 Preferred Units \| 2024 Warrant \| Investor
Related Party Transaction [Line Items]
Preferred stock, shares issued	19.6

COMMITMENTS AND CONTINGENCIES

3 Months Ended

Mar. 31, 2026

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

NOTE 15 — COMMITMENTS AND CONTINGENCIES

Incurred Cost Audits

The Company’s costs incurred on contracts with the DOE are subject to final incurred cost audits prior to the close out of the award as specified in such contracts. Billings under these contracts are based on provisional rates that permit recovery of allowable overhead, and general and administrative expenses not exceeding certain limits. These rates are subject to review by the government on an annual basis. When final determination and approval of the allowable rates have been made, billings may be adjusted.

The periods beginning January 1, 2020 onward are currently subject to audit. As of March 31, 2026 and December 31, 2025, the Company has $1.1 million in contract-related reserves for its estimate of potential refunds to customers recorded in Accrued liabilities on the condensed consolidated balance sheets.

Investigations and Litigation

From time to time the Company may become involved in legal proceedings or be subject to claims arising in the ordinary course of its business. The Company is not, to the best of its knowledge, presently a party to any legal proceedings that, if determined adverse to the Company, would individually or taken together have a material adverse effect on its business, operating results, financial condition, or cash flows.

Unconditional Purchase Obligations

The Company has entered into certain agreements in which the Company is committed to purchase goods or services, primarily related to supply agreements for graphite components. Those commitments are as follows (in thousands):


	Unconditional Purchase Obligations
2026	$	14,500
2027		13,000
2028		9,500
2029		13,893
2030 and thereafter		—
Total	$	50,893

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING PRONOUNCEMENTS - Deposits For Long Lead Materials And Prepaid Costs (Additional Information) (Details) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Summary Of Significant Accounting Policy [Line Items]
Long Term Deposits	$ 53.4
Other long-term assets
Summary Of Significant Accounting Policy [Line Items]
Long Term Deposits	47.6	$ 17.0
Prepaid and other current assets
Summary Of Significant Accounting Policy [Line Items]
Long Term Deposits	5.8
Service Fee Software and Other General Prepayments
Summary Of Significant Accounting Policy [Line Items]
Prepaid costs	$ 9.1	$ 7.5

FAIR VALUE MEASUREMENTS - Schedule of Company's Financial Instruments of Carrying Values and Fair Values (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Amortized Cost Basis	$ 719,947	$ 566,366
Allowance for Credit Losses	0	0
Net carrying amount	719,947	566,366
Gross Unrealized Gains	7	233
Gross Unrealized Losses	(1,451)	(29)
Aggregate Fair Value	718,503	566,570
U.S. Government Securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Amortized Cost Basis	138,791	131,623
Allowance for Credit Losses	0	0
Net carrying amount	138,791	131,623
Gross Unrealized Gains	0	123
Gross Unrealized Losses	(194)	0
Aggregate Fair Value	138,597	131,746
Corporate Securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Amortized Cost Basis	540,736	407,466
Allowance for Credit Losses	0	0
Net carrying amount	540,736	407,466
Gross Unrealized Gains	6	105
Gross Unrealized Losses	(1,181)	(28)
Aggregate Fair Value	539,561	407,543
Foreign Issuer Debt Securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Amortized Cost Basis	40,420	27,277
Allowance for Credit Losses	0	0
Net carrying amount	40,420	27,277
Gross Unrealized Gains	1	5
Gross Unrealized Losses	(76)	(1)
Aggregate Fair Value	$ 40,345	$ 27,281

ACCRUED LIABILITIES - Schedule of components of accrued liabilities (Details) - USD ($)
$ in Thousands

Mar. 31, 2026

Dec. 31, 2025

Payables and Accruals [Abstract]

Accrued subcontractor costs

$ 37,282

$ 18,160

Accrued payroll and related expenses

17,876

21,735

Accrued deferred transaction costs

5,985

2,926

Deferred revenue

3,835

132

Accrued professional fees

3,129

3,423

Operating lease liabilities

^[1]

2,571

2,344

Incurred cost audits reserve (Note 15)

1,068

Accrued liabilities - other

3,267

1,429

Total accrued liabilities

$ 75,013

$ 51,217

[1]	The current portion of operating lease liabilities is reflected within Accrued liabilities on the condensed consolidated balance sheets.

LEASES

3 Months Ended

Mar. 31, 2026

Leases [Abstract]

LEASES

NOTE 8 — LEASES

The Company leases office spaces, which have initial operating lease terms of three to twelve years. Some leases have options to extend the lease term, ranging from six months to five years. Certain leases have early termination options, which the Company is not reasonably certain to exercise.

During the three months ended March 31, 2026, the Company entered into a new lease with a 27‑month term and modified certain existing leases, including changes that extended lease terms by approximately two to three months and expanded the leased premises. The Company also early terminated one lease during the three months ended March 31, 2026.

Lease balances are as follows (in thousands):


	March 31, 2026		December 31, 2025
Operating lease right-of-use assets (“ROU”)	$	23,468	$	22,696

Current portion of operating lease liabilities (1)		2,571		2,344
Long-term portion of operating lease liabilities		24,789		20,887
Total operating lease liabilities	$	27,360	$	23,231

__________

(1)

The current portion of operating lease liabilities is reflected within Accrued liabilities on the condensed consolidated balance sheets.

Operating lease costs totaled $2.5 million and $0.9 million for the three months ended March 31, 2026 and 2025, respectively, and were recognized on a straight-line basis over the lease term. Variable lease expenses and short-term lease expenses were immaterial for the three months ended March 31, 2026 and 2025.

Future minimum lease payments under operating leases as of March 31, 2026 are as follows (in thousands):


	Operating Leases
2026	$	4,989
2027		4,919
2028		5,391
2029		6,595
2030		6,701
Thereafter		39,664
Total minimum lease payments		68,259
Less: lease incentives		(14,689	)
Less: amounts representing interest or imputed interest		(26,210	)
Present value of lease obligations	$	27,360

Supplemental cash flow information relating to the Company’s leases is as follows (in thousands):


	Three Months Ended March 31,
	2026		2025
Operating cash flows provided by (used in) operating leases	$	814	$	(1,095	)
Non-cash items:
Change to ROU asset and lease liability due to lease modifications and reassessments		2,740		—
ROU assets recorded under new operating leases		726		—

The weighted average remaining lease term and discount rates for operating leases are as follows:


	Three Months Ended March 31,
	2026			2025
Weighted average remaining lease term	9.1 years			4.8 years
Weighted average discount rate		10.0	%		10.0	%

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING PRONOUNCEMENTS - Schedule of Accumulated Other Comprehensive Income Loss (Details) - USD ($)	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Summary Of Significant Accounting Policy [Line Items]
Beginning balance	$ (1,224,295,000)	$ (846,561,000)
Other comprehensive income (loss)	143,000	(57,000)
Ending balance	(1,385,977,000)	(857,055,000)
Changes in fair value of liabilities under fair value option attributable to changes in instrument specific credit risk
Summary Of Significant Accounting Policy [Line Items]
Beginning balance	0	(765,000)
Other comprehensive income (loss)	0	153,000
Ending balance	0	(612,000)
Foreign currency translation adjustment
Summary Of Significant Accounting Policy [Line Items]
Beginning balance	(117,000)	771,000
Other comprehensive income (loss)	143,000	(210,000)
Ending balance	26,000	561,000
Accumulated Other Comprehensive Income (Loss)
Summary Of Significant Accounting Policy [Line Items]
Beginning balance	(117,000)	6,000
Other comprehensive income (loss)	143,000	(57,000)
Ending balance	$ 26,000	$ (51,000)

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

+ References

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+ Details

UNIT-BASED COMPENSATION EXPENSE - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unit-based compensation expense	$ 4,265	$ 65
Units vested	4,500
Unrecognized unit-based compensation	$ 27,800
Unit-based compensation recognition period	2 years 1 month 6 days
Property and Equipment
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unit-based compensation expense	$ 300
Selling, General and Administrative Expenses
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unit-based compensation expense	2,800
Direct Costs
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unit-based compensation expense	$ 1,400

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

LEASES - Future Minimum Lease Payments Under Operating Leases (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Leases [Abstract]
2026	$ 4,989
2027	4,919
2028	5,391
2029	6,595
2030	6,701
Thereafter	39,664
Total minimum lease payments	68,259
Less: lease incentives	(14,689)
Less: amounts representing interest or imputed interest	(26,210)
Present value of lease obligations	$ 27,360	$ 23,231

MEMBER UNITS AND PREFERRED UNITS - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions					3 Months Ended		12 Months Ended
	Mar. 18, 2026	Nov. 21, 2025	Sep. 30, 2025	Jan. 24, 2025	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Oct. 03, 2025
Preferred Units [Line Items]
Issuance date fair value of warrant					$ 55,300
Series D preferred stock conversion price adjustment					75.00%
Percentage of accumulated preferred return					3.00%
Cumulative distributions					$ 9,500
Mezzanine equity					188	$ 290
Mezzanine equity					$ 2,431,909	$ 1,351,918	$ 2,066,555	$ 1,300,376
2024 Warrant \| Investor
Preferred Units [Line Items]
Warrants to purchase shares of common stock					40.2
Exercise price of warrants					$ 7.46
Issuance date fair value of warrant					$ 55,300
2024 Warrant \| Investor \| Maximum
Preferred Units [Line Items]
Warrants to purchase shares of common stock					40.2
Series C Preferred Stock
Preferred Units [Line Items]
Preferred stock, shares issued								20.8
Shares issued conversions and warrant exercises									16.3
Accumulated preferred return					$ 16,400		14,200
Mezzanine equity					265,797		265,797
Series C Preferred Stock \| C-2 Convertible Notes \| Conversion Of C2 Notes Into Series C Preferred Unit
Preferred Units [Line Items]
Shares issued to convert debt			2.9
Series A-1 Preferred Units, Series C Preferred Units and Series B-2 Common Units
Preferred Units [Line Items]
Issuance of preferred stock and preference stock									$ 50,000
Series C-1 Preferred Units
Preferred Units [Line Items]
Stock issued during period				8.2				99.7
Issuance of preferred stock and preference stock				$ 53,400				$ 626,500
Mark to market loss recognized from remeasurement of warrant liability					(101,800)
Accumulated preferred return					29,700		24,400
Mezzanine equity					1,051,881		686,715
Series C-1 Preferred Units \| 2024 Warrant
Preferred Units [Line Items]
Exercise price of warrants										$ 6.487
Series C-1 Preferred Units \| 2024 Warrant \| Investor
Preferred Units [Line Items]
Shares warrants exercised	19.6
Series C-1 Preferred Units \| 2025 Warrant \| Maximum
Preferred Units [Line Items]
Warrants to purchase shares of common stock										14.1
Series C-1 Preferred Units \| 2025 Warrant \| Related Party
Preferred Units [Line Items]
Exercise price of warrants										$ 6.487
Series D Preferred Stock
Preferred Units [Line Items]
Stock issued during period		48.2
Issuance of preferred stock and preference stock		$ 700,000
Accumulated preferred return					7,500		2,300
Mezzanine equity					677,623		677,623
Series A Preferred Stock
Preferred Units [Line Items]
Accumulated preferred return					7,300		7,000
Mezzanine equity					218,408		218,408
Series A-1 Preferred Units
Preferred Units [Line Items]
Accumulated preferred return					4,700		4,200
Series B Preferred Stock
Preferred Units [Line Items]
Accumulated preferred return					14,900		14,100
Mezzanine equity					101,382		101,382
Equity
Preferred Units [Line Items]
Mezzanine equity					$ 75,100		$ 74,900

LEASES - Additional Information (Details) $ in Millions	3 Months Ended
LEASES - Additional Information (Details) $ in Millions	Mar. 31, 2026 USD ($) Lease	Mar. 31, 2025 USD ($)
Lessee, Lease, Description [Line Items]
Lessee operating lease number of terminated leases	The Company also early terminated one lease during the three months ended March 31, 2026
Lease Terminated \| Lease	1
Operating lease costs \| $	$ 2.5	$ 0.9
Modified Lease
Lessee, Lease, Description [Line Items]
New lease term	27 months
Minimum
Lessee, Lease, Description [Line Items]
New lease term	6 months
New lease term	3 years
Lease term extension term	2 months
Maximum
Lessee, Lease, Description [Line Items]
New lease term	5 years
New lease term	12 years
Lease term extension term	3 months

DEBT

3 Months Ended

Mar. 31, 2026

Debt Disclosure [Abstract]

DEBT

NOTE 7 — DEBT

The Company has no debt outstanding as of March 31, 2026 and December 31, 2025.

