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RELATED PARTY TRANSACTIONS - Summary of Related Party Revenues That Are Reflected Within Services Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Related Party Transaction [Line Items]
Total revenues and grant income	$ 54,601	$ 21,504	$ 98,024	$ 42,308
Related Party
Related Party Transaction [Line Items]
Total revenues and grant income	2,394	2,857	4,317	5,021
Related Party \| DOW Chemical Company
Related Party Transaction [Line Items]
Total revenues and grant income	$ 2,394	$ 2,857	$ 4,317	$ 5,021

- 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

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

+ References

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+ Details

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

3 Months Ended

6 Months Ended

Jun. 30, 2026

Jun. 30, 2025

Jun. 30, 2026

Jun. 30, 2025

Disaggregation of Revenue [Line Items]

Services revenue

^[1]

$ 50,119,000

$ 16,919,000

$ 90,025,000

$ 34,010,000

Grant income

4,482,000

4,585,000

7,999,000

8,298,000

Total revenues and grant income

54,601,000

21,504,000

98,024,000

42,308,000

Cost-based

Disaggregation of Revenue [Line Items]

Services revenue

45,590,000

14,029,000

83,004,000

27,681,000

Grant income

4,482,000

4,585,000

7,999,000

8,298,000

Total revenues and grant income

50,072,000

18,614,000

91,003,000

35,979,000

Fixed fee

Disaggregation of Revenue [Line Items]

Total revenues and grant income

839,000

1,048,000

1,174,000

1,988,000

Cost plus fixed fee

Disaggregation of Revenue [Line Items]

Total revenues and grant income

804,000

1,442,000

1,247,000

3,550,000

Time & materials

Disaggregation of Revenue [Line Items]

Total revenues and grant income

2,886,000

400,000

4,600,000

791,000

DOE

Disaggregation of Revenue [Line Items]

Services revenue

43,195,000

11,172,000

78,686,000

22,660,000

Grant income

4,482,000

4,585,000

7,999,000

8,298,000

Total revenues and grant income

47,677,000

15,757,000

86,685,000

30,958,000

Department of War

Disaggregation of Revenue [Line Items]

Total revenues and grant income

1,642,000

1,541,000

2,421,000

3,491,000

Commercial

Disaggregation of Revenue [Line Items]

Total revenues and grant income

$ 5,282,000

$ 4,206,000

$ 8,918,000

$ 7,859,000

[1]	Includes related party revenue of $2.4 million and $2.3 million for the three months ended June 30, 2026 and 2025, respectively, and $4.3 million and $5.0 million for the six months ended June 30, 2026 and 2025, respectively.

ORGANIZATION AND NATURE OF BUSINESS	6 Months Ended
Jun. 30, 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, Inc. (“X-energy” or the “Company”) is a developer of advanced small modular nuclear reactors and fuel technology for clean energy generation. The Company was formed as a Delaware corporation on September 18, 2025, and is headquartered in Rockville, Maryland. On April 27, 2026, X-energy successfully closed an initial public offering (“IPO”) of its Class A common stock in which it issued and sold 50,892,857 shares of its Class A Common Stock (as defined in Note 10 — Stockholders' Equity and Mezzanine Equity) at a public offering price of $23.00 per share for proceeds aggregating approximately $1.1 billion, net of underwriting discounts and issuance costs of $67.3 million and $13.5 million, respectively, that were incurred by the Company. Pursuant to certain transactions completed in connection with the IPO, X-energy is a holding company, and its principal asset is a controlling equity interest in X-Energy Reactor Company, LLC (“XERC”). As the sole managing member of XERC, X-energy operates and controls all of the business and affairs of XERC and its subsidiaries. Completion of IPO In connection with the IPO, the Company and XERC completed a series of organizational transactions (collectively, the “Reorganization Transactions”), which resulted in a combined company organized in an umbrella partnership-C corporation (“Up-C”) structure, in which substantially all of the assets are held by XERC. The Reorganization Transactions included the following transactions: • 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 of membership interest in XERC (“Common Units”) and (ii) appoint X-energy as the sole managing member of XERC. • X-energy amended and restated its certificate of incorporation 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 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, with X-energy 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” represent the merger of each of the Blocker Companies with X-energy as part of the Reorganization Transactions, pursuant to which the shareholders of the Blocker Companies, which represent the owners of the Blocker Companies prior to the Reorganization Transactions, received shares of Class A common stock as consideration in the applicable Blocker Merger. • X-energy 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 (as defined below) other than the Blocker Companies and the Continuing Equity Owners (as defined below) except for X-Energy Management LLC, a Delaware limited liability company (“Management LLC”), which 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. “Original Equity Owners” are those direct and certain indirect owners of XERC, collectively, prior to the Reorganization Transactions, excluding Management LLC. “Continuing Equity Owners” collectively refer to those Original Equity Owners that own Common Units in XERC and the Company’s Class B common stock after the Reorganization Transactions and who may, subject to the terms of the related agreement and applicable lock-up restrictions, redeem their Common Units for either shares of X-energy’s Class A common stock or cash at X-energy’s election. • Management LLC 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 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 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 cash consideration from the Continuing Equity Owners. • X-energy entered into a Tax Receivable Agreement (“TRA”) with XERC and certain equity owners of XERC prior to the IPO (“TRA Holders”) that provides for the payment by X-energy to the TRA Holders of 85% of the amount of cash tax savings, if any, that X-energy actually realizes, or in some circumstances is deemed to realize (calculated using certain assumptions), as a result of certain tax basis adjustments. Following the Reorganization Transactions, XERC became a Variable Interest Entity (“VIE”) with X-energy considered to be the primary beneficiary under Accounting Standards Codification (“ASC”) 810, Consolidation, since as the sole managing member of XERC, X-energy operates and controls all the business and affairs of XERC and its subsidiaries. Additionally, the Company may not be removed or replaced by the non-managing members. Since XERC is the predecessor of X-energy for accounting and reporting purposes, the condensed consolidated financial statements for periods prior to the IPO reflect the historical operations of XERC.

ORGANIZATION AND NATURE OF BUSINESS

6 Months Ended

Jun. 30, 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, Inc. (“X-energy” or the “Company”) is a developer of advanced small modular nuclear reactors and fuel technology for clean energy generation. The Company was formed as a Delaware corporation on September 18, 2025, and is headquartered in Rockville, Maryland.

On April 27, 2026, X-energy successfully closed an initial public offering (“IPO”) of its Class A common stock in which it issued and sold 50,892,857 shares of its Class A Common Stock (as defined in Note 10 — Stockholders' Equity and Mezzanine Equity) at a public offering price of $23.00 per share for proceeds aggregating approximately $1.1 billion, net of underwriting discounts and issuance costs of $67.3 million and $13.5 million, respectively, that were incurred by the Company. Pursuant to certain transactions completed in connection with the IPO, X-energy is a holding company, and its principal asset is a controlling equity interest in X-Energy Reactor Company, LLC (“XERC”). As the sole managing member of XERC, X-energy operates and controls all of the business and affairs of XERC and its subsidiaries.

Completion of IPO

In connection with the IPO, the Company and XERC completed a series of organizational transactions (collectively, the “Reorganization Transactions”), which resulted in a combined company organized in an umbrella partnership-C corporation (“Up-C”) structure, in which substantially all of the assets are held by XERC. The Reorganization Transactions included the following transactions:

•

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 of membership interest in XERC (“Common Units”) and (ii) appoint X-energy as the sole managing member of XERC.

•

X-energy amended and restated its certificate of incorporation 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 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, with X-energy 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” represent the merger of each of the Blocker Companies with X-energy as part of the Reorganization Transactions, pursuant to which the shareholders of the Blocker Companies, which represent the owners of the Blocker Companies prior to the Reorganization Transactions, received shares of Class A common stock as consideration in the applicable Blocker Merger.

•

X-energy 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 (as defined below) other than the Blocker Companies and the Continuing Equity Owners (as defined below) except for X-Energy Management LLC, a Delaware limited liability company (“Management LLC”), which 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. “Original Equity Owners” are those direct and certain indirect owners of XERC, collectively, prior to the Reorganization Transactions, excluding Management LLC. “Continuing Equity Owners” collectively refer to those Original Equity Owners that own Common Units in XERC and the Company’s Class B common stock after the Reorganization Transactions and who may, subject to the terms of the related agreement and applicable lock-up restrictions, redeem their Common Units for either shares of X-energy’s Class A common stock or cash at X-energy’s election.

•

Management LLC 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 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 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 cash consideration from the Continuing Equity Owners.

•

X-energy entered into a Tax Receivable Agreement (“TRA”) with XERC and certain equity owners of XERC prior to the IPO (“TRA Holders”) that provides for the payment by X-energy to the TRA Holders of 85% of the amount of cash tax savings, if any, that X-energy actually realizes, or in some circumstances is deemed to realize (calculated using certain assumptions), as a result of certain tax basis adjustments.

Following the Reorganization Transactions, XERC became a Variable Interest Entity (“VIE”) with X-energy considered to be the primary beneficiary under Accounting Standards Codification (“ASC”) 810, Consolidation, since as the sole managing member of XERC, X-energy operates and controls all the business and affairs of XERC and its subsidiaries. Additionally, the Company may not be removed or replaced by the non-managing members.

Since XERC is the predecessor of X-energy for accounting and reporting purposes, the condensed consolidated financial statements for periods prior to the IPO reflect the historical operations of XERC.

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2026
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	Item 5. Other Information. Director and Officer Trading Arrangements On June 9, 2026 and June 14, 2026, respectively, Daniel Gross, our Chief Financial Officer, and Laura Garcia, our Chief Accounting Officer, each adopted a sell-to-cover instruction that constitutes a “Rule 10b5-1 trading arrangement” intended to satisfy the affirmative defense of Rule 10b5-1(c)(1) of the Exchange Act, providing for the automatic sale of the number of shares of Class A common stock necessary to satisfy tax withholding obligations upon the vesting or settlement of restricted stock units, whether previously granted or granted in the future. The number of shares that may be sold under these instructions is not determinable in advance. Each instruction will remain in effect indefinitely unless revoked in writing.
Daniel Gross
Trading Arrangements, by Individual
Name	Daniel Gross
Title	Chief Financial Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	June 9, 2026
Laura Garcia
Trading Arrangements, by Individual
Name	Laura Garcia
Title	Chief Accounting Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	June 14, 2026

EQUITY-BASED COMPENSATION - Summary of Stock Award Activities and Changes - Restricted Stock Awards and Restricted Stock Units (Details)	6 Months Ended
	Jun. 30, 2026 $ / shares shares
Restricted Stock Awards
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of restricted stock outstanding as of January 1, 2026 \| shares	0
Number of restricted stock granted \| shares	7,391,764
Number of restricted stock vested \| shares	(174,115)
Number of restricted stock forfeited \| shares	(75,579)
Number of restricted stock outstanding as of June 30, 2026 \| shares	7,142,070
Weighted average grant-date fair value, outstanding as of January 1, 2026 \| $ / shares	$ 0
Weighted average grant-date fair value, granted \| $ / shares	5.02
Weighted average grant-date fair value, vested \| $ / shares	2.81
Weighted average grant-date fair value, forfeited \| $ / shares	3.8
Weighted average grant-date fair value, outstanding as of June 30, 2026 \| $ / shares	$ 5.09
Restricted Stock Units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of restricted stock outstanding as of January 1, 2026 \| shares	0
Number of restricted stock granted \| shares	389,558
Number of restricted stock outstanding as of June 30, 2026 \| shares	389,558
Weighted average grant-date fair value, outstanding as of January 1, 2026 \| $ / shares	$ 0
Weighted average grant-date fair value, granted \| $ / shares	27.21
Weighted average grant-date fair value, outstanding as of June 30, 2026 \| $ / shares	$ 27.21