Live Oak Credit Facility

On June 14, 2021, the Company and one of its subsidiaries entered into a revolving credit facility with Live Oak Bank (the “Live Oak Credit Facility”) with maximum borrowings of up to $15.0 million, subject to an asset-based borrowing base based on eligible accounts receivable, net of lender reserves. The Company did not have any borrowings, payments, or interest payments on the Live Oak Credit Facility during the three months ended March 31, 2025. The facility matured on December 1, 2025 with no outstanding borrowings.

C-2 Convertible Notes

In 2022 and 2023, the Company issued convertible notes payable in an aggregate principal amount of $113.0 million (“C-2 Notes”), of which $70.0 million was issued to related parties. The C-2 Notes were due on September 30, 2025 and accrued 10.0% of payable-in-kind interest annually. The C-2 Notes provided holders with conversion rights into equity securities under certain conditions, including upon an IPO or at the holder’s election after August 4, 2023.

The Series C-2 Convertible Notes contained embedded derivatives which, absent the election of the fair value option, would have been bifurcated and accounted for at fair value. Accordingly, the fair value option was elected. The Company classified the C-2 Notes as a liability at fair value and remeasured the C-2 Notes to their fair value at each reporting period, with the portion of the change in fair value attributable to instrument-specific credit risk recorded within other comprehensive income (loss), and the remaining change in fair value recorded within Other income (expense), net. As the fair value option was elected, issuance costs associated with the C-2 Notes were expensed in the period incurred. Refer to Note 13 — Fair Value Measurements for further information on the remeasurement of the C-2 Notes.

On October 11, 2024, certain of the C-2 Notes with an aggregate principal balance of $98.0 million converted into approximately 17.0 million Series C Preferred Units, which was accounted for as a debt extinguishment.

On September 30, 2025, the remaining outstanding principal and unpaid accrued interest on the C-2 Notes were converted into approximately 2.9 million Series C Preferred Units, which was accounted for as a debt extinguishment.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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+ Details

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2026	Jun. 02, 2026
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2026
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q1
Trading Symbol	XE
Title of 12(b) Security	Class A common stock, par value $0.0001 per share
Security Exchange Name	NASDAQ
Entity Registrant Name	X-Energy, Inc.
Central Index Key	0002088896
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Current Reporting Status	No
Entity Interactive Data Current	Yes
Entity Shell Company	false
Document Quarterly Report	true
Document Transition Report	false
Entity File Number	001-43246
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	41-3934505
Entity Address, Address Line One	530 Gaither Road
Entity Address, Address Line Two	Suite 700
Entity Address, City or Town	Rockville
Entity Address, State or Province	MD
Entity Ex Transition Period	false
Entity Address, Postal Zip Code	20850
City Area Code	301
Local Phone Number	358-5600
Class A common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		287,458,734
Class B common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		118,907,374

GOVERNMENT GRANTS FOR PROPERTY AND EQUIPMENT - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Government Assistance [Abstract]
Grant cost incurred	$ 33.1	$ 9.4

INCOME TAX

3 Months Ended

Mar. 31, 2026

Income Tax Disclosure [Abstract]

INCOME TAX

NOTE 10 — INCOME TAX

The Company is a limited liability company which is classified as a partnership for U.S. federal and state income tax purposes. Accordingly, the Company’s U.S. operations are not subject to income taxes in the U.S. The Company’s owners separately account for their pro rata share of the Company’s income, deductions, losses, and credits annually. The Company’s foreign operations are subject to income taxes in the foreign jurisdictions in which they operate. Income tax expense and benefit were immaterial for the three months ended March 31, 2026 and 2025.

- Definition

The entire disclosure for income tax.

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Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

DEBT - Additional Information (Details) - USD ($) shares in Millions			3 Months Ended		12 Months Ended
	Sep. 30, 2025	Oct. 11, 2024	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025	Dec. 31, 2023	Jun. 14, 2021
Line of Credit Facility [Line Items]
Borrowings			$ 0		$ 0
C-2 Convertible Notes
Line of Credit Facility [Line Items]
Accrued Payable-In-Kind Interest			10.00%
Debt Instrument, Face Amount						$ 113,000,000
C-2 Convertible Notes \| Series C Preferred Stock \| Conversion Of C2 Notes Into Series C Preferred Unit
Line of Credit Facility [Line Items]
Debt Conversion, Original Debt, Amount		$ 98,000,000
Number of shares to be issued	2.9	17.0
C-2 Convertible Notes \| Related Party
Line of Credit Facility [Line Items]
Debt Instrument, Face Amount						$ 70,000,000
Live Oak Credit Facility
Line of Credit Facility [Line Items]
Debt outstanding				$ 0	$ 0
Payments				0
Interest payments				$ 0
Maximum borrowing capacity							$ 15,000,000
Debt Instrument, Maturity Date					Dec. 01, 2025

RELATED PARTY TRANSACTIONS

3 Months Ended

Mar. 31, 2026

Related Party Transactions

NOTE 14 — RELATED PARTY TRANSACTIONS

In the ordinary course of business, the Company enters into transactions with various related parties.

Related Party Warrants

On October 3, 2025, agreements with a related party customer were modified through the issuance of the 2025 Warrant and the Company accounted for such modification in accordance with ASC 606. The 2025 Warrant may be exercised by the holder when all of the Xe-100 units associated with the customer agreements are considered fully operational (the “Vesting Event”) and entitles the holder to purchase up to 14.1 million Series C-1 Preferred Units at an exercise price of $6.4870 per unit. The exercise period ends at the earlier of (i) one year from the Vesting Event, (ii) event of non-compliance and (iii) a consummation of a change of control or a listing event of the Company, to the extent it occurs after vesting. The Vesting Event is considered a performance condition in accordance with ASC 718, as the Vesting Event is a performance target defined solely by reference to the Company’s own operations. As the 2025 Warrant was issued to a customer and not in exchange for a distinct good or service that the customer transfers to the Company, the Company accounts for the 2025 Warrant as consideration payable to a customer under ASC 606, and will recognize the Warrant as a decrease to the transaction price, measured based on the grant date fair value when the performance condition is deemed probable. The grant date fair value was determined to be $162.7 million.

Moreover, the Company determined that the 2025 Warrant will be classified as an equity award based on the criteria of ASC 480 and ASC 718. When the performance condition is deemed probable, the Company will recognize the 2025 Warrant as a temporary equity classified instrument on the condensed consolidated balance sheet measured based on its grant date redemption value. Upon the performance condition becoming probable of occurring, any difference between the 2025 Warrant’s grant date fair value and its grant date redemption value shall be presented in permanent equity.

As of March 31, 2026, and December 31, 2025, the 2025 Warrant was not deemed probable of vesting, and thus, the Company did not recognize any amount related to the 2025 Warrant. The Company will assess whether it is probable that the 2025 Warrant will vest at the end of every reporting period.

In connection with the issuance of the Series C-1 Preferred Units, one investor and potential future customer was issued the 2024 Warrant for no additional consideration. The 2024 Warrant was required to be classified as a liability and measured at fair value on an ongoing basis pursuant to ASC 480 since the underlying Series C-1 Preferred Units are redeemable for cash upon the occurrence of certain events that are considered outside of the Company’s control. The 2024 Warrant could be exercised by the holder at any time from the issuance date until the 18-month anniversary of the issuance date and entitled the holder to purchase up to 40.2 million Series C-1 Preferred Units at an exercise price of approximately $7.46 per unit. As the 2024 Warrant was issued for no additional consideration, and did not meet the criteria for capitalization of a contract asset, the issuance date fair value of the 2024 Warrant of $55.3 million was expensed upon its issuance. Additionally, in March 2026, the Company amended the 2024 Warrant to permit the holder to elect a cashless exercise of the 2024 Warrant at an earlier date than provided by the 2024 Warrant’s original terms. The warrant holder exercised the 2024 Warrant on March 18, 2026 and received 19.6 million Series C-1 Preferred Units.

Related Party Revenue

Dow is a unitholder and warrant holder of X-Energy. During the year ended December 31, 2025, the Company entered into the Master Project Development Agreement (“MPDA”) with Dow, which is a continuation of the project under the previously existing joint development agreement with Dow entered into during the year ended December 31, 2023, whereby the MPDA and joint development agreement together are considered the “Dow Agreements.”

The table below summarizes related party revenues that are reflected within Services revenue in the condensed consolidated statements of operations and comprehensive loss (in thousands):


	Three Months Ended March 31,
	2026		2025
Revenue associated with Dow	$	1,923	$	2,164
Total	$	1,923	$	2,164

Related Party Expenses

The Company enters into various arrangements with related party vendors. These arrangements primarily include subcontracting services with a related party investor, and general and administrative services with an affiliate of the Chairman of the Board of Directors of the Company.

The subcontracting services primarily pertain to support services related to ARDP, and the general and administrative services include rent for office space, consulting services, and other general and administrative services. The table below summarizes the expenses with related parties that are reflected in the condensed consolidated statements of operations and comprehensive loss (in thousands):


	Three Months Ended March 31,
	2026		2025
Subcontracting services(1)	$	1,196	$	9,083
General and administrative services(2)		267		282
Total	$	1,463	$	9,365

__________

(1)

Expenses relating to subcontracting services are reflected within Direct costs in the condensed consolidated statements of operations and comprehensive loss.

(2)

Due to/from Related Parties and Long-Term Deferred Revenue

The following balances were recorded within Due from and Due to related parties and Long-term deferred revenue (in thousands):


	March 31, 2026		December 31, 2025
Due from related parties (1)	$	4,182	$	4,580
Due to related parties		4,299		4,225
Long-term deferred revenue		2,285		2,353

__________

(1)

As of March 31, 2026 and December 31, 2025, $4.1 million and $4.5 million, respectively, is related to Dow, of which $3.5 million and $0.7 million, respectively, is unbilled.

Refer to Note 7 — Debt for disclosures related to debt from related parties.

Upon closing of Series D Preferred Units and resulting change in capital ownership, the Company reevaluated its related parties. Accordingly, certain entities were previously considered related party entities that the Company has historically conducted business with are no longer considered related parties as defined in ASC 850 beginning on November 21, 2025. The Company has disclosed transactions occurring prior to November 21, 2025 with these entities as related party transactions.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-5

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING PRONOUNCEMENTS - Schedule of Cash and Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025	Mar. 31, 2025	Dec. 31, 2024
Accounting Policies [Abstract]
Cash and cash equivalents	$ 224,076	$ 458,932
Restricted cash	4,210	3,698
Cash, cash equivalents, and restricted cash as presented in the Statement of Cash Flows	$ 228,286	$ 462,630	$ 521,942	$ 514,600

REVENUE AND GRANT INCOME RECOGNITION - Additional Information (Details) - USD ($)

3 Months Ended

Mar. 31, 2026

Mar. 31, 2025

Dec. 31, 2025

Disaggregation of Revenue [Line Items]

Direct costs

$ 65,359,000

$ 28,724,000

Deferred revenue recognized

1,100,000

Deferred Revenue

18,045,000

$ 15,153,000

Deferred revenue

21,900,000

15,300,000

Deferred revenue

3,835,000

132,000

Unbilled receivables and contract assets

51,159,000

41,529,000

Due From Related Parties

(399,000)

(8,213,000)

Deferred Revenue, Noncurrent

Disaggregation of Revenue [Line Items]

Deferred Revenue

18,000,000

15,200,000

Accrued Liabilities

Disaggregation of Revenue [Line Items]

Deferred revenue

3,900,000

100,000

Unbilled Accounts Receivable and Contract Assets

Disaggregation of Revenue [Line Items]

Contract assets

1,000,000

7,500,000

Direct costs

^[1]

1,196,000

9,083,000

Deferred Revenue

2,285,000

2,353,000

Deferred revenue

2,300,000

$ 2,400,000

Advanced Reactor Demonstrator Program ("ARDP")

Disaggregation of Revenue [Line Items]

Grant income

3,200,000

1,300,000

Direct costs

$ 2,700,000

$ 1,100,000

[1]	Expenses relating to subcontracting services are reflected within Direct costs in the condensed consolidated statements of operations and comprehensive loss.

MEMBER UNITS AND PREFERRED UNITS

3 Months Ended

Mar. 31, 2026

Equity [Abstract]

MEMBER UNITS AND PREFERRED UNITS

NOTE 11 — MEMBER UNITS AND PREFERRED UNITS

The units described below reflect the Company’s capital structure prior to the IPO and Reorganization Transactions completed in April 2026. In connection with the IPO and Reorganization Transactions completed in April 2026, all outstanding Preferred Units and certain Common Units were recapitalized into a single class of Common Units of X-Energy Reactor Company, LLC. Refer to Note 18 — Subsequent Events for additional information regarding the IPO and related changes to the Company’s capital structure and Unit holder rights.

Common Units

The holders of Class A Common Units are entitled to one vote for each unit of Class A Common Units held at all meetings of stockholders. The voting, dividend, and liquidation rights of the holders of Class A Common Units are subject to and qualified by the rights, powers, and privileges of the holders of Preferred Units set forth in the original or amended Certificate of Incorporation. The Class A Common Units have been classified as mezzanine equity as they are redeemable for cash upon the occurrence of certain events that are considered outside of the Company’s control.

The Class B Common Units have the same rights and preferences as the Class A Common Units; provided, however, that the Class B Common Units shall not have voting rights and are subject to a profits interest threshold as may be set forth in grant agreements under the Company’s unit-based compensation plan discussed in Note 12 — Unit-Based Compensation Expense.

The Class B Common Units are classified as Mezzanine equity as they are redeemable for cash upon the occurrence of certain events that are considered outside of the Company’s control.

Series A Preferred Units

The Series A Preferred Units were issued to a related party in 2023 in conjunction with the Series A Preferred financing. The units were recognized at fair market value on the issuance date.

Series A-1 Preferred Units

The Series A-1 Preferred Units were issued in 2023 together with the Series C Preferred Units and certain Series B Common Units in exchange for a cash investment of $50.0 million. The Series A-1 Preferred Units were initially recognized at their relative fair market value.

Series B Preferred Units

The Series B Preferred Units were issued prior to 2023. The Series B Preferred Units were initially recognized at fair market value.

Series C Preferred Units

During 2023, the Company issued 16.3 million Series C Preferred Units through a financing transaction, a related-party investment (resulting in a loss on issuance), and the conversion of C-1 outstanding notes.

During 2024, 20.8 million Series C Preferred Units were issued in connection with the conversion of the C-1 notes, the C-2 Note Conversion, and the exercise of the October 2022 warrants. The Series C Preferred Units issued as a result of these transactions were recognized at fair market value.

On September 30, 2025, the Company’s C-2 Note was converted into 2.9 million Series C Preferred Units. The Series C Preferred Units issued as a result of this transaction were recognized at fair market value.

Series C-1 Preferred Units

During 2024, the Company completed a financing round of Series C-1 Preferred Units which resulted in the receipt of gross cash proceeds of approximately $626.5 million from various investors. As a result of this financing round, the Company issued 99.7 million Series C-1 Preferred Units. The Series C-1 Preferred Units issued through these transactions were recorded at fair value.

In connection with the issuance of the Series C-1 Preferred Units, one investor and potential future customer was issued a warrant on Series C-1 Preferred Units (the “2024 Warrant”) for no additional consideration. The 2024 Warrant was required to be classified as a liability and measured at fair value on an ongoing basis pursuant to ASC 480 since the underlying Series C-1 Preferred Units are redeemable for cash upon the occurrence of certain events that are considered outside of the Company’s control. The 2024 Warrant could be exercised by the holder at any time from the issuance date until the 18-month anniversary of the issuance date and entitled the holder to purchase up to 40.2 million Series C-1 Preferred Units at an exercise price of approximately $7.46 per unit. As the 2024 Warrant was issued for no additional consideration and did not meet the criteria for capitalization of a contract asset, the issuance date fair value of the 2024 Warrant of $55.3 million was expensed upon its issuance. Additionally, in March 2026, the Company amended the 2024 Warrant to permit the holder to elect a cashless exercise of the 2024 Warrant at an earlier date than provided by the 2024 Warrant’s original terms. The warrant holder exercised the warrant on March 18, 2026 and received 19.6 million Series C-1 Preferred Units, which were recorded at fair value. The Company recognized a mark-to-market loss of $101.8 million in Other income (expense), net during the three months ended March 31, 2026, as a result of remeasuring the warrant liability to fair value prior to exercise.

On January 24, 2025, the Company completed additional financing rounds of Series C-1 Preferred Units, issuing 8.2 million Series C-1 Preferred Units and receiving gross cash proceeds of approximately $53.4 million from various investors. On October 3, 2025, the Company issued a warrant to a related party customer to purchase up to 14.1 million Series C-1 Preferred Units at an exercise price of $6.4870 per unit (the “2025 Warrant”). See Note 14 — Related Party Transactions for details of the 2025 Warrant.

The Series C-1 Preferred Units issued through these transactions were recorded at fair value.

Series D Preferred Units

On November 21, 2025, the Company completed a financing round of Series D Preferred Units, issuing 48.2 million Series D Preferred Units and receiving gross cash proceeds of approximately $700.0 million. The Series D Preferred Units issued through these transactions were recorded at fair market value.

Preferred Units

Together, the Series A Preferred Units, the Series A-1 Preferred Units, the Series B Preferred Units, the Series C Preferred Units, the Series C-1 Preferred Units, and the Series D Preferred Units shall be referred to as the “Preferred Units” for the purpose of this Note. Preferred Units have been issued in one or more series, each of such series consisting of such number of units and to have such terms, rights, powers and preferences, and the qualifications and limitation with respect thereto, as stated or expressed in the original or amended Certificate of Incorporation. Specifics regarding the conversion features and voting rights associated with, and the balance sheet classification of, the Preferred Units outstanding are as follows:

Optional Conversion Feature

Each Preferred Unit is convertible, at the option of the holder thereof, at any time, and without the payment of additional consideration by the holder thereof, into an equal number of Class A Common Units as is determined by dividing the Original Issue Price, for the series of preferred units by the conversion price, initially equal to the applicable original issue price per unit, of such series of Preferred Units in effect at the time of conversion. Conversion may be effected at any time at the sole discretion of the holder. As of March 31, 2026 and December 31, 2025, the outstanding Preferred Units are therefore convertible into the following quantities of Class A Common Units (in thousands, except prices):


	Original Issue Price		March 31, 2026		December 31, 2025
Series A Preferred Units	$	0.5754		90,626		90,626
Series A-1 Preferred Units		7.6348		8,808		8,808
Series B Preferred Units		9.1162		11,643		11,643
Series C Preferred Units		7.6348		39,964		39,964
Series C-1 Preferred Units		6.4870		127,484		107,908
Series D Preferred Units		14.5364		48,155		48,155

Automatic Conversion Feature

In the event of (i) a Qualified IPO, with the exception of the Series D Preferred Units as discussed below, or (ii) the approval of the requisite holders, the Preferred Units will automatically be converted into an equal number of Class A Common Units at the applicable conversion ratio.

For Series D Preferred Units specifically, if the Company undertakes a Qualified IPO, the conversion price of the Series D Preferred Units will be adjusted, if necessary, to be equal to the lesser of: (a) seventy-five percent (75%) of the price per Class A Common Unit, or the price per the equivalent common share of (i) the Company’s corporate successor following a conversion of the Company to a C corporation or (ii) the Company’s newly formed corporation member, in either scenario offered to the public in such Qualified IPO; or (b) the then-current conversion price of the Series D Preferred Units prior to such adjustment.

Voting Rights

Each of the holders of Class A Common Units, Series A Preferred Units, Series B Preferred Units, Series C Preferred Units, Series C-1 Preferred Units, and Series D Preferred Units are entitled to vote for members of the Board of Directors in whatever manner necessary to ensure that the size of the Board of Directors of the Company is set and remains at nine directors who serve as the managers of the Company. The Series A-1 Preferred Units and Class B Common Units do not vote on the Board of Directors.

Cumulative Preferred Return

The Preferred Units have an annual 3% cumulative preferred return on the original issuance price, beginning on the date such Preferred Units were issued. As of March 31, 2026, the accumulated preferred return not reflected in the condensed consolidated balance sheet for Series A, A-1, B, C, C-1, and D Preferred Units was $7.3 million, $4.7 million, $14.9 million, $16.4 million, $29.7 million, and $7.5 million, respectively. As of December 31, 2025, the accumulated preferred return not reflected in the condensed consolidated balance sheet for Series A, A-1, B, C, C-1, and D Preferred Units was $7.0 million, $4.2 million, $14.1 million, $14.2 million, $24.4 million, and $2.3 million, respectively. In the event of a deemed liquidation, the cumulative preferred return is payable solely for the Series B Preferred Units and therefore has been incorporated into the Series B Preferred Units liquidation preference amount presented on the balance sheet. The cumulative preferred return on the remaining units is subject to the discretion of the Board of Directors.

Liquidation Preference

In the event of any liquidation, dissolution, or winding up of the Company, or a deemed liquidation event, including a merger or consolidation, or a sale or other disposition of all or substantially all of the Company’s assets, the holders shall receive distributions in an amount up to their liquidation preference. See the condensed consolidated balance sheet for the liquidation preference amounts. The preference of distributions is first to both Series D Preferred Unit and Series C-1 Preferred Unit holders pari passu, second to Series C Preferred Unit holders, third to Series B Preferred Units holders, fourth to Series A and Series A-1 Preferred Units holders, and fifth to Class B-1 Profits Interest Units, until members have received cumulative distributions equal to approximately $9.5 million. After the payment of the full liquidation preference of the redeemable convertible preferred stock and profits interests, the Company’s remaining assets legally available for distribution, if any, would be distributed ratably to the holders of Class A and Class B Common Units.

Classification

A redeemable equity security is to be classified as temporary or mezzanine equity if it is conditionally redeemable upon the occurrence of an event that is not solely within the control of the issuer.

The Preferred Units and Common Units are redeemable for cash upon the occurrence of a deemed liquidation event. As of March 31, 2026 and December 31, 2025, a deemed liquidation event is not considered probable, and the occurrence of such an event is considered to be outside of the Company’s control. Accordingly, the Preferred Units and Common Units are considered conditionally redeemable upon the occurrence of an event that is not solely within the control of the issuer and, therefore, the Company has classified the Preferred Units and Common Units as mezzanine equity in the condensed consolidated balance sheets as of March 31, 2026 and December 31, 2025. The mezzanine equity amount related to Common Units issued as unit-based compensation is the grant date redemption value, or the modification date redemption value, as applicable. The difference between the grant date fair value and the redemption value for vested awards is presented in permanent equity. As of March 31, 2026 and December 31, 2025, $75.1 million and $74.9 million, respectively, has been presented within mezzanine equity, and the excess of grant date redemption value over grant date fair value for vested awards has been recorded within Additional paid in capital and Accumulated deficit for those periods, respectively.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 2
-Subparagraph (a)
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-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
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-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
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-Paragraph 6
-Publisher FASB
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480237/815-40-50-6

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
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-Publisher FASB
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+ Details

PROPERTY AND EQUIPMENT, NET (Tables)

3 Months Ended

Mar. 31, 2026

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment, Net

Property and equipment, net consists of the following (in thousands):


	March 31, 2026			December 31, 2025
Equipment and materials	$	2,335		$	2,335
Computer equipment and software		4,809			3,760
Office furniture and fixtures		355			355
Leasehold improvements		1,879			2,708
Land		1,697			1,697
Construction-in-progress		66,345			42,839
Property and equipment at cost (1)		77,420			53,694
Accumulated depreciation		(4,039	)		(3,589	)
Property and equipment, net	$	73,381		$	50,105

__________

(1)

Net of reimbursement from the United States Government.

REVENUE AND GRANT INCOME RECOGNITION

3 Months Ended

Mar. 31, 2026

Revenue from Contract with Customer [Abstract]

REVENUE AND GRANT INCOME RECOGNITION

NOTE 3 — REVENUE AND GRANT INCOME RECOGNITION

The Company recognizes revenue under contracts with customers to provide nuclear reactor and fuel design engineering services in the areas of research and development, systems engineering, and technology development. The Company’s revenues are generally derived from contract services predominantly performed for the U.S. Government and commercial entities. All revenues for the three months ended March 31, 2026 and 2025 were recognized over time.

There are three main types of contracts: cost-based contracts, cost-plus fixed fee contracts, and time and materials. Under cost-based and cost-plus fixed fee contracts, the total consideration in the Company’s contracts is paid in the form of incremental incurred cost reimbursements over time upon submission of invoices. Under time-and-materials contracts, the total consideration is based on contractually agreed upon labor rates for hours worked, plus reimbursement of materials and other costs incurred.