FAIR VALUE MEASUREMENTS - Schedule of Company's Financial Instruments of Carrying Values and Fair Values (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Amortized Cost Basis	$ 754,386	$ 566,366
Allowance for Credit Losses	0	0
Net Carrying Amount	754,386	566,366
Gross Unrealized Gains	20	233
Gross Unrealized Losses	(1,512)	(29)
Aggregate Fair Value	752,894	566,570
U.S. Government Securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Amortized Cost Basis	82,043	131,623
Allowance for Credit Losses	0	0
Net Carrying Amount	82,043	131,623
Gross Unrealized Gains	0	123
Gross Unrealized Losses	(366)	0
Aggregate Fair Value	81,677	131,746
Corporate Securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Amortized Cost Basis	631,815	407,466
Allowance for Credit Losses	0	0
Net Carrying Amount	631,815	407,466
Gross Unrealized Gains	19	105
Gross Unrealized Losses	(1,097)	(28)
Aggregate Fair Value	630,737	407,543
Foreign Issuer Debt Securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Amortized Cost Basis	40,528	27,277
Allowance for Credit Losses	0	0
Net Carrying Amount	40,528	27,277
Gross Unrealized Gains	1	5
Gross Unrealized Losses	(49)	(1)
Aggregate Fair Value	$ 40,480	$ 27,281

RELATED PARTY TRANSACTIONS - Summary of Balances Within Due from and Due to Related Parties and Long-term Deferred Revenue (Parenthetical) (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Related Party Transaction [Line Items]
Unbilled receivable	$ 75,359	$ 41,529
Related Party [Member] \| DOW
Related Party Transaction [Line Items]
Unbilled receivable	$ 20,500	$ 700

- 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

REVENUE AND GRANT INCOME RECOGNITION - Schedule of Revenues and Grant Income by Geographic Location (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Disaggregation of Revenue [Line Items]
Total revenues and grant income	$ 54,601	$ 21,504	$ 98,024	$ 42,308
United States
Disaggregation of Revenue [Line Items]
Total revenues and grant income	54,600	21,449	98,024	41,889
International
Disaggregation of Revenue [Line Items]
Total revenues and grant income	$ 1	$ 55	$ 0	$ 419

- 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 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 5
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-5

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
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-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (a)
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Reference 4: http://www.xbrl.org/2003/role/exampleRef
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-Subparagraph (b)
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Reference 5: http://www.xbrl.org/2003/role/exampleRef
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-Subparagraph (c)
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-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 6: http://www.xbrl.org/2003/role/exampleRef
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-Subparagraph (d)
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Reference 9: http://www.xbrl.org/2003/role/exampleRef
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-Paragraph 91
-Subparagraph (g)
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ACCRUED LIABILITIES

6 Months Ended

Jun. 30, 2026

Payables and Accruals [Abstract]

ACCRUED LIABILITIES

NOTE 6 — ACCRUED LIABILITIES

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


	June 30, 2026		December 31, 2025
Accrued subcontractor costs	$	45,903	$	18,160
Accrued compensation and related expenses		30,305		21,735
Accrued deferred transaction costs		—		2,926
Deferred revenue		443		132
Accrued professional fees		1,196		3,423
Operating lease liabilities		1,884		2,344
Incurred cost audits reserve (Note 15)		1,068		1,068
Accrued liabilities – other		5,343		1,429
Total accrued liabilities	$	86,142	$	51,217

SEGMENTS

6 Months Ended

Jun. 30, 2026

Segment Reporting [Abstract]

SEGMENTS

NOTE 17 — SEGMENTS

Under the guidelines of ASC 280, Segment Reporting, 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 and six months ended June 30, 2026 and 2025 present these significant segment expenses for the Company’s single operating segment. The condensed consolidated balance sheets as of June 30, 2026 and December 31, 2025 likewise display the assets and liabilities attributable to this single segment.

- Definition

The entire disclosure for segment reporting.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-42

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-34

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (ee)
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/exampleRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26

+ Details

ACCRUED LIABILITIES (Tables)

6 Months Ended

Jun. 30, 2026

Payables and Accruals [Abstract]

Schedule of components of accrued liabilities

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


	June 30, 2026		December 31, 2025
Accrued subcontractor costs	$	45,903	$	18,160
Accrued compensation and related expenses		30,305		21,735
Accrued deferred transaction costs		—		2,926
Deferred revenue		443		132
Accrued professional fees		1,196		3,423
Operating lease liabilities		1,884		2,344
Incurred cost audits reserve (Note 15)		1,068		1,068
Accrued liabilities – other		5,343		1,429
Total accrued liabilities	$	86,142	$	51,217

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING PRONOUNCEMENTS - Schedule of Cash and Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025	Jun. 30, 2025	Dec. 31, 2024
Accounting Policies [Abstract]
Cash and cash equivalents	$ 1,145,424	$ 458,932
Restricted cash	4,200	3,698
Cash, cash equivalents, and restricted cash as presented in the Statement of Cash Flows	$ 1,149,624	$ 462,630	$ 484,623	$ 514,600

RELATED PARTY TRANSACTIONS (Tables)

6 Months Ended

Jun. 30, 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 June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Revenue associated with Dow	$	2,394	$	2,857	$	4,317	$	5,021
Total	$	2,394	$	2,857	$	4,317	$	5,021

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 June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Subcontracting services(1)	$	3,434	$	1,874	$	4,630	$	10,957
General and administrative services(2)		86		230		353		512
Total	$	3,520	$	2,104	$	4,983	$	11,469

__________

(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 with related parties (in thousands):


	June 30, 2026		December 31, 2025
Due from related parties (1)	$	21,256	$	4,580
Due to related parties		7,466		4,225
Long-term deferred revenue with related parties (1)		17,527		2,353

__________

(1)

These balances are related to Dow. Of the Due from related parties balances, $20.5 million and $0.7 million as of June 30, 2026 and December 31, 2025, respectively, are unbilled.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING PRONOUNCEMENTS - Deposits For Long Lead Materials And Prepaid Costs (Additional Information) (Details) - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025
Summary Of Significant Accounting Policy [Line Items]
Prepaid Expense	$ 22.5	$ 7.5
Deposits	50.4	$ 17.0
Location, Statement of Financial Position, Balance [Axis]: us-gaap:OtherAssetsNoncurrent
Summary Of Significant Accounting Policy [Line Items]
Long Term Deposits	41.6
Location, Statement of Financial Position, Balance [Axis]: us-gaap:PrepaidExpenseAndOtherAssetsCurrent
Summary Of Significant Accounting Policy [Line Items]
Deposits assets, current	$ 8.8

SUPPLEMENTAL CASH FLOW INFORMATION (Tables)

6 Months Ended

Jun. 30, 2026

Supplemental Cash Flow Elements [Abstract]

Schedule of Non-Cash Investing and Financing Activities

Non-cash investing and financing activities are as follows (in thousands):


	Six Months Ended June 30,
	2026		2025
Government grant reimbursement receivable for purchase of property and equipment	$	17,848	$	8,858
Property and equipment included in accounts payable and accrued expenses		32,404		5,233

COMMITMENTS AND CONTINGENCIES (Tables)

6 Months Ended

Jun. 30, 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	$	17,500
2027		12,000
2028		15,393
2029		6,000
2030 and thereafter		—
Total	$	50,893

COMMITMENTS AND CONTINGENCIES - Commitments to Purchase Goods or Services Related to Supply Agreements (Details) - Supply Agreements for Graphite Components $ in Thousands	Jun. 30, 2026 USD ($)
Recorded Unconditional Purchase Obligation [Line Items]
2026	$ 17,500
2027	12,000
2028	15,393
2029	6,000
2030 and thereafter	0
Unconditional Purchase Obligation, Total	$ 50,893

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING PRONOUNCEMENTS

6 Months Ended

Jun. 30, 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 accompanying condensed consolidated financial statements for X-energy 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. Certain prior period amounts have been reclassified to conform to the current period presentation. These reclassifications had no effect on previously reported net loss, total assets, total liabilities, mezzanine equity, stockholders’ equity, members’ deficit, or cash flows. 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.

Non-controlling Interest

As the primary beneficiary of XERC, the Company consolidates the results of XERC and its subsidiaries, and the condensed consolidated financial statements include a non-controlling interest representing the Common Units of XERC held by the Continuing Equity Owners. As of June 30, 2026, the non-controlling interest was 29.8%.

The non-controlling interest was initially recorded based on the Continuing Equity Owners’ interest in the net assets of XERC prior to the IPO. The non-controlling interest is subsequently adjusted for its share of additional contributions, distributions, and net earnings or losses based on the ownership percentages of XERC held by the Continuing Equity Owners.

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 U.S. Government which represents a concentration risk but a low credit risk.

For the three months ended June 30, 2026 and 2025, two customers, the U.S. Government and Dow Chemical Company (“Dow”), accounted for 90.3% and 4.4%, and 80.4% and 13.3%, of total revenue and grant income, respectively. For the six months ended June 30, 2026 and 2025, they accounted for 90.9% and 4.4%, and 81.4% and 11.9%, respectively, of the Company’s total revenue and grant income. Refer to Note 3 — Revenue and Grant Income Recognition for further disaggregation of revenue and grant income by customer type for the three and six months ended June 30, 2026 and 2025 and to Note 14 — Related Party Transactions for further information on receivable balances with Dow.

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


	June 30, 2026		December 31, 2025
Accounts Receivable
DOE	$	40,333	$	23,628
Unbilled Receivables and Contract Assets
DOE	$	69,998	$	39,644
Department of War		2,190		1,091

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):


	June 30, 2026		December 31, 2025
Cash and cash equivalents	$	1,145,424	$	458,932
Restricted cash		4,200		3,698
Cash, cash equivalents, and restricted cash as presented in the Statement of Cash Flows	$	1,149,624	$	462,630

Prepaid Costs and Other Current and Long-Term Assets

Amounts included in Prepaid costs and other current assets, and in Other long-term assets, relate primarily 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 $50.4 million and $17.0 million as of June 30, 2026 and December 31, 2025, respectively, in deposits related to long-lead materials. Of the balance as of June 30, 2026, $41.6 million is included in Other long-term assets and $8.8 million is included in Prepaid and other current assets 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 $22.5 million and $7.5 million as of June 30, 2026 and December 31, 2025, respectively, and are presented within Prepaid and other current assets and Other long-term assets based on the expected timing of recognition.

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 June 30, 2026 and 2025, the Company did not incur issuance costs associated with the issuance of the Preferred Units. For the six months ended June 30, 2026

and 2025, the Company incurred zero and $2.2 million in issuance costs associated with the issuance of the Series C-1 Preferred Units, respectively.

The Company capitalized qualified legal, accounting, and other direct and incremental costs related to the public offering transaction. These costs were $3.9 million as of December 31, 2025, and were included in Prepaid and other current assets on the condensed consolidated balance sheet. Upon completion of the IPO, these transaction costs were charged to Additional paid-in capital.

Other Income (Expense), Net

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


	Three Months Ended June 30,						Six Months Ended June 30,
	2026			2025			2026			2025
Foreign currency transaction gain (loss)	$	(733	)	$	895		$	(852	)	$	1,056
Mark-to-market loss on C-2 Notes(1)		—			(976	)		—			(1,363	)
Mark-to-market loss on warrant liabilities(2)		(5,574	)		(50,508	)		(114,473	)		(39,540	)
Other expense		(5	)		(99	)		(25	)		(104	)
Total other income (expense), net	$	(6,312	)	$	(50,688	)	$	(115,350	)	$	(39,951	)

__________

(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 and six months ended June 30, 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			Accumulated other comprehensive loss attributable to non-controlling interest			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	)
Other comprehensive income (loss)		291			(766	)		—			(475	)
Accumulated other comprehensive income (loss), balance at June 30, 2025	$	(321	)	$	(205	)	$	—		$	(526	)

Accumulated other comprehensive income (loss), balance at January 1, 2026	$	—		$	(117	)	$	—		$	(117	)
Other comprehensive income		—			143			—			143
Accumulated other comprehensive income (loss), balance at March 31, 2026	$	—		$	26		$	—		$	26
Effect of the Reorganization Transactions		—			17			(17	)		—
Other comprehensive income		—			263			147			410
Accumulated other comprehensive income (loss), balance at June 30, 2026	$	—		$	306		$	130		$	436

Accounting Standards Recently Adopted

In March 2024, the FASB issued ASU No. 2024-01, Compensation—Stock Compensation (Topic 718): 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 May 2025, the FASB issued ASU No. 2025-03, Business Combinations (Topic 805) and Consolidation (Topic 810): Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity (“ASU 2025-03”), which amends the ASC 805, Business Combinations, framework for identifying the accounting acquirer in business combinations when the legal acquiree is a VIE by requiring entities to consider the general accounting acquirer factors in ASC 805 when the transaction is primarily effected by the exchange of equity interests. The ASU is applied prospectively to all business combinations with acquisition dates occurring on or after the initial application date. The ASU is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods within those annual reporting periods. Early adoption is permitted as of the beginning of an interim or annual reporting period. Management has elected to early adopt ASU 2025-03 as of April 1, 2026 on a prospective basis. Adoption did not affect previously reported amounts.