The allowability of certain costs under government contracts is subject to audit by the government. Certain indirect costs are charged to contracts using provisional or estimated indirect rates, which are subject to later revision based on actual costs

incurred and subject to government audits of those costs. Refer to Note 15 — Commitments and Contingencies for further discussion of these cost audits.

Advanced Reactor Demonstration Program (“ARDP”)

During the year ended December 31, 2021, the Company was named an awardee under the Department of Energy’s ARDP. The objective of the ARDP is to accelerate the development and demonstration of advanced nuclear reactor technologies, pursuant to which the DOE will fund a portion of the direct and indirect costs incurred for the research and development costs to develop the intellectual property (“IP”) and the costs of developing and constructing both the TRISO-X fuel facility (“TX-1”) and Xe-100 commercial demonstration plant in Seadrift, Texas. Dow has been named a subawardee under the ARDP in connection with their involvement with the development and construction of the demonstrator reactor. The Company is constructing and will own TX-1.

Under the Company’s separate agreement with Dow, certain costs incurred by Dow related to the demonstrator reactor are funded by the Company using funds obtained through the ARDP. The Company has recognized the funds received from the DOE and the costs incurred by Dow on a gross basis as grant income and direct costs, respectively. The Company has recognized $3.2 million and $1.3 million as grant income and $2.7 million and $1.1 million as direct costs during the three months ended March 31, 2026 and 2025, respectively, related to costs incurred by Dow for the demonstration plant. The Company also earns revenue from Dow as a customer for certain site specific engineering, permitting, and other services related to the development of the Xe-100 plant. Refer to Note 14 — Related Party Transactions for additional information on transactions with Dow and other related parties.

Disaggregated Revenues and Grant Income

A summary of revenues and grant income by customer type is as follows (in thousands):


	Three Months Ended March 31,
	2026		2025
Customer type:
DOE	$	39,008	$	15,201
Services revenue		35,491		11,488
Grant income		3,517		3,713
Department of War		779		1,950
Commercial		3,636		3,653
Total revenues and grant income	$	43,423	$	20,804

A summary of revenues and grant income by contract type is as follows (in thousands):


	Three Months Ended March 31,
	2026		2025
Contract type:
Cost-based	$	40,930	$	17,365
Services revenue		37,413		13,652
Grant income		3,517		3,713
Fixed fee		335		940
Cost plus fixed fee		443		2,108
Time & materials		1,715		391
Total revenues and grant income	$	43,423	$	20,804

Revenues and Grant Income by Geographic Location

The Company has revenues and grant income in the following geographic locations (in thousands):


	Three Months Ended March 31,
	2026		2025
Customer Location:
United States	$	43,423	$	20,440
International		-		364
Total revenues and grant income	$	43,423	$	20,804

Contract Balances

The timing of revenue recognition, billings, and cash collections results in billed accounts receivable, unbilled receivables (amounts billable where the right to consideration is unconditional), contract assets (for which certain conditions must be satisfied before the right to bill is obtained), and contract liabilities (customer advances and deposits) on the condensed consolidated balance sheets. Amounts are billed as work progresses in accordance with agreed-upon contractual terms, either at periodic intervals (e.g., biweekly or monthly) or upon achievement of contractual milestones. Generally, billing occurs subsequent to revenue recognition, resulting in unbilled receivables. However, the Company sometimes receives advances or deposits from its customers, or bills customers where it has an unconditional right to consideration before revenue is recognized, resulting in contract liabilities. These liabilities are reported on the consolidated balance sheets on a contract-by-contract basis at the end of each reporting period.

Contract liabilities as of March 31, 2026, and December 31, 2025 include deferred revenue. As of March 31, 2026, the Company has deferred revenue of $21.9 million, of which $18.0 million is recorded in Long-term deferred revenue and $3.9 million is recorded within Accrued liabilities. $2.3 million of the Long-term deferred revenue is attributable to related parties. During the three months ended March 31, 2026, no revenue was recognized that had previously been deferred. As of December 31, 2025, the Company has deferred revenue of $15.3 million, of which $15.2 million is recorded within Long-term deferred revenue and $0.1 million is recorded in Accrued liabilities. $2.4 million of the Long-term deferred revenue is attributable to related parties. During the three months ended March 31, 2025, $1.1 million of revenue was recognized that had previously been deferred.

Contract assets represent revenue recognized that exceeds the amount billed to the customer and excludes amounts billable where the right to consideration is solely subject to the passage of time. As of March 31, 2026, the Company has contract assets of $1.0 million, all of which is recorded within Unbilled receivables and contract assets and is not associated with related parties. As of December 31, 2025, the Company has contract assets of $7.5 million, all of which is recorded within Unbilled receivables and contract assets and is not associated with related parties.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Section 50
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-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 12
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

FAIR VALUE MEASUREMENTS - Schedule of Amortized Cost and Estimated Fair Value of Held to Maturity Securities by Contractual Maturity (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Fair Value Disclosures [Abstract]
Amortized Cost Basis, Due in less than one year	$ 449,509	$ 304,908
Amortized Cost Basis, Due after one year through five years	270,438	261,458
Amortized Cost Basis, Total	719,947	566,366
Fair Value, Due in less than one year	448,900	304,975
Fair Value, Due after one year through five years	269,603	261,595
Total Fair Value	$ 718,503	$ 566,570

- Definition

Fair value of investment in debt security measured at amortized cost (held-to-maturity).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (c)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
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-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
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-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 5A
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 210
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-Paragraph 1
-Subparagraph (SX 210.9-03(6))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

+ Details

LEASES - Summary of Lease balances (Details) - USD ($)
$ in Thousands

Mar. 31, 2026

Dec. 31, 2025

Leases [Abstract]

Operating lease right-of-use assets ("ROU")

$ 23,468

$ 22,696

Current portion of operating lease liabilities

^[1]

2,571

2,344

Long-term portion of operating lease liabilities

24,789

20,887

Total operating lease liabilities

$ 27,360

$ 23,231

[1]	The current portion of operating lease liabilities is reflected within Accrued liabilities on the condensed consolidated balance sheets.

RELATED PARTY TRANSACTIONS - Summary of Related Party Revenues That Are Reflected Within Services Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Related Party Transaction [Line Items]
Total revenues and grant income	$ 43,423	$ 20,804
Related Party
Related Party Transaction [Line Items]
Total revenues and grant income	1,923	2,164
Related Party \| DOW Chemical Company
Related Party Transaction [Line Items]
Total revenues and grant income	$ 1,923	$ 2,164

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

LEASES - Supplemental Cash Flow Information Relating to the Company's Leases (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Leases [Abstract]
Operating cash flows provided by (used in) operating leases	$ 814	$ (1,095)
Change to ROU asset and lease liability due to lease modifications and reassessments	2,740	0
ROU assets recorded under new operating leases	$ 726	$ 0

LEASES - Schedule Of Weighted Average Remaining Lease Term and Discount Rates (Details)	Mar. 31, 2026	Mar. 31, 2025
Leases [Abstract]
Weighted average remaining lease term	9 years 1 month 6 days	4 years 9 months 18 days
Weighted average discount rate	10.00%	10.00%

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Current assets
Cash and cash equivalents	$ 224,076	$ 458,932
Short-term investments	449,509	304,908
Accounts receivable	21,962	32,940
Unbilled Receivables and Contract Assets	51,159	41,529
Prepaid and other current assets	23,493	11,491
Due from related parties	$ 4,182	$ 4,580
Other Receivable, after Allowance for Credit Loss, Current, Related Party [Extensible Enumeration]	Related Party [Member]	Related Party [Member]
Total current assets	$ 774,381	$ 854,380
Long-term investments	270,438	261,458
Restricted cash	4,210	3,698
Property and equipment, net	73,381	50,105
Operating lease right-of-use assets	23,468	22,696
Other long-term assets	50,134	18,934
Total assets	1,196,012	1,211,271
Current liabilities
Accounts payable	10,036	3,363
Accrued liabilities	75,013	51,217
Due to related parties	$ 4,299	$ 4,225
Other Liability, Current, Related Party [Extensible Enumeration]	Related Party [Member]	Related Party [Member]
Total current liabilities	$ 89,348	$ 58,805
Long-term deferred revenue	18,045	15,153
Long-term operating lease liabilities	24,789	20,887
Warrant liabilities	17,898	274,166
Total liabilities	150,080	369,011
Mezzanine equity
Mezzanine equity	2,431,909	2,066,555
Accumulated deficit	(1,402,562)	(1,236,345)
Accumulated other comprehensive income (loss)	26	(117)
Additional paid-in capital	16,559	12,167
Total members' deficit	(1,385,977)	(1,224,295)
Total liabilities, mezzanine equity, and member's deficit	1,196,012	1,211,271
Class A Common Units
Mezzanine equity
Mezzanine equity	1,800	1,800
Class B Common Units
Mezzanine equity
Mezzanine equity	93,541	93,353
Series A Preferred Stock
Mezzanine equity
Mezzanine equity	218,408	218,408
Series A-1 Preferred Stock
Mezzanine equity
Mezzanine equity	21,477	21,477
Series B Preferred Stock
Mezzanine equity
Mezzanine equity	101,382	101,382
Series C Preferred Stock
Mezzanine equity
Mezzanine equity	265,797	265,797
Series C-1 Preferred Units
Mezzanine equity
Mezzanine equity	1,051,881	686,715
Series D Preferred Stock
Mezzanine equity
Mezzanine equity	$ 677,623	$ 677,623

MEMBER UNITS AND PREFERRED UNITS - Schedule of Outstanding Preferred Units (Details) - $ / shares shares in Thousands	Mar. 31, 2026	Dec. 31, 2025
Series A Preferred Stock
Preferred Units [Line Items]
Original Issue Price	$ 0.5754
Outstanding preferred units convertible	90,626	90,626
Series A-1 Preferred Units
Preferred Units [Line Items]
Original Issue Price	$ 7.6348
Outstanding preferred units convertible	8,808	8,808
Series B Preferred Stock
Preferred Units [Line Items]
Original Issue Price	$ 9.1162
Outstanding preferred units convertible	11,643	11,643
Series C Preferred Stock
Preferred Units [Line Items]
Original Issue Price	$ 7.6348
Outstanding preferred units convertible	39,964	39,964
Series C-1 Preferred Units
Preferred Units [Line Items]
Original Issue Price	$ 6.487
Outstanding preferred units convertible	127,484	107,908
Series D Preferred Stock
Preferred Units [Line Items]
Original Issue Price	$ 14.5364
Outstanding preferred units convertible	48,155	48,155

RELATED PARTY TRANSACTIONS - Summary of Balances Within Due from and Due to Related Parties and Long-term Deferred Revenue (Details) - USD ($)
$ in Thousands

Mar. 31, 2026

Dec. 31, 2025

Due from related parties

$ 4,182

$ 4,580

Other Receivable, after Allowance for Credit Loss, Current, Related Party [Extensible Enumeration]

Related Party

Due to related parties

$ 4,299

$ 4,225

Other Liability, Current, Related Party [Extensible Enumeration]

Related Party

Long-term deferred revenue

$ 18,045

$ 15,153

Due from related parties

^[1]

4,182

4,580

Due to related parties

4,299

4,225

Long-term deferred revenue

$ 2,285

$ 2,353

[1]	As of March 31, 2026 and December 31, 2025, $4.1 million and $4.5 million, respectively, is related to Dow, of which $3.5 million and $0.7 million, respectively, is unbilled.

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (unaudited) - USD ($)
$ in Thousands

3 Months Ended

Mar. 31, 2026

Mar. 31, 2025

Income Statement [Abstract]

Services revenue

^[1]

$ 39,906

$ 17,091

Grant income

3,517

3,713

Total revenues and grant income

43,423

20,804

Operating expenses

Direct costs

65,359

28,724

Selling, general and administrative

44,117

17,980

Research and development

402

Total operating expenses

109,531

47,106

Operating loss

(66,108)

(26,302)

Other income (expense)

Interest expense

(124)

Interest income

8,929

5,477

Other income (expense), net

(109,038)

10,737

Total other income (expense), net

(100,109)

16,090

Net loss

(166,217)

(10,212)

Other comprehensive income (loss)

Foreign currency translation adjustment

143

(210)

Changes in fair value of liabilities under fair value option attributable to changes in instrument-specific credit risk

153

Other comprehensive income (loss)

143

(57)

Comprehensive loss

$ (166,074)

$ (10,269)

[1]	Includes related party revenue of $1.9 million and $2.7 million for the three months ended March 31, 2026 and 2025, respectively.

ACCRUED LIABILITIES

3 Months Ended

Mar. 31, 2026

Payables and Accruals [Abstract]

ACCRUED LIABILITIES

NOTE 6 — ACCRUED LIABILITIES

The following table sets forth the components of accrued liabilities (in thousands):


	March 31, 2026		December 31, 2025
Accrued subcontractor costs	$	37,282	$	18,160
Accrued payroll and related expenses		17,876		21,735
Accrued deferred transaction costs		5,985		2,926
Deferred revenue		3,835		132
Accrued professional fees		3,129		3,423
Operating lease liabilities		2,571		2,344
Incurred cost audits reserve (Note 15)		1,068		1,068
Accrued liabilities – other		3,267		1,429
Total accrued liabilities	$	75,013	$	51,217

SUBSEQUENT EVENTS - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions		3 Months Ended
	Apr. 27, 2026	Mar. 31, 2026
Subsequent Event [Line Items]
Amount of Cash tax savings to TRA Holders		85.00%
2026 Equity Incentive Plan
Subsequent Event [Line Items]
Common stock shares		100,000
Per share price		$ 23
Equity Awards granted to non-employee directors		$ 0.9
2026 Equity Incentive Plan \| CEO, CFO, and Chief of Global Operations
Subsequent Event [Line Items]
Equity Awards granted		3,500,000
Class A common stock \| 2026 Equity Incentive Plan
Subsequent Event [Line Items]
Per share price		$ 23
Subsequent Event \| IPO \| Class A common stock
Subsequent Event [Line Items]
Common stock shares	50,892,857
Net proceeds	$ 1,100.0
Underwriting discounts	$ 67.3

PROPERTY AND EQUIPMENT, NET

3 Months Ended

Mar. 31, 2026

Property, Plant and Equipment [Abstract]

PROPERTY AND EQUIPMENT, NET

NOTE 4 — PROPERTY AND EQUIPMENT, NET

Property and equipment, net consists of the following (in thousands):


	March 31, 2026			December 31, 2025
Equipment and materials	$	2,335		$	2,335
Computer equipment and software		4,809			3,760
Office furniture and fixtures		355			355
Leasehold improvements		1,879			2,708
Land		1,697			1,697
Construction-in-progress		66,345			42,839
Property and equipment at cost (1)		77,420			53,694
Accumulated depreciation		(4,039	)		(3,589	)
Property and equipment, net	$	73,381		$	50,105

__________

(1)

Net of reimbursement from the United States Government.

All of the Company’s property and equipment is located within the United States.

FAIR VALUE MEASUREMENTS

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

NOTE 13 — FAIR VALUE MEASUREMENTS

The liabilities recorded at fair value and measured on a recurring basis are all Level 3 measurements as of March 31, 2026 and December 31, 2025.

Rollforward of Level 3 Measurements

A roll forward of the Level 3 measurements is as follows (in thousands):


	June 2022 Warrants		2024 Warrants
Beginning balance as of January 1, 2026	$	10,776	$	263,390
Exercises/Settlements		—		(365,166	)
Change in fair value recognized in Other income (expense), net		7,123		101,776
Ending balance as of March 31, 2026	$	17,899	$	—


	June 2022 Warrants			December 2022 Warrants			C-2 Notes			2024 Warrants
Beginning balance as of January 1, 2025	$	3,636		$	1,394		$	18,537		$	45,604
Change in fair value recognized in Other income (expense), net		(543	)		(62	)		387			(10,363	)
Change in fair value attributable to instrument-specific credit risk recognized in Other comprehensive income(1)		—			—			(153	)		—
Ending balance as of March 31, 2025	$	3,093		$	1,332		$	18,771		$	35,241

__________

(1)

Valuation Techniques and Significant Unobservable Inputs

A significant increase or decrease in any of the significant unobservable inputs used in the fair value measurement of the warrant liabilities or C-2 Notes could result in a significantly higher or lower fair value measurement. The quantitative inputs and assumptions used for items categorized in Level 3 of the fair value hierarchy as of March 31, 2026 and 2025 are summarized below:

2024 Warrants

The fair value of the 2024 Warrants is based on an option pricing method of allocation. The 2024 Warrants were exercised on March 18, 2026. The significant inputs, including significant unobservable inputs, used in the recurring Level 3 fair value measurements of the 2024 Warrants are as follows:



Significant Inputs	March 18, 2026			March 31, 2025
Expected term (years)	N/A				1.0
Equity volatility		90.0	%		57.0	%
Risk-free rate		3.7	%		4.0	%

June 2022 Warrants

In conjunction with a guarantee to the Bank of New York Credit Facility, the Company issued $10.0 million of warrants (the “June 2022 Warrants”) to Ghaffarian Enterprises, a related party, on June 30, 2022. The fair value of the June 2022 Warrants is based on an option pricing method of allocation. The significant inputs, including significant unobservable inputs, used in the recurring Level 3 fair value measurements of the June 2022 Warrants are as follows:



Significant Inputs	March 31, 2026			March 31, 2025
Expected term (years)	1.9			2.9
Equity volatility		90.0	%		57.0	%
Risk-free rate		3.8	%		3.8	%

December 2022 Warrants

On December 5, 2022, the Company issued 444,444 warrants (the “December 2022 Warrants”) to purchase common units of the Company. The December 2022 Warrants had an exercise price of $0.01 per unit, were not exercisable until 36 months following the issuance of the C-2 Notes, subject to the achievement of certain business requirements, and were liability classified. As of December 31, 2025, the December 2022 Warrants expired as business requirements of the holder were not met.

The fair value was determined based on an option pricing method of allocation using the contractual strike price per the warrant agreement, and an estimate of the per unit value of the warrants. The significant inputs, including significant unobservable inputs, used in the recurring Level 3 fair value measurements of the December 2022 Warrants were as follows:


Significant Inputs	March 31, 2025
Expected term (years)	2.9
Equity volatility		57.0	%
Discount for lack of marketability		27.0	%
Risk-free rate		3.8	%

C-2 Notes

As of December 31, 2025, all C-2 Notes had converted into Series C Preferred Units. Refer to Note 7 — Debt for further information.

The fair value of the C-2 Notes was based on the binomial lattice model, which is considered to be a Level 3 fair value measurement. The significant inputs, including significant unobservable inputs, used in the recurring Level 3 fair value measurements of the C-2 Notes were as follows:


Significant Inputs	March 31, 2025
Discount rate		13.2	%
Credit spread		9.0	%
Equity volatility		57.0	%
Risk-free rate		4.2	%

Held-to-Maturity Securities—Amortized Cost and Fair Value


			Fair Value
	Carrying Value		Level 1		Level 2
March 31, 2026
Cash equivalents
Money market fund	$	89,645	$	89,645	$	—
Total in cash and cash equivalents	$	89,645	$	89,645	$	—
Short-term investments
Corporate bonds	$	271,166	$	—	$	270,705
Government treasury bills		88,944		88,918		—
Commercial paper and certificates of deposit		65,022		—		64,939
Foreign issuer debt securities		24,377		—		24,338
Total in short-term investments	$	449,509	$	88,918	$	359,982
Long-term investments
Corporate bonds	$	204,548	$	—	$	203,916
Government treasury bills		49,848		49,679		—
Foreign issuer debt securities		16,042		—		16,007
Total in long-term investments	$	270,438	$	49,679	$	219,923
December 31, 2025
Cash equivalents
Money market fund	$	152,951	$	152,951	$	—
Commercial paper and certificates of deposit		45,430		—		45,432
Corporate bonds		36,021		—		36,022
Foreign issuer debt securities		1,191		—		1,191
Total in cash and cash equivalents	$	235,593	$	152,951	$	82,645
Short-term investments
Corporate bonds	$	163,331	$	—	$	163,335
Government treasury bills		88,154		88,206		—
Commercial paper and certificates of deposit		35,717		—		35,726
Foreign issuer debt securities		17,706		—		17,708
Total in short-term investments	$	304,908	$	88,206	$	216,769
Long-term investments
Corporate bonds	$	208,419	$	—	$	208,482
Government treasury bills		43,468		43,540		—
Foreign issuer debt securities		9,571		—		9,573
Total in long-term investments	$	261,458	$	43,540	$	218,055


March 31, 2026	Amortized Cost Basis		Allowance for Credit Losses		Net carrying amount		Gross Unrealized Gains		Gross Unrealized Losses			Aggregate Fair Value
U.S. Government securities	$	138,791	$	—	$	138,791	$	—	$	(194	)	$	138,597
Corporate securities		540,736		—		540,736		6		(1,181	)		539,561
Foreign securities		40,420		—		40,420		1		(76	)		40,345
Total held to maturity securities	$	719,947	$	—	$	719,947	$	7	$	(1,451	)	$	718,503


December 31, 2025	Amortized Cost Basis		Allowance for Credit Losses		Net carrying amount		Gross Unrealized Gains		Gross Unrealized Losses			Aggregate Fair Value
U.S. Government securities	$	131,623	$	—	$	131,623	$	123	$	—		$	131,746
Corporate securities		407,466		—		407,466		105		(28	)		407,543
Foreign securities		27,277		—		27,277		5		(1	)		27,281
Total held to maturity securities	$	566,366	$	—	$	566,366	$	233	$	(29	)	$	566,570

The amortized cost and estimated fair value of held to maturity securities by contractual maturity are shown below (in thousands):


March 31, 2026	Amortized Cost Basis		Fair Value
Due in less than one year	$	449,509	$	448,900
Due after one year through five years		270,438		269,603
Total	$	719,947	$	718,503
December 31, 2025
Due in less than one year	$	304,908	$	304,975
Due after one year through five years		261,458		261,595
Total	$	566,366	$	566,570

Expected maturities may differ from contractual maturities because borrowers have the right to call or prepay obligations with or without call or prepayment penalties.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

FAIR VALUE MEASUREMENTS - Schedule of Valuation Techniques and Significant Unobservable Inputs (Details) - Level 3	Mar. 31, 2026	Mar. 18, 2026	Mar. 31, 2025
2024 Warrants \| Expected term \| Valuation Technique Option Pricing Model
Fair Value, Option, Quantitative Disclosures [Line Items]
Expected term (years)			1 year
2024 Warrants \| Equity volatility \| Valuation Technique Option Pricing Model
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value measurement input		0.90	0.57
2024 Warrants \| Risk-free rate \| Valuation Technique Option Pricing Model
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value measurement input		0.037	0.04
June 2022 Warrants \| Expected term \| Valuation Technique Option Pricing Model
Fair Value, Option, Quantitative Disclosures [Line Items]
Expected term (years)	1 year 10 months 24 days		2 years 10 months 24 days
June 2022 Warrants \| Equity volatility \| Valuation Technique Option Pricing Model
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value measurement input	0.90		0.57
June 2022 Warrants \| Risk-free rate \| Valuation Technique Option Pricing Model
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value measurement input	0.038		0.038
December 2022 Warrants \| Expected term \| Valuation Technique Option Pricing Model
Fair Value, Option, Quantitative Disclosures [Line Items]
Expected term (years)			2 years 10 months 24 days
December 2022 Warrants \| Equity volatility \| Valuation Technique Option Pricing Model
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value measurement input			0.57
December 2022 Warrants \| Discount for lack of marketability \| Valuation Technique Option Pricing Model
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value measurement input			0.27
December 2022 Warrants \| Risk-free rate \| Valuation Technique Option Pricing Model
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value measurement input			0.038
C-2 Notes \| Discount rate
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value measurement input			0.132
C-2 Notes \| Credit spread
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value measurement input			0.09
C-2 Notes \| Equity volatility
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value measurement input			0.57
C-2 Notes \| Risk-free rate
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value measurement input			0.042

SUPPLEMENTAL CASH FLOW INFORMATION (Tables)

3 Months Ended

Mar. 31, 2026

Supplemental Cash Flow Elements [Abstract]

Schedule of Supplemental cash flow disclosure

Supplemental cash flow disclosures are as follows (in thousands):


	Three Months Ended March 31,
	2026		2025
Non-cash Investing and Financing Activities:
Accrued deferred transaction costs	$	3,031	$	225
Government grant reimbursement receivable for purchase of property and equipment		4,359		1,924
Property and equipment included in accounts payable and accrued expenses		14,245		7,507

MEMBER UNITS AND PREFERRED UNITS (Tables)

3 Months Ended

Mar. 31, 2026

Equity [Abstract]