In July 2025, the FASB issued ASU No. 2025-05, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses 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. While the Company is still evaluating the standard, it does not anticipate a significant impact on its annual 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.

EQUITY-BASED COMPENSATION (Tables)

6 Months Ended

Jun. 30, 2026

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Summary of Equity based and Unit based compensation expense

The table below summarizes equity-based and unit-based compensation expense that is reflected in the condensed consolidated statements of operations and comprehensive loss and condensed consolidated balance sheets (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Direct costs	$	6,190	$	1,000	$	7,626	$	1,000
Selling, general, and administrative		33,471		5,358		36,300		5,424
Property and equipment, net		1,740		57		2,055		57

Summary of Fair Value of Options Using Black-Scholes Option Pricing Model

The fair value of the options was determined using the Black-Scholes option-pricing model based on the fair value of the underlying stock price and exercise price at the grant date and the significant inputs and assumptions summarized below:


	IPO Options (1)	Other Grants
Expected term (years)	5.0 - 6.1	6.0
Equity volatility (2)	87.0% - 90.0%	93.8%
Risk-free rate (3)	3.9% - 4.0%	4.3%

__________

(1)

As the IPO Options are subject to the same provisions with respect to vesting as the related PIUs, the inputs for all such options were determined using the respective grant date of the related PIUs.

(2)

Derived from an option pricing method based on the average asset volatility of peer companies and the Company’s leverage ratio.

(3)

Based on the U.S. constant maturity treasury rate with a term matching the expected time to the end of the performance measurement period.

Stock Options

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Summary of Stock Award Activities and Changes

The following table summarizes the Company’s options and changes during the six months ended June 30, 2026:


	Number of Options			Weighted Average Grant-Date Fair Value
Outstanding as of January 1, 2026		—		$	—
Options granted		7,604,346			17.42
Options exercised		—			—
Options forfeited		(37,498	)		(17.45	)
Outstanding as of June 30, 2026		7,566,848		$	17.42

Restricted Stock Awards

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Summary of Stock Award Activities and Changes

The following table summarizes the Company’s RSAs and changes during the six months ended June 30, 2026:


	Number of RSAs			Weighted Average Grant-Date Fair Value
Outstanding as of January 1, 2026		—		$	—
RSAs granted		7,391,764			5.02
RSAs vested		(174,115	)		2.81
RSAs forfeited		(75,579	)		3.80
Outstanding as of June 30, 2026		7,142,070		$	5.09

Restricted Stock Units

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Summary of Stock Award Activities and Changes

The following table summarizes the Company’s RSUs and changes during the six months ended June 30, 2026:


	Number of RSUs		Weighted Average Grant-Date Fair Value
Outstanding as of January 1, 2026		—	$	—
RSUs granted		389,558		27.21
Outstanding as of June 30, 2026		389,558	$	27.21

- 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 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (f)(2)(v)
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)(1)
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
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-URI https://asc.fasb.org/1943274/2147480483/718-10-35-1D

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480483/718-10-35-3

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Section 50
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING PRONOUNCEMENTS - Deferred Transaction Costs (Additional Information) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Summary Of Significant Accounting Policy [Line Items]
Issuance costs			$ 12,499	$ 0
Deferred offering costs					$ 3,900
Series C-1 Preferred Units
Summary Of Significant Accounting Policy [Line Items]
Issuance costs	$ 0	$ 0	$ 0	$ 2,200

REVENUE AND GRANT INCOME RECOGNITION - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Disaggregation of Revenue [Line Items]
Grant income	$ 4,482,000	$ 4,585,000	$ 7,999,000	$ 8,298,000
Direct costs	86,658,000	36,129,000	152,017,000	64,853,000
Advanced Reactor Demonstrator Program ("ARDP")
Disaggregation of Revenue [Line Items]
Grant income	2,000,000	1,300,000	5,200,000	2,600,000
Direct costs	$ 1,800,000	$ 1,300,000	$ 4,500,000	$ 2,400,000

- 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

PROPERTY AND EQUIPMENT, NET (Tables)

6 Months Ended

Jun. 30, 2026

Property, Plant, and Equipment [Abstract]

Schedule of Property and Equipment, Net

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


	June 30, 2026			December 31, 2025
Equipment and materials	$	2,335		$	2,335
Computer equipment and software		5,967			3,760
Office furniture and fixtures		650			355
Leasehold improvements		2,707			2,708
Land		1,697			1,697
Construction-in-progress		110,448			42,839
Property and equipment at cost (1)		123,804			53,694
Accumulated depreciation		(4,678	)		(3,589	)
Property and equipment, net	$	119,126		$	50,105

__________

(1)

Net of reimbursement from the U.S. Government.

EQUITY-BASED COMPENSATION - Summary of Fair Value of Options Using Black-Scholes Option Pricing Model (Details)

3 Months Ended

Jun. 30, 2026

Other Grants

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Expected term (years)

6 years

Equity volatility

93.80%

^[1]

Risk-free rate

4.30%

^[2]

Minimum | IPO Options

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Expected term (years)

5 years

^[3]

Equity volatility, Minimum

87.00%

^[1],[3]

Risk-free rate, Minimum

3.90%

^[2],[3]

Maximum | IPO Options

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Expected term (years)

6 years 1 month 6 days

^[3]

Equity volatility, Maximum

90.00%

^[1],[3]

Risk-free rate, Maximum

4.00%

^[2],[3]

[1]	Derived from an option pricing method based on the average asset volatility of peer companies and the Company’s leverage ratio.
[2]	Based on the U.S. constant maturity treasury rate with a term matching the expected time to the end of the performance measurement period.
[3]	As the IPO Options are subject to the same provisions with respect to vesting as the related PIUs, the inputs for all such options were determined using the respective grant date of the related PIUs.

FAIR VALUE MEASUREMENTS - Schedule of Rollforward of Level 3 Measurements (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
C-2 Notes
Fair Value, Option, Quantitative Disclosures [Line Items]
Beginning Balance		$ 18,537
Change in fair value recognized in Other income (expense), net		1,363
Change in fair value attributable to instrument-specific credit risk recognized in Other comprehensive income		(444)
Ending Balance		19,456
June 2022 Warrants \| Warrant
Fair Value, Option, Quantitative Disclosures [Line Items]
Beginning Balance	$ 10,776	3,636
Change in fair value recognized in Other income (expense), net	12,697	851
Exercises/Settlements	(23,473)
Change in fair value attributable to instrument-specific credit risk recognized in Other comprehensive income		0
Ending Balance	0	4,487
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		651
Change in fair value attributable to instrument-specific credit risk recognized in Other comprehensive income		0
Ending Balance		2,045
2024 Warrants \| Warrant
Fair Value, Option, Quantitative Disclosures [Line Items]
Beginning Balance	263,390	45,604
Change in fair value recognized in Other income (expense), net	101,776	38,038
Exercises/Settlements	(365,166)
Change in fair value attributable to instrument-specific credit risk recognized in Other comprehensive income		0
Ending Balance	$ 0	$ 83,642

SUPPLEMENTAL CASH FLOW INFORMATION

6 Months Ended

Jun. 30, 2026

Supplemental Cash Flow Elements [Abstract]

SUPPLEMENTAL CASH FLOW INFORMATION

NOTE 16 — SUPPLEMENTAL CASH FLOW INFORMATION

Non-cash investing and financing activities are as follows (in thousands):


	Six Months Ended June 30,
	2026		2025
Government grant reimbursement receivable for purchase of property and equipment	$	17,848	$	8,858
Property and equipment included in accounts payable and accrued expenses		32,404		5,233

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING PRONOUNCEMENTS - Non-controlling Interest (Additional Information) (Details)	Jun. 30, 2026
X-Energy Reactor Company LLC
Summary Of Significant Accounting Policy [Line Items]
Non-controlling Interest	29.80%

NET LOSS PER SHARE - Additional Information (Details) - shares	6 Months Ended
	Jun. 30, 2026	Dec. 31, 2025
Restricted Stock Units (RSUs) [Member]
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Share outstanding	389,558	0
Class A common stock
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Outstanding stock options	7,600,000
Class A common stock \| RSAs and RSU
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Share outstanding	7,500,000
Class A common stock \| Warrant
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Potentially dilutive securities excluded from the earnings	14,100,000
Class B Common Units
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Potentially dilutive securities excluded from the earnings	118,900,000

REVENUE AND GRANT INCOME RECOGNITION - Schedule of Balances Recorded within Deferred Revenue (Parenthetical) (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Disaggregation of Revenue [Line Items]
Deferred revenue	$ 0	$ 0	$ 0	$ 1,100,000

- 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

INCOME TAX

6 Months Ended

Jun. 30, 2026

Income Tax Disclosure [Abstract]

INCOME TAX

NOTE 9 — INCOME TAX

The Company is a taxable C-Corporation and is subject to U.S. federal and state income taxes primarily related to the Company’s allocable share of any taxable income or loss of its investment in XERC, an affiliate of the Company, as well as any standalone income or loss that the Company generates. XERC is treated as a partnership for U.S. income tax purposes, and for most applicable state and local income tax purposes, and generally does not pay income taxes in most jurisdictions. Instead, XERC’s taxable income or loss is passed through to its members, including X-energy.

The effective income tax rate was 0% for the three and six months ended June 30, 2026. The Company did not record any income taxes for the three and six months ended June 30, 2025 as the Company was a pass through entity for income tax purposes. The effective income tax rate in 2026 differs from the U.S. federal statutory rate primarily due to having a full valuation allowance against all deferred tax assets because of a history of losses.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477617/942-740-50-1

Reference 2: 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 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478822/944-740-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-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
-SubTopic 10
-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
-Name Accounting Standards Codification
-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
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-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

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

3 Months Ended

6 Months Ended

Jun. 30, 2026

Jun. 30, 2025

Jun. 30, 2026

Jun. 30, 2025

Summary Of Significant Accounting Policy [Line Items]

Foreign currency transaction gain (loss)

$ (733)

$ 895

$ (852)

$ 1,056

Other expense

(5)

(99)

(25)

(104)

Total other income (expense), net

(6,312)

(50,688)

(115,350)

(39,951)

Warrant Liabilities [Member]

Summary Of Significant Accounting Policy [Line Items]

Mark-to-market gain (loss)

^[1]

(5,574)

(50,508)

(114,473)

(39,540)

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

Summary Of Significant Accounting Policy [Line Items]

Mark-to-market gain (loss)

^[2]

$ 0

$ (976)

$ 0

$ (1,363)