Schedule of Outstanding Preferred Units

As of March 31, 2026 and December 31, 2025, the outstanding Preferred Units are therefore convertible into the following quantities of Class A Common Units (in thousands, except prices):


	Original Issue Price		March 31, 2026		December 31, 2025
Series A Preferred Units	$	0.5754		90,626		90,626
Series A-1 Preferred Units		7.6348		8,808		8,808
Series B Preferred Units		9.1162		11,643		11,643
Series C Preferred Units		7.6348		39,964		39,964
Series C-1 Preferred Units		6.4870		127,484		107,908
Series D Preferred Units		14.5364		48,155		48,155

FAIR VALUE MEASUREMENTS - Schedule of Rollforward of Level 3 Measurements (Details) - USD ($)
$ in Thousands

3 Months Ended

Mar. 31, 2026

Mar. 31, 2025

June 2022 Warrants | Warrant

Fair Value, Option, Quantitative Disclosures [Line Items]

Beginning Balance

$ 10,776

$ 3,636

Exercises/Settlements

Change in fair value recognized in Other income (expense), net

7,123

(543)

Change in fair value attributable to instrument-specific credit risk recognized in Other comprehensive income

^[1]

Ending Balance

17,899

3,093

December 2022 Warrants | Warrant

Fair Value, Option, Quantitative Disclosures [Line Items]

Beginning Balance

1,394

Change in fair value recognized in Other income (expense), net

(62)

Change in fair value attributable to instrument-specific credit risk recognized in Other comprehensive income

^[1]

Ending Balance

1,332

C-2 Notes | Long Term Debt

Fair Value, Option, Quantitative Disclosures [Line Items]

Beginning Balance

18,537

Change in fair value recognized in Other income (expense), net

387

Change in fair value attributable to instrument-specific credit risk recognized in Other comprehensive income

^[1]

(153)

Ending Balance

18,771

2024 Warrants | Warrant

Fair Value, Option, Quantitative Disclosures [Line Items]

Beginning Balance

263,390

45,604

Exercises/Settlements

(365,166)

Change in fair value recognized in Other income (expense), net

101,776

(10,363)

Change in fair value attributable to instrument-specific credit risk recognized in Other comprehensive income

^[1]

Ending Balance

$ 0

$ 35,241

[1]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING PRONOUNCEMENTS

3 Months Ended

Mar. 31, 2026

Accounting Policies [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING PRONOUNCEMENTS

NOTE 2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING PRONOUNCEMENTS

Basis of Presentation

The condensed consolidated financial statements for X-Energy Reactor Company, LLC as of March 31, 2026 and December 31, 2025 and for the three months ended March 31, 2026 and 2025, include the accounts of the Company’s wholly owned and consolidated subsidiaries. The condensed consolidated financial statements are unaudited and have been prepared pursuant to the accounting principles generally accepted in the United States of America (“U.S. GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). All intercompany balances and transactions have been eliminated in consolidation. In the opinion of management, the condensed consolidated financial statements reflect all normal recurring adjustments the Company considers necessary for the fair presentation of its results of operations and cash flows for the interim periods covered, and of the financial position of the Company at the date of the interim condensed consolidated balance sheet. The interim results reported herein are not necessarily indicative of results for a full year. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements of the Company for the year ended December 31, 2025 included in the Company’s prospectus dated April 23, 2026, filed with the SEC on April 27, 2026.

Certain Significant Risks and Uncertainties

Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents, accounts receivable, and short and long-term investments. By their nature, all such financial instruments involve risks, including the credit risk of nonperformance by counterparties. The Company generally does not require collateral to support the obligations of the counterparties and cash levels held at banks may be in excess of federally insured limits. The Company limits its exposure to credit loss by maintaining its cash and cash equivalents and investments at highly rated financial institutions and investing in U.S. Government securities and high credit quality issuers. Further, the Company’s revenue and credit relationships are primarily concentrated within the United States Government which represents a concentration risk but a low credit risk.

For the three months ended March 31, 2026, two customers, the U.S. Government and the DOW Chemical Company (“Dow”) accounted for 92% and 4%, respectively, of the Company’s total revenue and grant income. For the three months ended March 31, 2025, the United States Government and Dow accounted for 82% and 10%, respectively, of the Company’s total revenue and grant income. Refer to Note 3 — Revenue Recognition for further disaggregation of revenue and grant income by customer for the three months ended March 31, 2026 and 2025.


	March 31, 2026		December 31, 2025
Accounts Receivable
DOE	$	20,010	$	23,628
Unbilled Receivables and Contract Assets
DOE	$	51,129	$	39,644
Department of War		1,442		1,091

Refer to Note 14 — Related Party Transactions for further information on receivable balances with Dow.

Cash, Cash Equivalents, and Restricted Cash

Cash and cash equivalents consist primarily of cash deposits, cash held in financial institutions and short-term investments purchased with an original maturity of three months or less. The carrying value of cash equivalents approximates fair value because of the short-term nature of these investments. The Company maintains its cash in bank deposit accounts with high credit quality financial institutions which, at times, may exceed the federally insured limit. The Company does not believe it is exposed to any significant credit risk regarding these deposits.

Restricted cash consists of refundable security deposits held under certain of the Company’s lease agreements.

The components of cash, cash equivalents, and restricted cash are as follows (in thousands):


	March 31, 2026		December 31, 2025
Cash and cash equivalents	$	224,076	$	458,932
Restricted cash		4,210		3,698
Cash, cash equivalents, and restricted cash as presented in the Statement of Cash Flows	$	228,286	$	462,630

Prepaid Costs and Other Current and Long-Term Assets

Included in Prepaid costs and other current assets and Other long-term assets are amounts primarily related to deposits for long-lead materials, prepaid costs, and deferred transaction costs.

Deposits for Long-Lead Materials

The Company makes deposits to vendors for long-lead materials. The Company had $53.4 million and $17.0 million as of March 31, 2026 and December 31, 2025, respectively, in deposits related to long-lead materials, of which $47.6 million is included in Other long-term assets and $5.8 million is included in Prepaid and other current assets as of March 31, 2026 on the condensed consolidated balance sheets. As of December 31, 2025, the entirety of the balance is included in Other long-term assets.

Prepaid Costs

Prepaid costs, primarily consisting of prepaid service fees, software, and other general prepayments, amounted to $9.1 million and $7.5 million as of March 31, 2026 and December 31, 2025, respectively.

Transaction Costs

The Company records transaction costs incurred in conjunction with the issuance of preferred units as a reduction of Mezzanine equity on the condensed consolidated balance sheets. For the three months ended March 31, 2025, the Company incurred $2.5 million in issuance costs associated with the issuance of the Series C-1 Preferred Units.

The Company capitalizes qualified legal, accounting, and other direct and incremental costs related to the public offering transaction. These costs were $8.5 million and $3.9 million as of March 31, 2026 and December 31, 2025, respectively, and are included in Prepaid and other current assets on the condensed consolidated balance sheets.

Other Income (Expense), Net

Other income (expense), net consists of the following (in thousands):


	Three Months Ended March 31,
	2026			2025
Foreign currency transaction gain (loss)	$	(119	)	$	161
Mark-to-market loss on C-2 Notes(1)		—			(387	)
Mark-to-market gain (loss) on warrant liabilities(2)		(108,899	)		10,968
Other expense		(20	)		(5	)
Total other income (expense), net	$	(109,038	)	$	10,737

__________

(1)

Refer to Note 7 — Debt

(2)

Refer to Note 13 — Fair Value Measurements

Other Comprehensive Income (Loss)

Other comprehensive income (loss) refers to revenues, expenses, gains, and losses that under U.S. GAAP are included in comprehensive income but excluded from net income. The components of the Company’s other comprehensive income (loss) consist of foreign currency translation adjustments and the change in fair value of financial liabilities accounted for pursuant to the fair value option attributable to changes in instrument-specific credit risk.

The components of accumulated other comprehensive income (loss) for the three months ended March 31, 2026 and 2025 are as follows (in thousands):


	Changes in fair value of liabilities under fair value option attributable to changes in instrument specific credit risk			Foreign currency translation adjustment			Total
Accumulated other comprehensive income (loss), balance at January 1, 2025	$	(765	)	$	771		$	6
Other comprehensive income (loss)		153			(210	)		(57	)
Accumulated other comprehensive income (loss), balance at March 31, 2025	$	(612	)	$	561		$	(51	)

Accumulated other comprehensive income (loss), balance at January 1, 2026	$	—		$	(117	)	$	(117	)
Other comprehensive income (loss)		—			143			143
Accumulated other comprehensive income (loss), balance at March 31, 2026	$	—		$	26		$	26

Accounting Standards Recently Adopted

In March 2024, the FASB issued ASU No. 2024-01, Compensation—Stock Compensation: Scope Application of Profits Interest and Similar Awards (“ASU 2024-01”), which clarifies the scope application for profits interest awards and similar awards and provides illustrative examples intended to reduce diversity in practice in determining whether such awards should be accounted for under Topic 718. For public business entities, ASU 2024-01 is effective for annual reporting periods, including interim periods within those annual periods, beginning after December 15, 2024; for all other entities, the ASU is effective for annual reporting periods, including interim periods within those annual periods, beginning after December 15, 2025; early adoption is permitted for all entities. The company adopted ASU 2024-01 on January 1, 2026, and it did not have an impact on the condensed consolidated financial statements and related disclosures.

In July 2025, the FASB issued ASU No. 2025-05, CECL Practical Expedient for Accounts Receivable and Contract Assets (“ASU 2025-05”), which provides an optional practical expedient for estimating expected credit losses on certain current accounts receivable and contract assets arising from revenue transactions accounted for under Topic 606. ASU 2025-05 is effective for annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual periods. The

Company adopted ASU 2025-05 on January 1, 2026 and elected the practical expedient. The adoption did not have an impact on the condensed consolidated financial statements and related disclosures.

Accounting Standards Not Yet Adopted

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”), to enhance the transparency and decision usefulness of income tax disclosures. ASU 2023-09 is effective for annual periods beginning after December 15, 2024 for public business entities on a prospective basis and early adoption is permitted. For entities other than public business entities, the standard is effective for annual periods beginning after December 15, 2025. The Company will adopt for the annual period beginning January 1, 2026 as an emerging growth company and is currently evaluating the impact of this standard on its disclosures.

In November 2024, the FASB issued ASU No. 2024-03, Income Statement — Reporting Comprehensive Income — Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (“ASU 2024-03”), and in January 2025, the FASB issued ASU No. 2025-01, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date, which clarified the effective date of ASU 2024-03. ASU 2024-03 requires public business entities to provide enhanced disclosures about certain categories of expenses in the notes to the financial statements. The guidance is intended to improve the transparency and decision usefulness of expense information provided to financial statement users. The ASU is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating the impact of this standard on its disclosures.

In May 2025, the FASB issued ASU No. 2025-04, Compensation – Stock Compensation (Topic 718) and Revenue from Contracts with Customers (Topic 606): Clarifications to Share-Based Consideration Payable to a Customer (“ASU 2025-04”). ASU 2025-04 refines key aspects of the guidance, including the definition of performance condition as well as the measurement requirements and the treatment of forfeitures. ASU 2025-04 is effective for annual periods beginning after December 15, 2026 on either a modified retrospective or a retrospective basis and early adoption is permitted. The Company is currently evaluating the impact of the adoption of this standard on its consolidated financial statements and related disclosures.

In September 2025, the FASB issued ASU No. 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software (“ASU 2025-06”), which modernizes the accounting for internal-use software costs to better align the recognition guidance with current software development practices, including iterative and agile methodologies. ASU 2025-06 is effective for annual reporting periods beginning after December 15, 2027, including interim reporting periods within those annual reporting periods, on either a prospective, modified, or retrospective transition approach, and early adoption is permitted as of the beginning of an annual reporting period. The Company is currently evaluating the impact of the adoption of this standard on its consolidated financial statements and related disclosures.