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

EQUITY-BASED COMPENSATION - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands		6 Months Ended
	Apr. 24, 2026	Jun. 30, 2026	Apr. 27, 2026	Dec. 31, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock value		37,500,000
Profits Interest Units Conversion and IPO Options Awards \| IPO Options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share price		$ 23
Profits Interest Units Conversion and IPO Options Awards \| Vested IPO Options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Incremental compensation cost	$ 20,200
Profits Interest Units Conversion and IPO Options Awards \| Unvested IPO Options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Incremental compensation cost		$ 103,800
Profits Interest Units Conversion and IPO Options Awards \| IPO
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share price		$ 23
Stock Options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized compensation cost		$ 95,700
Weighted average recognition period		1 year 10 months 24 days
Grant period for stock		10 years
Restricted Stock Awards
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized compensation cost		$ 23,100
Weighted average recognition period		2 years
Restricted Stock Units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized compensation cost		$ 9,800
Weighted average recognition period		1 year 10 months 24 days
Class A common stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock value		$ 29		$ 0
Common stock, shares issued		287,400,000		0
Class A common stock \| IPO
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock, shares issued			50,892,857
Class A common stock \| Profits Interest Units Conversion and IPO Options Awards
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share price		$ 23
Class A common stock \| Profits Interest Units Conversion and IPO Options Awards \| Granted IPO Options to Executive Officers
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock, shares issued		3,500,000
Class A common stock \| Profits Interest Units Conversion and IPO Options Awards \| Granted IPO Options to X-Energy's Directors
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock, shares issued		100,000
Class B common stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock value		$ 12		$ 0
Common stock, shares issued		118,900,000		0
2026 Equity Incentive Plan \| Class A common stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Percentage of aggregate number of common stock share outstanding		5.00%
2026 Equity Incentive Plan \| Class B common stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Percentage of aggregate number of common stock share outstanding		5.00%

ACCRUED LIABILITIES - Schedule of components of accrued liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Payables and Accruals [Abstract]
Accrued subcontractor costs	$ 45,903	$ 18,160
Accrued compensation and related expenses	30,305	21,735
Accrued deferred transaction costs	0	2,926
Deferred revenue	443	132
Accrued professional fees	1,196	3,423
Operating lease liabilities	1,884	2,344
Incurred cost audits reserve (Note 15)	1,068	1,068
Accrued liabilities - other	5,343	1,429
Total accrued liabilities	$ 86,142	$ 51,217

STOCKHOLDERS' EQUITY AND MEZZANINE EQUITY - Additional Information (Details) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2026	Dec. 31, 2025	Apr. 23, 2026	Mar. 31, 2026	Jun. 30, 2025	Mar. 31, 2025	Dec. 31, 2024
Preferred Units [Line Items]
Preferred stock, shares authorized	10,000,000	0
Preferred stock, par value	$ 0.0001
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Recapitalization cost	$ 0	$ 2,066,555,000		$ 2,431,909,000	$ 1,352,291,000	$ 1,351,918,000	$ 1,300,376,000
Percentage of accumulated preferred return	3.00%
Class A common stock
Preferred Units [Line Items]
Common stock, shares authorized	1,868,000,000	0	1,868,000,000
Common stock, par value	$ 0.0001		$ 0.0001
Class B common stock
Preferred Units [Line Items]
Common stock, shares authorized	132,000,000	0	132,000,000
Common stock, par value	$ 0.0001		$ 0.0001
Series C Preferred Stock
Preferred Units [Line Items]
Accumulated preferred return		$ 14,200,000
Preferred Stock
Preferred Units [Line Items]
Preferred stock, shares authorized			10,000,000
Preferred stock, par value			$ 0.0001
Series C-1 Preferred Units
Preferred Units [Line Items]
Accumulated preferred return		24,400,000
Series D Preferred Stock
Preferred Units [Line Items]
Accumulated preferred return		2,300,000
Series A Preferred Stock
Preferred Units [Line Items]
Accumulated preferred return		7,000,000
Series A-1 Preferred Units
Preferred Units [Line Items]
Accumulated preferred return		4,200,000
Series B Preferred Stock
Preferred Units [Line Items]
Accumulated preferred return		14,100,000
Equity
Preferred Units [Line Items]
Mezzanine Equity from common units issued as unit based compensation		$ 74,900,000

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

Jun. 30, 2026

Dec. 31, 2025

Property, Plant, and Equipment [Line Items]

Property and equipment at cost

^[1]

$ 123,804

$ 53,694

Accumulated depreciation

(4,678)

(3,589)

Property and equipment, net

119,126

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

5,967

3,760

Office Furniture and Fixtures

Property, Plant, and Equipment [Line Items]

Property and equipment at cost

650

355

Leasehold Improvements

Property, Plant, and Equipment [Line Items]

Property and equipment at cost

2,707

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

$ 110,448

$ 42,839

[1]	Net of reimbursement from the U.S. Government.

PROFIT SHARING PLAN

6 Months Ended

Jun. 30, 2026

Defined Contribution Plan [Abstract]

PROFIT SHARING PLAN

NOTE 8 — 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. The Company matches 100% of employees’ contributions up to 5% of annual compensation. The Company contributed $2.3 million and $1.2 million to the Plan during the three months ended June 30, 2026 and 2025, respectively, and $3.7 million and $1.9 million to the Plan during the six months ended June 30, 2026 and 2025, respectively.

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2026	Aug. 10, 2026
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2026
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q2
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	Yes
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

REVENUE AND GRANT INCOME RECOGNITION - Schedule of Balances Recorded within Deferred Revenue (Details) - USD ($)
$ in Thousands

Jun. 30, 2026

Dec. 31, 2025

Disaggregation of Revenue [Line Items]

Deferred revenue

^[1]

$ 33,540

$ 15,285

Location, Statement of Financial Position, Balance [Axis]: us-gaap:DeferredRevenueNoncurrent

Disaggregation of Revenue [Line Items]

Deferred revenue

12,800

Location, Statement of Financial Position, Balance [Axis]: xe:AccruedLiabilitiesAndDeferredRevenueCurrent

Disaggregation of Revenue [Line Items]

Deferred revenue

443

132

Deferred revenue

2,770

Disaggregation of Revenue [Line Items]

Deferred revenue

$ 17,527

$ 2,353

[1]	During the three and six months ended June 30, 2026, no revenue was recognized that had previously been deferred. During the three and six months ended June 30, 2025, zero and $1.1 million, respectively, of revenue was recognized that had previously been deferred.

- 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

EQUITY-BASED COMPENSATION

6 Months Ended

Jun. 30, 2026

EQUITY-BASED COMPENSATION

NOTE 11 — EQUITY-BASED COMPENSATION

2026 Equity Incentive Plan

In connection with the IPO, the Company adopted the 2026 Equity Incentive Plan (“2026 Plan”) to facilitate the grant of equity incentives to directors, employees, and consultants of the Company and employees and consultants of certain of its affiliates and to enable X-energy and its subsidiaries to obtain and retain services of these individuals, which is essential to its long-term success.

As of June 30, 2026, there were 37.5 million shares of the Company’s Class A Common Stock available for award issuance under the 2026 Plan. The number of shares available for issuance under the 2026 Plan will automatically increase on the first day of each calendar year, beginning on and including January 1, 2027 through January 1, 2036, in an amount equal to the lesser of (a) a number of shares equal to 5% of the aggregate number of shares of Class A Common Stock and Class B Common Stock outstanding on the last day of the immediately preceding calendar year, or (b) such smaller number of shares as determined by the board of directors.

Profits Interest Units Conversion and IPO Options (defined below) Awards

In connection with the IPO, X-energy’s board of directors approved the conversion of existing Profits Interest Units (“PIUs”) into a combination of shares of Class A Common Stock for vested PIUs and Restricted Stock Awards (“RSAs”) for unvested PIUs (the “PIU Conversion”). The conversion ratio of PIUs into shares of Class A Common Stock and RSAs was determined based on the IPO price of $23.00 per share and the participation threshold for each PIU.

Certain PIU holders who were active employees, including the Chief Executive Officer, Chief Financial Officer, and Chief of Global Operations (collectively, the “Named Executive Officers”), or directors, as of the closing of the Reorganization Transactions, were also granted stock options (“IPO Options”) with an exercise price equal to $23.00 per share in an amount equal to the difference between the original number of PIUs and the aggregate number of shares of Class A Common Stock and/or RSAs they received pursuant to the PIU Conversion. The RSAs and IPO Options are subject to the same vesting schedule that applied to the underlying or related PIUs, as applicable.

The effect of the PIU Conversion and IPO Options grant was accounted for as a Type I modification under ASC 718, Stock Compensation, and the incremental compensation cost for vested IPO Options totaled $20.2 million, which was recognized as a one-time charge immediately upon modification on April 24, 2026. The Company will recognize $103.8 million of incremental compensation cost over the remaining service period for the unvested IPO Options.

The IPO Options granted to the Named Executive Officers were comprised of stock options that cover approximately 3.5 million shares of X-energy’s Class A Common Stock based on the initial public offering price of $23.00 per share. In addition, certain of X-energy’s directors were also granted IPO Options, which cover an aggregate of approximately 0.1 million shares of Class A Common Stock based on the initial public offering price of $23.00 per share of Class A Common Stock.

Equity-Based and Unit-Based Compensation

The Company recognizes the grant date fair value of all equity-based and unit-based awards as compensation expense using the accelerated attribution method over the requisite service period of each vesting tranche. The Company has made a policy election to account for forfeitures as they occur.


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Direct costs	$	6,190	$	1,000	$	7,626	$	1,000
Selling, general, and administrative		33,471		5,358		36,300		5,424
Property and equipment, net		1,740		57		2,055		57

Stock Options

For options granted under the 2026 Plan, the per-share exercise price must at least equal the fair value of the Company’s Class A Common Stock on the date of grant and generally have four-year ratable vesting schedules beginning on the grant date or, with respect to the IPO Options, the grant date of the underlying PIU, and their term may not exceed ten years. The following table summarizes the Company’s options and changes during the six months ended June 30, 2026:


	Number of Options			Weighted Average Grant-Date Fair Value
Outstanding as of January 1, 2026		—		$	—
Options granted		7,604,346			17.42
Options exercised		—			—
Options forfeited		(37,498	)		(17.45	)
Outstanding as of June 30, 2026		7,566,848		$	17.42

As of June 30, 2026, $95.7 million of unrecognized compensation cost related to unvested options granted is expected to be recognized over a weighted average period of approximately 1.9 years.

In addition to the IPO Options, stock options were also granted to certain employees during the three months ended June 30, 2026. The fair value of the options was determined using the Black-Scholes option-pricing model based on the fair value of the underlying stock price and exercise price at the grant date and the significant inputs and assumptions summarized below:


	IPO Options (1)	Other Grants
Expected term (years)	5.0 - 6.1	6.0
Equity volatility (2)	87.0% - 90.0%	93.8%
Risk-free rate (3)	3.9% - 4.0%	4.3%

__________

(1)

As the IPO Options are subject to the same provisions with respect to vesting as the related PIUs, the inputs for all such options were determined using the respective grant date of the related PIUs.

(2)

Derived from an option pricing method based on the average asset volatility of peer companies and the Company’s leverage ratio.

(3)

Based on the U.S. constant maturity treasury rate with a term matching the expected time to the end of the performance measurement period.

Restricted Stock Awards

RSAs generally have four-year ratable vesting schedules beginning on the grant date, with restrictions on transferring shares prior to the final scheduled vesting date for each award. The fair value of the RSAs granted is derived from the fair value of the Company’s Class A Common Stock on the date of grant. The following table summarizes the Company’s RSAs and changes during the six months ended June 30, 2026:


	Number of RSAs			Weighted Average Grant-Date Fair Value
Outstanding as of January 1, 2026		—		$	—
RSAs granted		7,391,764			5.02
RSAs vested		(174,115	)		2.81
RSAs forfeited		(75,579	)		3.80
Outstanding as of June 30, 2026		7,142,070		$	5.09

As of June 30, 2026, $23.1 million of unrecognized compensation cost related to unvested RSAs granted is expected to be recognized over a weighted average period of approximately 2.0 years.

Restricted Stock Units

RSU grants to employees generally have a three to four-year ratable vesting schedule beginning on the grant date and RSU grants to non-employee directors generally vest on the earlier of the first anniversary of the grant date or the first annual meeting of stockholders following the grant date, with restrictions on transferring shares prior to the scheduled vesting date for each tranche. The shares of Class A Common Stock underlying the RSUs are not issued until the RSUs vest. The fair value of the RSUs granted is derived from the fair value of the Company’s Class A Common Stock on the date of grant.

The following table summarizes the Company’s RSUs and changes during the six months ended June 30, 2026:


	Number of RSUs		Weighted Average Grant-Date Fair Value
Outstanding as of January 1, 2026		—	$	—
RSUs granted		389,558		27.21
Outstanding as of June 30, 2026		389,558	$	27.21

As of June 30, 2026, $9.8 million of unrecognized compensation cost related to unvested RSUs granted is expected to be recognized over a weighted average period of approximately 1.9 years.

REVENUE AND GRANT INCOME RECOGNITION - Summary of Unbilled Receivables and Contract Assets (Details) - USD ($)
$ in Thousands

Jun. 30, 2026

Dec. 31, 2025

Disaggregation of Revenue [Line Items]

Contract assets - total

^[1]

$ 3,584

$ 7,535

Location, Statement of Financial Position, Balance [Axis]: us-gaap:UnbilledReceivablesCurrent

Disaggregation of Revenue [Line Items]

Contract assets - total

$ 3,584

$ 7,535

[1]	As of June 30, 2026, and December 31, 2025, the contract assets were not associated with related parties.

- 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

COMMITMENTS AND CONTINGENCIES

6 Months Ended

Jun. 30, 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 June 30, 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	$	17,500
2027		12,000
2028		15,393
2029		6,000
2030 and thereafter		—
Total	$	50,893

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		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Summary Of Significant Accounting Policy [Line Items]
Accounts receivable	$ 40,782		$ 40,782		$ 32,940
Unbilled Receivables and Contract Assets	75,359		75,359		41,529
DOE
Summary Of Significant Accounting Policy [Line Items]
Accounts receivable	40,333		40,333		23,628
Unbilled Receivables and Contract Assets	69,998		69,998		39,644
Department of War
Summary Of Significant Accounting Policy [Line Items]
Unbilled Receivables and Contract Assets	$ 2,190		$ 2,190		$ 1,091
United States Government
Summary Of Significant Accounting Policy [Line Items]
Percentage of total revenue and grant income	90.30%	80.40%	90.90%	81.40%
DOW Chemical Company
Summary Of Significant Accounting Policy [Line Items]
Percentage of total revenue and grant income	4.40%	13.30%	4.40%	11.90%

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING PRONOUNCEMENTS - Schedule of Accumulated Other Comprehensive Income Loss (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2026	Mar. 31, 2026	Jun. 30, 2025	Mar. 31, 2025
Summary Of Significant Accounting Policy [Line Items]
Beginning Balance	$ (1,385,977)	$ (1,224,295)	$ (857,055)	$ (846,561)
Ending Balance	2,095,647	(1,385,977)	(940,335)	(857,055)
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	0	(612)	(765)
Other comprehensive income (loss)			291	153
Ending Balance		0	(321)	(612)
Foreign currency translation adjustment
Summary Of Significant Accounting Policy [Line Items]
Beginning Balance	26	(117)	561	771
Effect of the reorganization transactions	17
Other comprehensive income (loss)	263	143	(766)	(210)
Ending Balance	306	26	(205)	561
Accumulated other comprehensive loss attributable to non-controlling interest
Summary Of Significant Accounting Policy [Line Items]
Effect of the reorganization transactions	(17)
Other comprehensive income (loss)	147
Ending Balance	130
Accumulated other comprehensive loss attributable to non-controlling interest
Summary Of Significant Accounting Policy [Line Items]
Beginning Balance	26	(117)	(51)	6
Other comprehensive income (loss)	410	143	(475)	(57)
Ending Balance	$ 436	$ 26	$ (526)	$ (51)

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

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+ Details

- Definition

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

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Reference 64: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478448/946-505-50-3

Reference 65: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(19))
-Publisher FASB
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Reference 66: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.6-05(4))
-Publisher FASB
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Reference 67: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
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-Paragraph 3
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-Paragraph 3
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Reference 69: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(7))
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Reference 70: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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Reference 74: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (b)
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Reference 75: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (f)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481538/470-20-65-4

+ Details

NET LOSS PER SHARE

6 Months Ended

Jun. 30, 2026

Earnings Per Share [Abstract]

NET LOSS PER SHARE

NOTE 12 — NET LOSS PER SHARE

As of June 30, 2026, the Company has two classes of common stock outstanding, Class A Common Stock and Class B Common Stock. Basic net loss per share of Class A Common Stock is computed by dividing net loss attributable to X-energy by the weighted-average number of shares of Class A Common Stock outstanding during the period. Diluted net loss per share of Class A Common Stock is computed by dividing net loss attributable to X-energy by the weighted-average number of shares of Class A Common Stock outstanding adjusted to give effect to potentially dilutive elements. Shares of Class B Common Stock do not share in the earnings or losses of X-energy and are therefore not participating securities. As such, shares of Class B Common Stock are not included in the computation of net loss per share.

Diluted net loss per share for all periods for which loss per share is presented is the same as basic net loss per share as the inclusion of potentially issuable shares would be antidilutive. The potentially dilutive securities that were excluded consist of 118.9 million shares of Class B Common Stock, 14.1 million shares related to warrants that are exercisable contingent upon future events or performance conditions, 7.6 million outstanding stock options, and 7.5 million outstanding RSAs and RSUs. For additional details, see Note 10 — Stockholders’ Equity and Mezzanine Equity for Class B common stock; Note 14 — Related Party Transactions for warrants; and Note 11 — Equity-Based Compensation, for options, RSAs, and RSUs.

Prior to the IPO, XERC’s limited liability company structure included several different types of interests including ownership interests and profits interests and did not present earnings per share. Due to the IPO and Reorganization Transactions, the capital structure before and after the IPO is not comparable and would not be meaningful to the users of these condensed consolidated financial statements. As a result, only loss per share for periods subsequent to the IPO are presented. Therefore, the basic and diluted net loss per share for the three and six months ended June 30, 2026 represents only the period from the date of the Reorganization Transactions through June 30, 2026.

A reconciliation of the numerator and denominator used in the calculation of basic and diluted net loss per share of Class A Common Stock is as follows (in thousands, except share and per share data):


	Three Months Ended June 30,			Six Months Ended June 30,
	2026			2026
Numerator:
Net loss	$	(105,333	)	$	(271,550	)
Less: Net loss attributable to XERC prior to the IPO		(21,159	)		(187,376	)
Less: Net loss attributable to non-controlling interests subsequent to the IPO		(25,084	)		(25,084	)
Numerator for basic and diluted net loss per share - Net loss attributable to X-energy	$	(59,090	)	$	(59,090	)
Denominator:
Weighted average shares of Class A common stock outstanding, basic and diluted		280,148,818			280,148,818
Net loss per share of Class A common stock, basic and diluted	$	(0.21	)	$	(0.21	)

STOCKHOLDERS' EQUITY AND MEZZANINE EQUITY (Tables)

6 Months Ended

Jun. 30, 2026

Equity [Abstract]

Schedule of Common Units and Preferred Units Outstanding by Unit Class and Carrying Value

The following table sets forth the number of XERC Common Units and Preferred Units outstanding by unit class and the carrying value of these units at December 31, 2025 (in thousands except units):


	December 31, 2025
Unit Class	Units Authorized		Units Issued and Outstanding		Amount		Liquidation Preference
Common units:
Class A		367,055,779		3,128,026	$	1,800	$	—
Class B		41,149,242		16,838,205		93,353		—
Preferred units (redeemable and convertible):
Series A		90,625,588		90,625,588		218,408		52,146
Series A-1		8,808,351		8,808,351		21,477		67,250
Series B		11,643,171		11,643,171		101,382		120,214
Series C		41,418,916		39,963,592		265,797		305,114
Series C-1		162,246,180		107,908,114		686,715		874,999
Series D		48,154,955		48,154,955		677,623		700,000
Total		771,102,182		327,070,002	$	2,066,555	$	2,119,723

PROPERTY AND EQUIPMENT, NET

6 Months Ended

Jun. 30, 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):


	June 30, 2026			December 31, 2025
Equipment and materials	$	2,335		$	2,335
Computer equipment and software		5,967			3,760
Office furniture and fixtures		650			355
Leasehold improvements		2,707			2,708
Land		1,697			1,697
Construction-in-progress		110,448			42,839
Property and equipment at cost (1)		123,804			53,694
Accumulated depreciation		(4,678	)		(3,589	)
Property and equipment, net	$	119,126		$	50,105

__________

(1)

Net of reimbursement from the U.S. Government.

All of the Company’s property and equipment is located within the U.S.

- Definition

The entire disclosure for property, plant, and equipment. Includes, but is not limited to, land and land improvement; building; machinery and equipment; furniture and fixture; and work of art, historical treasure, or similar asset classified as collection.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 360
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482099/360-10-50-3

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 360
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482099/360-10-50-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 360
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/360/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 360
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482099/360-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 360
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482130/360-10-45-13

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 360
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 5.CC)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480091/360-10-S99-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-SubTopic 360
-Topic 958
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477798/958-360-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-SubTopic 360
-Topic 958
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477798/958-360-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-SubTopic 360
-Topic 958
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477798/958-360-50-7

+ Details

NET LOSS PER SHARE - Schedule of Reconciliation of Numerator and Denominator Used in Calculation of Basic and Diluted Net Loss per Share of Class A Common Stock (Details) - USD ($)
$ / shares in Units, $ in Thousands

3 Months Ended

6 Months Ended

Jun. 30, 2026

Mar. 31, 2026

Jun. 30, 2025

Mar. 31, 2025

Jun. 30, 2026

Jun. 30, 2025

Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]

Net loss

$ (105,333)

$ (88,848)

$ (271,550)

$ (99,060)

Less: Net loss attributable to non-controlling interests

(46,243)

$ (166,217)

$ (88,848)

$ (10,212)

(212,460)

$ (99,060)

Numerator for basic net loss per share

(59,090)

Numerator for diluted net loss per share

(59,090)

IPO | Prior to the IPO

Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]

Less: Net loss attributable to non-controlling interests

(21,159)

(187,376)

IPO | Subsequent to the IPO

Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]

Less: Net loss attributable to non-controlling interests

$ (25,084)

Class A common stock

Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]

Weighted-average shares of Class A common stock outstanding - basic

^[1]

280,148,818

Weighted-average shares of Class A common stock outstanding - diluted

^[1]

280,148,818

Net loss attributable to Class A common stock per share - basic

^[1]

$ (0.21)

Net loss attributable to Class A common stock per share - diluted

^[1]

$ (0.21)

[1]	Basic and diluted net loss per Class A common stock is presented only for the period after the Company’s Reorganization Transactions (as defined in Note 1 — Organization and Nature of Business). See Note 12 — Net Loss per Share for the calculation of net loss per share.