In December 2025, the FASB issued ASU No. 2025-10, Government Grants (Topic 832): Accounting for Government Grants Received by Business Entities (“ASU 2025-10”), which establishes comprehensive guidance for the recognition, measurement, and disclosure of government grants received by business entities. The ASU addresses both monetary and certain nonmonetary government grants and introduces new annual disclosure requirements regarding the nature, terms, and accounting policies related to such grants. For public business entities, ASU 2025-10 is effective for annual periods beginning after December 15, 2028 on either a modified prospective approach, modified retrospective approach, or retrospective approach and early adoption is permitted. The Company is currently evaluating the impact of the adoption of this standard on its consolidated financial statements and related disclosures.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Cash flows from operating activities:
Net Income (Loss)	$ (166,217)	$ (10,212)
Adjustments to reconcile net loss to net cash used in operating activities:
Other Depreciation and Amortization	451	226
Unit-based compensation	4,265	65
Mark-to-market loss (gain) on warrant liabilities	108,899	(10,968)
Mark-to-market loss on C-2 Notes	0	387
Accretion and amortization on investments	(1,122)	0
Changes in operating assets and liabilities:
Accounts receivable and unbilled receivables	5,293	(22,071)
Prepaid and other current assets	(7,118)	(1,622)
Due from related parties	399	8,213
Operating lease right-of use assets	2,694	291
Accounts payable and accrued liabilities	13,621	(6,053)
Long-term deferred revenue	2,892	0
Accrued interest receivable	(653)	0
Other long-term assets	(31,201)	0
Due to related parties	72	367
Operating lease liabilities	473	(483)
Net cash used in operating activities	(67,252)	(41,860)
Cash flows from investing activities:
Capital expenditures	(42,967)	(11,225)
Reimbursement of capital expenditures under government grant	28,766	9,514
Purchase of investments	(189,906)	0
Proceeds from maturities on investments	38,100	0
Net cash used in investing activities	(166,007)	(1,711)
Cash flows from financing activities:
Payments of mezzanine equity issuance costs	0	(2,525)
Payment of debt issuance costs	0	(16)
Payment of deferred transaction costs	(1,550)	0
Proceeds from issuance of Preferred Units	500	53,424
Net cash provided by (used in) financing activities	(1,050)	50,883
Net effect of exchange rate	(35)	30
Net increase (decrease) in cash, cash equivalents, and restricted cash	(234,344)	7,342
Cash, cash equivalents and restricted cash at beginning of period	462,630	514,600
Cash, cash equivalents, and restricted cash at end of period	$ 228,286	$ 521,942

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN MEMBERS' DEFICIT AND MEZZANINE EQUITY - USD ($) $ in Thousands	Total	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)	Additional Paid-in Capital	Class A Common Units	Class A Common Units Common Capital Units	Class B Common Units	Class B Common Units Common Capital Units	Series A Preferred Stock	Series A Preferred Stock Preferred Capital Units	Series A-1 Preferred Stock	Series A-1 Preferred Stock Preferred Capital Units	Series B Preferred Stock	Series B Preferred Stock Preferred Capital Units	Series C Preferred Stock	Series C Preferred Stock Preferred Capital Units	Series C-1 Preferred Units	Series C-1 Preferred Units Preferred Capital Units	Series D Preferred Stock	Series D Preferred Stock Preferred Capital Units
Beginning Balance, Shares at Dec. 31, 2024						3,128,026		13,961,705		90,625,588		8,808,351		11,643,171		37,093,420		99,672,593		0
Beginning Balance at Dec. 31, 2024	$ 1,300,376					$ 1,800		$ 90,859		$ 218,408		$ 21,477		$ 101,382		$ 230,987		$ 635,463		$ 0
Beginning balance at Dec. 31, 2024	(846,561)	$ (846,567)	$ 6
Unit-based compensation	290							$ 290
Unit-based compensation	(225)	(225)
Issuance of Series C-1 Preferred Units, net of issuance costs, Shares																		8,235,521
Issuance of Series C-1 Preferred Units, net of issuance costs	51,252																	$ 51,252
Net Loss	(10,212)	(10,212)
Foreign currency translation adjustment	(210)		(210)
Changes in fair value of liabilities under fair value option attributable to changes in instrument-specific credit risk	153		153
Ending Balance, Shares at Mar. 31, 2025						3,128,026		13,961,705		90,625,588		8,808,351		11,643,171		37,093,420		107,908,114		0
Ending Balance at Mar. 31, 2025	1,351,918					$ 1,800		$ 91,149		$ 218,408		$ 21,477		$ 101,382		$ 230,987		$ 686,715		$ 0
Ending balance at Mar. 31, 2025	(857,055)	(857,004)	(51)
Beginning Balance, Shares at Dec. 31, 2024						3,128,026		13,961,705		90,625,588		8,808,351		11,643,171		37,093,420		99,672,593		0
Beginning Balance at Dec. 31, 2024	1,300,376					$ 1,800		$ 90,859		$ 218,408		$ 21,477		$ 101,382		$ 230,987		$ 635,463		$ 0
Beginning balance at Dec. 31, 2024	(846,561)	(846,567)	6
Ending Balance, Shares at Dec. 31, 2025					3,128,026	3,128,026	16,838,205	16,838,205	90,625,588	90,625,588	8,808,351	8,808,351	11,643,171	11,643,171	39,963,592	39,963,592	107,908,114	107,908,114	48,154,955	48,154,955
Ending Balance at Dec. 31, 2025	2,066,555				$ 1,800	$ 1,800	$ 93,353	$ 93,353	$ 218,408	$ 218,408	$ 21,477	$ 21,477	$ 101,382	$ 101,382	$ 265,797	$ 265,797	$ 686,715	$ 686,715	$ 677,623	$ 677,623
Ending balance at Dec. 31, 2025	(1,224,295)	(1,236,345)	(117)	$ 12,167
Unit-based compensation, Shares								1,982,000
Unit-based compensation	188							$ 188
Unit-based compensation	4,392			4,392
Net Loss	(166,217)	(166,217)
Foreign currency translation adjustment	143		143
Changes in fair value of liabilities under fair value option attributable to changes in instrument-specific credit risk	0
Conversion of 2024 Warrant into Series C-1 Preferred Units, Shares																		19,576,222
Conversion of 2024 Warrant into Series C-1 Preferred Units	365,166																	$ 365,166
Ending Balance, Shares at Mar. 31, 2026					3,128,026	3,128,026	18,820,205	18,820,205	90,625,588	90,625,588	8,808,351	8,808,351	11,643,171	11,643,171	39,963,592	39,963,592	127,484,336	127,484,336	48,154,955	48,154,955
Ending Balance at Mar. 31, 2026	2,431,909				$ 1,800	$ 1,800	$ 93,541	$ 93,541	$ 218,408	$ 218,408	$ 21,477	$ 21,477	$ 101,382	$ 101,382	$ 265,797	$ 265,797	$ 1,051,881	$ 1,051,881	$ 677,623	$ 677,623
Ending balance at Mar. 31, 2026	$ (1,385,977)	$ (1,402,562)	$ 26	$ 16,559

COMMITMENTS AND CONTINGENCIES - Commitments to Purchase Goods or Services Related to Supply Agreements (Details) - Supply Agreements for Graphite Components $ in Thousands	Mar. 31, 2026 USD ($)
Recorded Unconditional Purchase Obligation [Line Items]
2026	$ 14,500
2027	13,000
2028	9,500
2029	13,893
2030 and thereafter	0
Unconditional Purchase Obligation, Total	$ 50,893

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Class A Common Units
Temporary equity, shares authorized	367,055,779	367,055,779
Temporary equity, shares issued	3,128,026	3,128,026
Temporary equity, shares outstanding	3,128,026	3,128,026
Class B Common Units
Temporary equity, shares authorized	41,149,242	41,149,242
Temporary equity, shares issued	18,820,205	16,838,205
Temporary equity, shares outstanding	18,820,205	16,838,205
Series A Preferred Stock
Temporary equity, shares authorized	90,625,588	90,625,588
Temporary equity, shares issued	90,625,588	90,625,588
Temporary equity, shares outstanding	90,625,588	90,625,588
Temporary equity, liquidation preference	$ 52,146	$ 52,146
Series A-1 Preferred Stock
Temporary equity, shares authorized	8,808,351	8,808,351
Temporary equity, shares issued	8,808,351	8,808,351
Temporary equity, shares outstanding	8,808,351	8,808,351
Temporary equity, liquidation preference	$ 67,250	$ 67,250
Series B Preferred Stock
Temporary equity, shares authorized	11,643,171	11,643,171
Temporary equity, shares issued	11,643,171	11,643,171
Temporary equity, shares outstanding	11,643,171	11,643,171
Temporary equity, liquidation preference	$ 121,000	$ 120,214
Series C Preferred Stock
Temporary equity, shares authorized	41,418,916	41,418,916
Temporary equity, shares issued	39,963,592	39,963,592
Temporary equity, shares outstanding	39,963,592	39,963,592
Temporary equity, liquidation preference	$ 305,114	$ 305,114
Series C-1 Preferred Units
Temporary equity, shares authorized	162,246,180	162,246,180
Temporary equity, shares issued	127,484,336	107,908,114
Temporary equity, shares outstanding	127,484,336	107,908,114
Temporary equity, liquidation preference	$ 1,033,739	$ 874,999
Series D Preferred Stock
Temporary equity, shares authorized	48,154,955	48,154,955
Temporary equity, shares issued	48,154,955	48,154,955
Temporary equity, shares outstanding	48,154,955	48,154,955
Temporary equity, liquidation preference	$ 700,000	$ 700,000

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING PRONOUNCEMENTS (Policies)

3 Months Ended

Mar. 31, 2026

Accounting Policies [Abstract]

Basis of Presentation

Certain Significant Risks and Uncertainties


	March 31, 2026		December 31, 2025
Accounts Receivable
DOE	$	20,010	$	23,628
Unbilled Receivables and Contract Assets
DOE	$	51,129	$	39,644
Department of War		1,442		1,091

Refer to Note 14 — Related Party Transactions for further information on receivable balances with Dow.

Cash, Cash Equivalents, and Restricted Cash

Restricted cash consists of refundable security deposits held under certain of the Company’s lease agreements.

The components of cash, cash equivalents, and restricted cash are as follows (in thousands):


	March 31, 2026		December 31, 2025
Cash and cash equivalents	$	224,076	$	458,932
Restricted cash		4,210		3,698
Cash, cash equivalents, and restricted cash as presented in the Statement of Cash Flows	$	228,286	$	462,630

Prepaid Costs and Other Current and Long-Term Assets

Included in Prepaid costs and other current assets and Other long-term assets are amounts primarily related to deposits for long-lead materials, prepaid costs, and deferred transaction costs.

Deposits for Long-Lead Materials

Prepaid Costs

Transaction Costs

Other Comprehensive Income (Loss)

The components of accumulated other comprehensive income (loss) for the three months ended March 31, 2026 and 2025 are as follows (in thousands):


	Changes in fair value of liabilities under fair value option attributable to changes in instrument specific credit risk			Foreign currency translation adjustment			Total
Accumulated other comprehensive income (loss), balance at January 1, 2025	$	(765	)	$	771		$	6
Other comprehensive income (loss)		153			(210	)		(57	)
Accumulated other comprehensive income (loss), balance at March 31, 2025	$	(612	)	$	561		$	(51	)

Accumulated other comprehensive income (loss), balance at January 1, 2026	$	—		$	(117	)	$	(117	)
Other comprehensive income (loss)		—			143			143
Accumulated other comprehensive income (loss), balance at March 31, 2026	$	—		$	26		$	26

Accounting Standards Recently Adopted

Company adopted ASU 2025-05 on January 1, 2026 and elected the practical expedient. The adoption did not have an impact on the condensed consolidated financial statements and related disclosures.

Accounting Standards Not Yet Adopted

SEGMENTS

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

SEGMENTS

NOTE 17 — SEGMENTS

Under the guidelines of ASC 280, which require companies to present financial information about their operating segments, products and services, geographic regions, and significant customers, the Company’s Chief Executive Officer serves as the chief operating decision maker (“CODM”). The CODM evaluates financial performance, allocates resources, and makes strategic decisions based on the consolidated results of the Company, rather than evaluating discrete lines of business. Accordingly, management has determined that the Company comprises a single reportable segment.

In making resource allocation decisions and assessing operational outcomes, the CODM relies on overall net income (loss) as the primary metric both, during the annual planning process and for evaluating results on a quarterly basis. The primary expenses presented to the CODM and incorporated in segment performance are related to operating expenses and non-operating expenses. Operating expenses consist of Direct costs; Selling, general and administrative costs; and Research and development costs. Non-operating expenses consist of Interest expense, Interest income, and Other income (expense). The condensed consolidated statements of operations for the three months ended March 31, 2026 and 2025 present these significant segment expenses for the Company’s single operating segment. The condensed consolidated balance sheets as of March 31, 2026 and December 31, 2025 likewise display the assets and liabilities attributable to this single segment.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

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+ Details

PROFIT SHARING PLAN

3 Months Ended

Mar. 31, 2026

Defined Contribution Plan [Abstract]

PROFIT SHARING PLAN

NOTE 9 — PROFIT SHARING PLAN

The Company maintains a defined contribution profit sharing plan (the “Plan”), which includes a salary deferral arrangement, under the provisions of Section 401(k) of the Internal Revenue Code. Employees are eligible to participate in the Plan on the date of employment. Company matches 100% of employees’ contributions up to 5% of annual compensation. The Company contributed $1.4 million and $0.7 million to the Plan during the three months ended March 31, 2026 and 2025, respectively.