GOVERNMENT GRANTS FOR PROPERTY AND EQUIPMENT - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Government Assistance [Abstract]
Grant cost incurred	$ 35.3	$ 16.4	$ 68.4	$ 25.8

FAIR VALUE MEASUREMENTS - Schedule of Valuation Techniques and Significant Unobservable Inputs (Details) - Level 3	Mar. 18, 2026	Jun. 30, 2025
2024 Warrants \| Expected term \| Valuation Technique Option Pricing Model
Fair Value, Option, Quantitative Disclosures [Line Items]
Expected term (years)		9 months 18 days
2024 Warrants \| Equity volatility \| Valuation Technique Option Pricing Model
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value measurement input	0.90	0.89
2024 Warrants \| Risk-free rate \| Valuation Technique Option Pricing Model
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value measurement input	0.037	0.041
June 2022 Warrants \| Expected term \| Valuation Technique Option Pricing Model
Fair Value, Option, Quantitative Disclosures [Line Items]
Expected term (years)		2 years 8 months 12 days
June 2022 Warrants \| Equity volatility \| Valuation Technique Option Pricing Model
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value measurement input		0.72
June 2022 Warrants \| Risk-free rate \| Valuation Technique Option Pricing Model
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value measurement input		0.037
December 2022 Warrants \| Expected term \| Valuation Technique Option Pricing Model
Fair Value, Option, Quantitative Disclosures [Line Items]
Expected term (years)		2 years 8 months 12 days
December 2022 Warrants \| Equity volatility \| Valuation Technique Option Pricing Model
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value measurement input		0.72
December 2022 Warrants \| Discount for lack of marketability \| Valuation Technique Option Pricing Model
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value measurement input		0.28
December 2022 Warrants \| Risk-free rate \| Valuation Technique Option Pricing Model
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value measurement input		0.037
C-2 Notes \| Discount rate
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value measurement input		0.134
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		0.89
C-2 Notes \| Risk-free rate
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value measurement input		0.044

DEBT - Additional Information (Details) - USD ($) shares in Millions			12 Months Ended
	Sep. 30, 2025	Oct. 11, 2024	Dec. 31, 2025	Jun. 30, 2026	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]
Annual interest rate				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
Maximum borrowing capacity						$ 15,000,000
Debt Instrument, Maturity Date			Dec. 01, 2025

PROFIT SHARING PLAN - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Defined Contribution Plan [Abstract]
% match			100.00%
% of salary to be matched			5.00%
Contribution amount	$ 2.3	$ 1.2	$ 3.7	$ 1.9

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)

Jun. 30, 2026

Dec. 31, 2025

Current assets

Cash and cash equivalents

$ 1,145,424,000

$ 458,932,000

Short-term investments

489,752,000

304,908,000

Accounts receivable

40,782,000

32,940,000

Unbilled Receivables and Contract Assets

75,359,000

41,529,000

Prepaid and other current assets

21,302,000

11,491,000

Due from related parties

$ 21,256,000

$ 4,580,000

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

Related Party

Total current assets

$ 1,793,875,000

$ 854,380,000

Long-term investments

264,634,000

261,458,000

Restricted cash

4,200,000

3,698,000

Property and equipment, net

119,126,000

50,105,000

Operating lease right-of-use assets

21,750,000

22,696,000

Other long-term assets

51,626,000

18,934,000

Total assets

2,255,211,000

1,211,271,000

Current liabilities

Accounts payable

10,700,000

3,363,000

Accrued liabilities

86,142,000

51,217,000

Due to related parties

$ 7,466,000

$ 4,225,000

Other Liability, Current, Related Party [Extensible Enumeration]

Related Party

Total current liabilities

$ 104,308,000

$ 58,805,000

Long-term operating lease liabilities

24,929,000

20,887,000

Warrant liabilities

274,166,000

Total liabilities

159,564,000

369,011,000

Mezzanine equity

Mezzanine equity

2,066,555,000

Preferred Stock: $0.0001 par value per share; 10.0 million shares authorized, no shares issued and outstanding as of June 30, 2026; no shares authorized, issued, and outstanding as of December 31, 2025

Accumulated deficit

(59,090,000)

(1,236,345,000)

Accumulated other comprehensive income (loss)

306,000

(117,000)

Additional paid-in capital

1,873,512,000

12,167,000

Total equity (deficit) attributable to X-Energy, Inc.

1,814,769,000

(1,224,295,000)

Non-controlling interests

280,878,000

Total stockholders' equity and members' deficit

2,095,647,000

(1,224,295,000)

Total liabilities, mezzanine equity, and member's deficit

2,255,211,000

1,211,271,000

Nonrelated Party

Current liabilities

Long-term deferred revenue

12,800,000

Related Party

Current assets

Due from related parties

^[1]

21,256,000

4,580,000

Current liabilities

Due to related parties

7,466,000

4,225,000

Long-term deferred revenue

^[1]

17,527,000

2,353,000

29,000

12,000

Class A And B Common Units

Mezzanine equity

Mezzanine equity

^[2]

95,153,000

SeriesA A-1 B C C-1 And D Redeemable Preferred Stock [Member]

Mezzanine equity

Mezzanine equity

^[2]

$ 0

$ 1,971,402,000

[1]	These balances are related to Dow. Of the Due from related parties balances, $20.5 million and $0.7 million as of June 30, 2026 and December 31, 2025, respectively, are unbilled.
[2]	See Note 10 — Stockholders’ Equity and Mezzanine Equity for breakdown of mezzanine equity units.

STOCKHOLDERS' EQUITY AND MEZZANINE EQUITY - Schedule of Common Units and Preferred Units Outstanding by Unit Class and Carrying Value (Details) - USD ($)	Jun. 30, 2026	Mar. 31, 2026	Dec. 31, 2025	Jun. 30, 2025	Mar. 31, 2025	Dec. 31, 2024
Preferred Units [Line Items]
Total Units, Authorized			771,102,182
Total Units, Issued			327,070,002
Total Units, Outstanding			327,070,002
Total Units, Amount	$ 0	$ 2,431,909,000	$ 2,066,555,000	$ 1,352,291,000	$ 1,351,918,000	$ 1,300,376,000
Total Units, Liquidation Preference			2,119,723,000
Class A common stock
Preferred Units [Line Items]
Total Units, Liquidation Preference			$ 0
Class A common stock \| Common Capital Units
Preferred Units [Line Items]
Total Units, Authorized			367,055,779
Total Units, Issued			3,128,026
Total Units, Outstanding			3,128,026
Total Units, Amount			$ 1,800,000
Class B common stock
Preferred Units [Line Items]
Total Units, Liquidation Preference			$ 0
Class B common stock \| Common Capital Units
Preferred Units [Line Items]
Total Units, Authorized			41,149,242
Total Units, Issued			16,838,205
Total Units, Outstanding			16,838,205
Total Units, Amount			$ 93,353,000
Series A Preferred Stock
Preferred Units [Line Items]
Total Units, Liquidation Preference			$ 52,146,000
Series A Preferred Stock \| Preferred Capital Units
Preferred Units [Line Items]
Total Units, Authorized			90,625,588
Total Units, Issued			90,625,588
Total Units, Outstanding			90,625,588
Total Units, Amount			$ 218,408,000
Series A-1 Preferred Units
Preferred Units [Line Items]
Total Units, Liquidation Preference			$ 67,250,000
Series A-1 Preferred Units \| Preferred Capital Units
Preferred Units [Line Items]
Total Units, Authorized			8,808,351
Total Units, Issued			8,808,351
Total Units, Outstanding			8,808,351
Total Units, Amount			$ 21,477,000
Series B Preferred Stock
Preferred Units [Line Items]
Total Units, Liquidation Preference			$ 120,214,000
Series B Preferred Stock \| Preferred Capital Units
Preferred Units [Line Items]
Total Units, Authorized			11,643,171
Total Units, Issued			11,643,171
Total Units, Outstanding			11,643,171
Total Units, Amount			$ 101,382,000
Series C Preferred Stock
Preferred Units [Line Items]
Total Units, Liquidation Preference			$ 305,114,000
Series C Preferred Stock \| Preferred Capital Units
Preferred Units [Line Items]
Total Units, Authorized			41,418,916
Total Units, Issued			39,963,592
Total Units, Outstanding			39,963,592
Total Units, Amount			$ 265,797,000
Series C-1 Preferred Units
Preferred Units [Line Items]
Total Units, Liquidation Preference			$ 874,999,000
Series C-1 Preferred Units \| Preferred Capital Units
Preferred Units [Line Items]
Total Units, Authorized			162,246,180
Total Units, Issued			107,908,114
Total Units, Outstanding			107,908,114
Total Units, Amount			$ 686,715,000
Series D Preferred Stock
Preferred Units [Line Items]
Total Units, Liquidation Preference			$ 700,000,000
Series D Preferred Stock \| Preferred Capital Units
Preferred Units [Line Items]
Total Units, Authorized			48,154,955
Total Units, Issued			48,154,955
Total Units, Outstanding			48,154,955
Total Units, Amount			$ 677,623,000

FAIR VALUE MEASUREMENTS - Schedule of Estimated Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Short-term investments	$ 489,752	$ 304,908
Long-term investments	264,634	261,458
Carrying Value
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Cash equivalents	12,499	235,593
Short-term investments	489,752	304,908
Long-term investments	264,634	261,458
Money market fund \| Carrying Value
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Cash equivalents	12,499	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	310,703	163,331
Long-term investments	223,267	208,419
Government Treasury Bills \| Carrying Value
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Short-term investments	55,995	88,154
Long-term investments	26,048	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	97,844	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	25,210	17,706
Long-term investments	15,319	9,571
Level 1 \| Fair Value
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Cash equivalents	12,499	152,951
Short-term investments	55,841	88,206
Long-term investments	25,835	43,540
Level 1 \| Money market fund \| Fair Value
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Cash equivalents	12,499	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	55,841	88,206
Long-term investments	25,835	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	433,173	216,769
Long-term investments	238,045	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	310,243	163,335
Long-term investments	222,743	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	97,751	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	25,179	17,708
Long-term investments	$ 15,302	$ 9,573

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

3 Months Ended

6 Months Ended

Jun. 30, 2026

Jun. 30, 2025

Jun. 30, 2026

Jun. 30, 2025

Services revenue

^[1]

$ 50,119

$ 16,919

$ 90,025

$ 34,010

Grant income

4,482

4,585

7,999

8,298

Total revenues and grant income

54,601

21,504

98,024

42,308

Operating expenses

Direct costs

86,658

36,129

152,017

64,853

Selling, general and administrative

77,733

27,347

121,850

45,327

Research and development

244

808

299

1,210

Total operating expenses

164,635

64,284

274,166

111,390

Operating loss

(110,034)

(42,780)

(176,142)

(69,082)

Other income (expense)

Interest expense

(360)

(484)

Interest income

11,013

4,980

19,942

10,457

Other income (expense), net

(6,312)

(50,688)

(115,350)

(39,951)

Total other income (expense), net

4,701

(46,068)

(95,408)

(29,978)

Net loss

(105,333)

(88,848)

(271,550)

(99,060)

Less: Net loss attributable to non-controlling interests

(46,243)

(88,848)

(212,460)

(99,060)

Net loss attributable to X-Energy, Inc.

(59,090)

Other comprehensive income (loss)

Foreign currency translation adjustment

410

(766)

553

(976)

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

291

444

Other comprehensive income (loss)

410

(475)

553

(532)

Comprehensive loss

(104,923)

(89,323)

(270,997)

(99,592)

Less: Comprehensive loss attributable to non-controlling interests

(46,179)

(89,323)

(212,253)

(99,592)

Comprehensive loss attributable to X-Energy, Inc.

$ (58,744)

$ 0

$ (58,744)

$ 0

Class A common stock

Other income (expense)

Net loss attributable to Class A common stock per share - basic

^[2]

$ (0.21)

Net loss attributable to Class A common stock per share - diluted

^[2]

$ (0.21)

Weighted-average shares of Class A common stock outstanding - basic

^[2]

280,148,818

Weighted-average shares of Class A common stock outstanding - diluted

^[2]

280,148,818

[1]	Includes related party revenue of $2.4 million and $2.3 million for the three months ended June 30, 2026 and 2025, respectively, and $4.3 million and $5.0 million for the six months ended June 30, 2026 and 2025, respectively.
[2]	Basic and diluted net loss per Class A common stock is presented only for the period after the Company’s Reorganization Transactions (as defined in Note 1 — Organization and Nature of Business). See Note 12 — Net Loss per Share for the calculation of net loss per share.

DEBT

6 Months Ended

Jun. 30, 2026

Debt Disclosure [Abstract]

DEBT

NOTE 7 — DEBT

The Company has no debt outstanding as of June 30, 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 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 and six months ended June 30, 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477657/942-210-S45-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478478/942-210-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(16))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480657/210-10-S50-8

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(19)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22)(a)(4))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22)(a)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22)(a)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22)(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(19))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480657/210-10-S50-9

Reference 13: 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 14: 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 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 24: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/470/tableOfContent

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

+ Details

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

3 Months Ended

6 Months Ended

Jun. 30, 2026

Jun. 30, 2025

Jun. 30, 2026

Jun. 30, 2025

Subcontracting services

$ 86,658

$ 36,129

$ 152,017

$ 64,853

General and administrative services

77,733

27,347

121,850

45,327

Subcontracting services

^[1]

3,434

1,874

4,630

10,957

General and administrative services

^[2]

230

353

512

Total operating expenses

$ 3,520

$ 2,104

$ 4,983

$ 11,469

[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

+ 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

SUPPLEMENTAL CASH FLOW INFORMATION - Schedule of Non-Cash Investing and Financing Activities (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Supplemental Cash Flow Information [Abstract]
Government grant reimbursement receivable for purchase of property and equipment	$ 17,848	$ 8,858
Property and equipment included in accounts payable and accrued expenses	$ 32,404	$ 5,233

GOVERNMENT GRANTS FOR PROPERTY AND EQUIPMENT

6 Months Ended

Jun. 30, 2026

Government Assistance [Abstract]

GOVERNMENT GRANTS FOR PROPERTY AND EQUIPMENT

NOTE 5 — GOVERNMENT GRANTS FOR PROPERTY AND EQUIPMENT

During the three and six months ended June 30, 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 $35.3 million and $16.4 million for the three months ended June 30, 2026 and 2025, respectively, and $68.4 million and $25.8 million for the six months ended June 30, 2026 and 2025, respectively.

RELATED PARTY TRANSACTIONS

6 Months Ended

Jun. 30, 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, Revenue from Contracts with Customers. 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 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 June 30, 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 as a cashless exercise and received 19.6 million Series C-1 Preferred Units.

Related Party Revenue

Dow is a stockholder 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 June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Revenue associated with Dow	$	2,394	$	2,857	$	4,317	$	5,021
Total	$	2,394	$	2,857	$	4,317	$	5,021

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 Company’s board of directors.

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 June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Subcontracting services(1)	$	3,434	$	1,874	$	4,630	$	10,957
General and administrative services(2)		86		230		353		512
Total	$	3,520	$	2,104	$	4,983	$	11,469

__________

(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 with related parties (in thousands):


	June 30, 2026		December 31, 2025
Due from related parties (1)	$	21,256	$	4,580
Due to related parties		7,466		4,225
Long-term deferred revenue with related parties (1)		17,527		2,353

__________

(1)

These balances are related to Dow. Of the Due from related parties balances, $20.5 million and $0.7 million as of June 30, 2026 and December 31, 2025, respectively, are unbilled.

Upon closing of Series D Preferred Units and resulting change in capital ownership, the Company reevaluated its related parties. Accordingly, certain entities that were previously considered related party entities because the Company has historically conducted business with are no longer considered related parties as defined in ASC 850, Related Party Disclosures, 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

+ Details

EQUITY-BASED COMPENSATION - Summary of Stock Award Activities and Changes - Stock Options (Details) - Stock Options	6 Months Ended
	Jun. 30, 2026 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of options outstanding as of January 1, 2026 \| shares	0
Number of options granted \| shares	7,604,346
Number of options exercised \| shares	0
Number of options forfeited \| shares	(37,498)
Number of options outstanding as of June 30, 2026 \| shares	7,566,848
Weighted average grant-date fair value, outstanding as of January 1, 2026 \| $ / shares	$ 0
Weighted average grant-date fair value, options granted \| $ / shares	17.42
Weighted average grant-date fair value, options exercised \| $ / shares	0
Weighted average grant-date fair value, options forfeited \| $ / shares	17.45
Weighted average grant-date fair value, outstanding as of June 30, 2026 \| $ / shares	$ 17.42

ORGANIZATION AND NATURE OF BUSINESS - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands		6 Months Ended
	Apr. 27, 2026	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Class of Stock [Line Items]
Issuance costs		$ 12,499	$ 0
Amount of Cash tax savings to TRA Holders		85.00%
Class A common stock
Class of Stock [Line Items]
Common stock, shares issued		287,400,000		0
Class A common stock \| IPO
Class of Stock [Line Items]
Common stock, shares issued	50,892,857
Per share price	$ 23
Net proceeds	$ 1,100,000
Underwriting discounts	67,300
Issuance costs	$ 13,500

- 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 505
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

FAIR VALUE MEASUREMENTS (Tables)

6 Months Ended

Jun. 30, 2026

Fair Value, Option, Quantitative Disclosures [Line Items]

Schedule of Rollforward of Level 3 Measurements

A rollforward 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
Change in fair value recognized in Other income (expense), net		12,697			101,776
Exercises/Settlements		(23,473	)		(365,166	)
Ending balance as of June 30, 2026	$	—		$	—


	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		851		651		1,363			38,038
Change in fair value attributable to instrument-specific credit risk recognized in Other comprehensive income(1)		—		—		(444	)		—
Ending balance as of June 30, 2025	$	4,487	$	2,045	$	19,456		$	83,642

__________

(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
June 30, 2026
Cash equivalents
Money market fund	$	12,499	$	12,499	$	—
Total in cash and cash equivalents	$	12,499	$	12,499	$	—
Short-term investments
Corporate bonds	$	310,703	$	—	$	310,243
Government treasury bills		55,995		55,841		—
Commercial paper and certificates of deposit		97,844		—		97,751
Foreign issuer debt securities		25,210		—		25,179
Total in short-term investments	$	489,752	$	55,841	$	433,173
Long-term investments
Corporate bonds	$	223,267	$	—	$	222,743
Government treasury bills		26,048		25,835		—
Foreign issuer debt securities		15,319		—		15,302
Total in long-term investments	$	264,634	$	25,835	$	238,045

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):


June 30, 2026	Amortized Cost Basis		Allowance for Credit Losses		Net Carrying Amount		Gross Unrealized Gains		Gross Unrealized Losses			Aggregate Fair Value
U.S. Government securities	$	82,043	$	—	$	82,043	$	—	$	(366	)	$	81,677
Corporate securities		631,815		—		631,815		19		(1,097	)		630,737
Foreign securities		40,528		—		40,528		1		(49	)		40,480
Total held-to-maturity securities	$	754,386	$	—	$	754,386	$	20	$	(1,512	)	$	752,894

December 31, 2025
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):


June 30, 2026	Amortized Cost Basis		Fair Value
Due in less than one year	$	489,752	$	489,014
Due after one year through five years		264,634		263,880
Total	$	754,386	$	752,894

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			June 30, 2025
Expected term (years)	N/A				0.8
Equity volatility		90.0	%		89.0	%
Risk-free rate		3.7	%		4.1	%

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	June 30, 2025
Expected term (years)	2.7
Equity volatility		72.0	%
Risk-free rate		3.7	%

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	June 30, 2025
Expected term (years)	2.7
Equity volatility		72.0	%
Discount for lack of marketability		28.0	%
Risk-free rate		3.7	%

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	June 30, 2025
Discount rate		13.4	%
Credit spread		9.0	%
Equity volatility		89.0	%
Risk-free rate		4.4	%

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

Jun. 30, 2026

Dec. 31, 2025

Due from related parties

$ 21,256

$ 4,580

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

Related Party

Due to related parties

$ 7,466

$ 4,225

Other Liability, Current, Related Party [Extensible Enumeration]

Due from related parties

^[1]

$ 21,256

$ 4,580

Due to related parties

7,466

4,225

Long-term deferred revenue with related parties

^[1]

$ 17,527

$ 2,353

[1]	These balances are related to Dow. Of the Due from related parties balances, $20.5 million and $0.7 million as of June 30, 2026 and December 31, 2025, respectively, are 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

EQUITY-BASED COMPENSATION - Summary of Equity based and Unite based compensation expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Property and Equipment, Net
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share based compensation expense	$ 1,740	$ 57	$ 2,055	$ 57
Location, Statement of Income, Balance [Axis]: us-gaap:CostOfGoodsAndServicesSold
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share based compensation expense	6,190	1,000	7,626	1,000
Location, Statement of Income, Balance [Axis]: us-gaap:SellingGeneralAndAdministrativeExpense
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share based compensation expense	$ 33,471	$ 5,358	$ 36,300	$ 5,424

- 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

SEGMENTS - Additional Information (Details) - Segment	3 Months Ended		6 Months Ended
SEGMENTS - Additional Information (Details) - Segment	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Segment Reporting [Abstract]
Number of reportable segments			1
Number of operating segments	1	1	1	1
Segment Reporting, CODM, Individual Title and Position or Group Name [Extensible Enumeration]			srt:ChiefExecutiveOfficerMember
Segment Reporting, CODM, Profit (Loss) Measure, How Used, Description			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.

REVENUE AND GRANT INCOME RECOGNITION

6 Months Ended

Jun. 30, 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 and six months ended June 30, 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 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 sub-awardee 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 $2.0 million and $1.3 million as grant income and $1.8 million and $1.3 million as direct costs during the three months ended June 30, 2026 and 2025, respectively, related to costs incurred by Dow for the demonstration plant. The Company has recognized $5.2 million and $2.6 million as grant income and $4.5 million and $2.4 million as direct costs during the six months ended June 30, 2026 and 2025, respectively. 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 June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Customer type:
DOE	$	47,677	$	15,757	$	86,685	$	30,958
Services revenue		43,195		11,172		78,686		22,660
Grant income		4,482		4,585		7,999		8,298
Department of War		1,642		1,541		2,421		3,491
Commercial		5,282		4,206		8,918		7,859
Total revenues and grant income	$	54,601	$	21,504	$	98,024	$	42,308

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Contract type:
Cost-based	$	50,072	$	18,614	$	91,003	$	35,979
Services revenue		45,590		14,029		83,004		27,681
Grant income		4,482		4,585		7,999		8,298
Fixed fee		839		1,048		1,174		1,988
Cost-plus fixed fee		804		1,442		1,247		3,550
Time & materials		2,886		400		4,600		791
Total revenues and grant income	$	54,601	$	21,504	$	98,024	$	42,308

Revenues and Grant Income by Geographic Location

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Customer Location:
United States	$	54,600	$	21,449	$	98,024	$	41,889
International		1		55		—		419
Total revenues and grant income	$	54,601	$	21,504	$	98,024	$	42,308

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 June 30, 2026 and December 31, 2025 include deferred revenue. The following balances were recorded within deferred revenue (in thousands):


	June 30, 2026		December 31, 2025
Deferred revenues - recorded in accrued liabilities	$	443	$	132
Deferred revenues - recorded in due to related parties		2,770		—
Deferred revenues - long-term		12,800		12,800
Deferred revenues - long-term with related parties		17,527		2,353
Deferred revenues - total (1)	$	33,540	$	15,285

__________

(1)

During the three and six months ended June 30, 2026, no revenue was recognized that had previously been deferred. During the three and six months ended June 30, 2025, zero and $1.1 million, respectively, 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. The following balances were recorded within unbilled receivables and contract assets (in thousands):


	June 30, 2026		December 31, 2025
Contract assets - recorded in unbilled receivables and contract assets	$	3,584	$	7,535
Contract assets - total (1)	$	3,584	$	7,535

__________

(1)

As of June 30, 2026, and December 31, 2025, the contract assets were 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
-SubTopic 10
-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
-Topic 606
-SubTopic 10
-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
-SubTopic 10
-Name Accounting Standards Codification
-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
-Section 50
-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
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-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
-Section 50
-Paragraph 12
-Subparagraph (e)
-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

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net loss	$ (271,550)	$ (99,060)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	1,090	550
Equity-based and unit-based compensation	43,926	6,424
Mark-to-market loss on warrant liabilities	114,473	39,540
Mark-to-market loss on C-2 Notes	0	1,363
Accretion and amortization on investments	(2,249)	0
Amortization of deferred financing costs, debt discount, and other	0	489
Changes in operating assets and liabilities:
Accounts receivable and unbilled receivables	(24,279)	(7,135)
Prepaid and other current assets	(10,771)	(6,270)
Due from related parties	(16,675)	10,105
Operating lease right-of use assets	4,413	(1,634)
Accounts payable and accrued liabilities	10,754	(4,127)
Long-term deferred revenue with related parties	15,174	0
Accrued interest receivable	(163)	0
Other long-term assets	(32,564)	(394)
Due to related parties	3,239	(194)
Operating lease liabilities	614	(1,496)
Net cash used in operating activities	(164,568)	(61,839)
Cash flows from investing activities:
Capital expenditures	(106,266)	(35,587)
Reimbursement of capital expenditures under government grant	52,261	16,920
Purchase of investments	(316,468)	0
Proceeds from maturities on investments	130,858	0
Net cash used in investing activities	(239,615)	(18,667)
Cash flows from financing activities:
Payments of mezzanine equity issuance costs	0	(2,525)
Payment of debt issuance costs	0	(497)
Payment of transaction costs	(12,499)	0
Proceeds from issuance of Preferred Units	500	53,424
Proceeds from initial public offering, net of underwriting costs	1,103,235	0
Net cash provided by financing activities	1,091,236	50,402
Net effect of exchange rate	(59)	127
Net increase (decrease) in cash, cash equivalents, and restricted cash	686,994	(29,977)
Cash, cash equivalents and restricted cash at beginning of period	462,630	514,600
Cash, cash equivalents, and restricted cash at end of period	$ 1,149,624	$ 484,623