SUBSEQUENT EVENTS

3 Months Ended

Mar. 31, 2026

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

NOTE 18 — SUBSEQUENT EVENTS

In preparing these condensed consolidated financial statements, the Company has evaluated subsequent events to determine if any require recognition or disclosure.

IPO and Reorganization Transactions

On April 27, 2026, X-Energy, Inc., the holding company and sole manager of the Company, successfully closed an IPO in which X-Energy, Inc. issued and sold 50,892,857 shares of its Class A common stock for net proceeds aggregating approximately $1.1 billion, net of underwriting discounts of $67.3 million that were incurred by the Company.

In connection with such IPO, the Company and X-Energy Inc. completed a series of organizational transactions (collectively, the “Reorganization Transactions”), which are described below:

•

XERC amended and restated its existing limited liability company agreement to, among other things, (i) effect a recapitalization in which all existing ownership interests in XERC were converted into one class of Common Units and (ii) appoint X-Energy, Inc. as the sole managing member of XERC.

•

X-Energy, Inc. amended and restated its certificate of formation to, among other things, authorize Class A and Class B common stock, with each share of either class entitling its holder to one vote per share on all matters presented to stockholders.

•

X-Energy, Inc. acquired Common Units of XERC held by the Blocker Companies (as defined below) pursuant to the Blocker Mergers (as defined below), in which the Blocker Companies merged with and into X-Energy, Inc., with X-Energy, Inc. as the surviving entity. Pursuant to such mergers, shareholders of the Blocker Companies received shares of Class A common stock as consideration. Blocker Companies are entities that were owners of Common Units in XERC prior to the Reorganization Transactions and are taxable as corporations for U.S. federal income tax purposes. Meanwhile, the Blocker Mergers represents the merger of each of the Blocker Companies with X-Energy, Inc. as part of the Reorganization Transactions, pursuant to which the shareholders of the Blocker Companies, which represents the owners of the Blocker Companies prior to the Reorganization Transactions, who exchanged their interests in the Blocker Companies for shares of our Class A common stock in connection with the consummation of the Blocker Mergers, receive shares of Class A common stock as consideration for the applicable Blocker Merger.

•

X-Energy, Inc. acquired (i) all of the Common Units of XERC held by the former equity owners (“Former Equity Owners”), which refers to those Original Equity Owners other than the Blocker Companies and the Continuing Equity Owners except for X-Energy Management LLC (“Management LLC”), who is addressed below, and (ii) a portion of the Common Units held by the Continuing Equity Owners, in each case in exchange for an equal number of shares of Class A common stock. Continuing Equity Owners collectively refer to those Original Equity Owners (which refers to the direct and certain indirect owners of XERC, including ACIP Investments Pooling LLC — Series 31, Ares X-Energy Co-Invest LP, Ares X-Energy Holdings LP, GM Enterprises, LLC, IBX Opportunity GP, Inc, X-Energy Holdings, LLC, Jane Street Global Trading, LLC and certain of their affiliates, but excluding Management LLC) that will own Common Units in XERC and our Class B common stock after the Reorganization Transactions and who may, following the consummation of our initial public offering, redeem their Common Units for shares of X-Energy, Inc.’s Class A common stock or cash, at X-Energy, Inc.’s election.

•

Management, LLC, a Delaware limited liability company, amended and restated its limited liability company agreement to, among other things, effect a recapitalization in which all existing ownership interests in Management LLC were converted into one class of Common Units. Subsequently, Management LLC contributed all of its Common Units of XERC to X-Energy, Inc. in exchange for an equal number of shares of Class A common stock, which shares remain subject to the same vesting conditions applicable to the corresponding Common Units immediately prior to such contribution.

•

X-Energy, Inc. issued to the Continuing Equity Owners shares of Class B common stock equal to the number of Common Units of XERC held by the Continuing Equity Owners in exchange for nominal consideration from the Continuing Equity Owners, resulting in a combined company organized in an umbrella partnership-C corporation (“Up-C”) structure, in which substantially all of the assets and the business of the company are held by XERC.

Following the Reorganization Transactions and IPO, X-Energy, Inc. is a public holding company and its principal asset is a controlling equity interest in XERC. As the sole managing member of XERC, X-Energy, Inc. will operate and control all of the business and affairs of XERC and its subsidiaries. As a result, X-Energy, Inc. will consolidate XERC’s financial results and report a non-controlling interest related to the Common Units of XERC not owned by X-Energy, Inc.

The Reorganization Transactions are considered transactions between entities under common control. As a result, the condensed consolidated financial statements for periods prior to the IPO and the Reorganization Transactions are the condensed consolidated financial statements of XERC as the predecessor to X-Energy, Inc. for accounting and reporting purposes.

Tax Receivable Agreement (“TRA”)

In connection with the IPO and related transactions, X-Energy, Inc. entered into a TRA with XERC and certain equity owners of XERC prior to the IPO (“TRA Holders”) that will provide for the payment by X-Energy, Inc. to the TRA Holders of 85% of the amount of cash tax savings, if any, that X-Energy, Inc. is deemed to realize (calculated using certain assumptions) as a result of certain tax basis adjustments.

Registration Rights Agreement

In connection with the IPO, X-Energy, Inc. entered into a Fourth Amended and Restated Registration Rights Agreement with certain holders of Common Units of XERC who received shares of Class A common stock or who hold rights to exchange Common Units for Class A common stock. The agreement provides these holders and certain of their affiliates with demand and piggyback registration rights, allowing them to require X-Energy, Inc. to register their shares for public sale under certain circumstances. X-Energy, Inc. will bear the registration expenses associated with these registrations.

IPO Equity Awards

In connection with the X-Energy, Inc. initial public offering, X-Energy, Inc. adopted the 2026 Equity Incentive Plan (“2026 Plan”), in order to facilitate the grant of cash and equity incentives to directors, employees (including our named executive officers) and consultants of the Company and employees and consultants or certain of our affiliates and to enable X-Energy, Inc. and its subsidiaries and certain of its affiliates to obtain and retain services of these individuals, which is essential to its long-term success.

X-Energy, Inc.’s board of directors approved the conversion of existing PIUs that ultimately entitled them to restricted stock awards subject to the same provisions with respect to vesting, forfeiture, and transfer restrictions as the existing PIUs and the additional grant of stock options pursuant to the 2026 Plan to certain employees, including the Chief Executive Officer (“CEO”), Chief Financial Officer (“CFO”) and Chief of Global Operations, and non-employee directors, which grants became effective in connection with the consummation of the offering (“IPO Equity Awards”). The IPO Equity Awards were granted only to current employees and non-employee directors who previously held PIUs.

The IPO Equity Awards granted to the named executive officers were comprised of stock options that cover approximately 3.5 million shares of X-Energy, Inc.’s Common Stock, respectively based on the initial public offering price of $23.00 per share of Class A common stock. In addition, certain of X-Energy, Inc.’s directors who previously held PIUs received stock options, which cover an aggregate of approximately 0.1 million shares of Common Stock based on the initial public offering price of $23.00 per share of Class A common stock.

Each stock option granted to named executive officers and directors will vest and become exercisable in substantially equal annual installments pursuant to the same vesting schedule as the grantee’s PIUs.

The IPO Equity Awards granted to non-employee directors were composed of restricted stock awards with an aggregate grant date value of $0.9 million.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (unaudited) (Parenthetical) - USD ($)
$ in Thousands

3 Months Ended

Mar. 31, 2026

Mar. 31, 2025

Services revenue

^[1]

$ 39,906

$ 17,091

Related Party

Services revenue

$ 1,900

$ 2,700

[1]	Includes related party revenue of $1.9 million and $2.7 million for the three months ended March 31, 2026 and 2025, respectively.

- Definition

Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

LEASES (Tables)

3 Months Ended

Mar. 31, 2026

Leases [Abstract]

Schedule Of Operating Lease Liabilities

Lease balances are as follows (in thousands):


	March 31, 2026		December 31, 2025
Operating lease right-of-use assets (“ROU”)	$	23,468	$	22,696

Current portion of operating lease liabilities (1)		2,571		2,344
Long-term portion of operating lease liabilities		24,789		20,887
Total operating lease liabilities	$	27,360	$	23,231

The current portion of operating lease liabilities is reflected within Accrued liabilities on the condensed consolidated balance sheets.

Future Minimum Lease Payments Under Operating Leases

Future minimum lease payments under operating leases as of March 31, 2026 are as follows (in thousands):


	Operating Leases
2026	$	4,989
2027		4,919
2028		5,391
2029		6,595
2030		6,701
Thereafter		39,664
Total minimum lease payments		68,259
Less: lease incentives		(14,689	)
Less: amounts representing interest or imputed interest		(26,210	)
Present value of lease obligations	$	27,360

Supplemental Cash Flow Information Relating to the Company's Leases

Supplemental cash flow information relating to the Company’s leases is as follows (in thousands):


	Three Months Ended March 31,
	2026		2025
Operating cash flows provided by (used in) operating leases	$	814	$	(1,095	)
Non-cash items:
Change to ROU asset and lease liability due to lease modifications and reassessments		2,740		—
ROU assets recorded under new operating leases		726		—

Schedule Of Weighted Average Remaining Lease Term and Discount Rates

The weighted average remaining lease term and discount rates for operating leases are as follows:


	Three Months Ended March 31,
	2026			2025
Weighted average remaining lease term	9.1 years			4.8 years
Weighted average discount rate		10.0	%		10.0	%

COMMITMENTS AND CONTINGENCIES - Additional Information (Details) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]
Contract-related reserves	$ 1.1	$ 1.1

PROFIT SHARING PLAN - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Defined Contribution Plan [Abstract]
% match	100.00%
% of salary to be matched	5.00%
Contribution amount	$ 1.4	$ 0.7

RELATED PARTY TRANSACTIONS - Summary of the Expenses with Related Parties (Details) - USD ($)
$ in Thousands

3 Months Ended

Mar. 31, 2026

Mar. 31, 2025

Subcontracting services

$ 65,359

$ 28,724

General and administrative services

44,117

17,980

Subcontracting services

^[1]

1,196

9,083

General and administrative services

^[2]

267

282

Total operating expenses

$ 1,463

$ 9,365

[1]	Expenses relating to subcontracting services are reflected within Direct costs in the condensed consolidated statements of operations and comprehensive loss.
[2]	Expenses related to general and administrative services are reflected within Selling, general, and administrative expenses in the condensed consolidated statements of operations and comprehensive loss.

- Definition

The aggregate costs related to goods produced and sold and services rendered by an entity during the reporting period. This excludes costs incurred during the reporting period related to financial services rendered and other revenue generating activities.

+ References + Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

- Definition

The aggregate total costs related to selling a firm's product and services, as well as all other general and administrative expenses. Direct selling expenses (for example, credit, warranty, and advertising) are expenses that can be directly linked to the sale of specific products. Indirect selling expenses are expenses that cannot be directly linked to the sale of specific products, for example telephone expenses, Internet, and postal charges. General and administrative expenses include salaries of non-sales personnel, rent, utilities, communication, etc.

+ References + Details

UNIT-BASED COMPENSATION EXPENSE

3 Months Ended

Mar. 31, 2026

UNIT-BASED COMPENSATION EXPENSE

NOTE 12 — UNIT-BASED COMPENSATION EXPENSE

For the three months ended March 31, 2026, unit-based compensation expense related to Class B-1 and Class B-2 Profits Interest Units (“PIUs”) of $2.8 million was classified as Selling, general, and administrative expense, $1.4 million was classified as Direct costs, and $0.3 million was capitalized into Property and equipment as part of the Company’s construction projects. The total fair value of units that vested during the three months ended March 31, 2026 was $4.5 million. As of March 31, 2026, the Company had $27.8 million of unrecognized unit-based compensation that is expected to be recognized over a weighted average period of 2.1 years. For the three months ended March 31, 2025, unit-based compensation expense and the total fair value of PIUs that vested were both immaterial. See Note 18 — Subsequent Events for information regarding equity awards granted in connection with the IPO in April 2026.