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY, MEMBERS' DEFICIT AND MEZZANINE EQUITY (Unaudited) - USD ($)

Total

Preferred Capital Units

^[1]

Accumulated Deficit

Accumulated Other Comprehensive Income (Loss)

Additional Paid-in Capital

Non-Controlling Interest

Class A Common Units

Common Capital Units

Class A Common Units

Common Stock [Member]

Class B Common Units

Common Capital Units

Class B Common Units

Common Stock [Member]

Series C Preferred Stock

Preferred Capital Units

Series C-1 Preferred Units

Preferred Capital Units

Beginning Balance, Shares at Dec. 31, 2024

247,843,123

3,128,026

13,960,705

Beginning Balance at Dec. 31, 2024

$ 1,300,376,000

$ 1,207,717,000

$ 1,800,000

$ 90,859,000

Beginning Balance at Dec. 31, 2024

(846,561,000)

$ (846,567,000)

$ 6,000

Unit-based compensation

290,000

$ 290,000

Unit-based compensation

(225,000)

Issuance of Series C-1 Preferred Units, net of issuance costs, Shares

^[1]

8,235,521

Issuance and Conversion of Series C-1 Preferred Units (including Net Issuance Costs and Warrant Conversions)

$ 51,252,000

^[1]

Net loss

(10,212,000)

Foreign currency translation adjustment

(210,000)

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

153,000

Ending Balance, Shares at Mar. 31, 2025

256,078,644

3,128,026

13,960,705

Ending Balance at Mar. 31, 2025

1,351,918,000

$ 1,258,969,000

$ 1,800,000

$ 91,149,000

Ending Balance at Mar. 31, 2025

(857,055,000)

(857,004,000)

(51,000)

Beginning Balance, Shares at Dec. 31, 2024

247,843,123

3,128,026

13,960,705

Beginning Balance at Dec. 31, 2024

1,300,376,000

$ 1,207,717,000

$ 1,800,000

$ 90,859,000

Beginning Balance at Dec. 31, 2024

(846,561,000)

(846,567,000)

6,000

Net loss

(99,060,000)

us-gaap:NetIncomeLoss

Foreign currency translation adjustment

(976,000)

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

444,000

Ending Balance, Shares at Jun. 30, 2025

256,078,644

3,128,026

15,994,205

Ending Balance at Jun. 30, 2025

1,352,291,000

$ 1,258,969,000

$ 1,800,000

$ 91,522,000

Ending Balance at Jun. 30, 2025

(940,335,000)

(945,627,000)

(526,000)

$ 5,818,000

Beginning Balance, Shares at Mar. 31, 2025

256,078,644

3,128,026

13,960,705

Beginning Balance at Mar. 31, 2025

1,351,918,000

$ 1,258,969,000

$ 1,800,000

$ 91,149,000

Beginning Balance at Mar. 31, 2025

(857,055,000)

(857,004,000)

(51,000)

Unit-based compensation, Shares

2,033,500

Unit-based compensation

373,000

$ 373,000

Unit-based compensation

6,043,000

225,000

5,818,000

Net loss

(88,848,000)

us-gaap:NetIncomeLoss

Foreign currency translation adjustment

(766,000)

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

291,000

Ending Balance, Shares at Jun. 30, 2025

256,078,644

3,128,026

15,994,205

Ending Balance at Jun. 30, 2025

1,352,291,000

$ 1,258,969,000

$ 1,800,000

$ 91,522,000

Ending Balance at Jun. 30, 2025

$ (940,335,000)

(945,627,000)

(526,000)

5,818,000

Beginning Balance, Shares at Dec. 31, 2025

327,070,002

307,103,771

3,128,026

16,838,205

Beginning Balance at Dec. 31, 2025

$ 2,066,555,000

$ 1,971,402,000

$ 1,800,000

$ 93,353,000

Beginning Balance at Dec. 31, 2025

(1,224,295,000)

(1,236,345,000)

(117,000)

12,167,000

Unit-based compensation, Shares

1,982,000

Unit-based compensation

188,000

$ 188,000

Unit-based compensation

4,392,000

Issuance and Conversion of Series C-1 Preferred Units (including Net Issuance Costs and Warrant Conversions)

365,166,000

$ 365,166,000

^[1]

Net loss

(166,217,000)

Foreign currency translation adjustment

143,000

Conversion of Warrant into Units, Shares

^[1]

19,576,222

Ending Balance, Shares at Mar. 31, 2026

326,679,993

3,128,026

18,820,205

Ending Balance at Mar. 31, 2026

2,431,909,000

$ 2,336,568,000

$ 1,800,000

$ 93,541,000

Ending Balance at Mar. 31, 2026

$ (1,385,977,000)

(1,402,562,000)

26,000

16,559,000

Beginning Balance, Shares at Dec. 31, 2025

327,070,002

307,103,771

3,128,026

16,838,205

Beginning Balance at Dec. 31, 2025

$ 2,066,555,000

$ 1,971,402,000

$ 1,800,000

$ 93,353,000

Beginning Balance at Dec. 31, 2025

(1,224,295,000)

(1,236,345,000)

(117,000)

12,167,000

Net loss

(212,460,000)

us-gaap:NetIncomeLoss

(59,090,000)

Foreign currency translation adjustment

553,000

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

Ending Balance, Shares at Jun. 30, 2026

287,383,759

118,907,377

Ending Balance at Jun. 30, 2026

2,095,647,000

(59,090,000)

306,000

1,873,512,000

$ 280,878,000

$ 29,000

$ 12,000

Beginning Balance, Shares at Mar. 31, 2026

326,679,993

3,128,026

18,820,205

Beginning Balance at Mar. 31, 2026

2,431,909,000

$ 2,336,568,000

$ 1,800,000

$ 93,541,000

Beginning Balance at Mar. 31, 2026

(1,385,977,000)

(1,402,562,000)

26,000

16,559,000

Unit-based compensation

48,000

$ 48,000

Unit-based compensation

1,128,000

Issuance and Conversion of Series C-1 Preferred Units (including Net Issuance Costs and Warrant Conversions)

23,473,000

$ 23,473,000

^[1]

Issuance of stock, net of issuance costs

1,089,764,000

1,089,759,000

$ 5,000

Net loss

(46,243,000)

(21,159,000)

(25,084,000)

us-gaap:NetIncomeLoss

(59,090,000)

Net loss prior to Reorganization Transactions

(21,159,000)

Net loss subsequent to Reorganization Transactions

(84,174,000)

Foreign currency translation adjustment

410,000

263,000

147,000

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

Conversion of Warrant into Units, Shares

^[1]

1,020,546

Effect of the Reorganization Transactions, Shares

(327,700,539)

(3,128,026)

(18,820,205)

Effect of the Reorganization Transactions

(2,361,841,000)

$ (2,360,041,000)

$ (1,800,000)

$ (93,589,000)

Effect of the Reorganization Transactions, Shares

217,338,043

114,077,253

Effect of the Reorganization Transactions

2,361,842,000

1,423,721,000

17,000

632,255,000

305,815,000

$ 22,000

$ 12,000

Conversion of profits interests units

(93,589,000)

Conversion of profits interests units, Shares

19,228,438

4,830,124

Conversion of profits interests units

113,747,000

113,745,000

$ 2,000

Issuance of Class A common stock in IPO, net of issuance costs, shares

50,892,857

Equity-based compensation, Shares

(75,579)

Equity-based compensation

20,066,000

Ending Balance, Shares at Jun. 30, 2026

287,383,759

118,907,377

Ending Balance at Jun. 30, 2026

$ 2,095,647,000

$ (59,090,000)

$ 306,000

$ 1,873,512,000

$ 280,878,000

$ 29,000

$ 12,000

[1]	See Note 10 — Stockholders’ Equity and Mezzanine Equity for breakdown of preferred units by class.

RELATED PARTY TRANSACTIONS - Additional Information (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions			6 Months Ended
	Mar. 18, 2026	Oct. 03, 2025	Jun. 30, 2026
2025 Warrant
Related Party Transaction [Line Items]
Grant date fair value of warrant		$ 162.7
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			$ 55.3
Series C-1 Preferred Units \| 2025 Warrant
Related Party Transaction [Line Items]
Exercise price of warrants		$ 6.487
Preferred units authorized		14.1
Series C-1 Preferred Units \| 2024 Warrant \| Investor
Related Party Transaction [Line Items]
Preferred stock, shares issued	19.6

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2026	Dec. 31, 2025
Preferred stock, par value	$ 0.0001
Preferred stock, shares authorized	10,000,000	0
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Class A Common Units
Common stock, par value	$ 0.0001
Common stock, shares authorized	1,868,000,000	0
Common stock, shares issued	287,400,000	0
Common Stock, shares outstanding	287,400,000	0
Class B Common Units
Common stock, par value	$ 0.0001
Common stock, shares authorized	132,000,000	0
Common stock, shares issued	118,900,000	0
Common Stock, shares outstanding	118,900,000	0

REVENUE AND GRANT INCOME RECOGNITION (Tables)

6 Months Ended

Jun. 30, 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 June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Customer type:
DOE	$	47,677	$	15,757	$	86,685	$	30,958
Services revenue		43,195		11,172		78,686		22,660
Grant income		4,482		4,585		7,999		8,298
Department of War		1,642		1,541		2,421		3,491
Commercial		5,282		4,206		8,918		7,859
Total revenues and grant income	$	54,601	$	21,504	$	98,024	$	42,308

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Contract type:
Cost-based	$	50,072	$	18,614	$	91,003	$	35,979
Services revenue		45,590		14,029		83,004		27,681
Grant income		4,482		4,585		7,999		8,298
Fixed fee		839		1,048		1,174		1,988
Cost-plus fixed fee		804		1,442		1,247		3,550
Time & materials		2,886		400		4,600		791
Total revenues and grant income	$	54,601	$	21,504	$	98,024	$	42,308

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 June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Customer Location:
United States	$	54,600	$	21,449	$	98,024	$	41,889
International		1		55		—		419
Total revenues and grant income	$	54,601	$	21,504	$	98,024	$	42,308

Schedule of balances recorded within deferred revenue

Contract liabilities as of June 30, 2026 and December 31, 2025 include deferred revenue. The following balances were recorded within deferred revenue (in thousands):


	June 30, 2026		December 31, 2025
Deferred revenues - recorded in accrued liabilities	$	443	$	132
Deferred revenues - recorded in due to related parties		2,770		—
Deferred revenues - long-term		12,800		12,800
Deferred revenues - long-term with related parties		17,527		2,353
Deferred revenues - total (1)	$	33,540	$	15,285

__________

(1)

Summary of Unbilled Receivables and Contract Assets

The following balances were recorded within unbilled receivables and contract assets (in thousands):


	June 30, 2026		December 31, 2025
Contract assets - recorded in unbilled receivables and contract assets	$	3,584	$	7,535
Contract assets - total (1)	$	3,584	$	7,535

__________

(1)

As of June 30, 2026, and December 31, 2025, the contract assets were not associated with related parties.

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

6 Months Ended

Jun. 30, 2026

Accounting Policies [Abstract]

Basis of Presentation

Non-controlling Interest

Certain Significant Risks and Uncertainties

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


	June 30, 2026		December 31, 2025
Accounts Receivable
DOE	$	40,333	$	23,628
Unbilled Receivables and Contract Assets
DOE	$	69,998	$	39,644
Department of War		2,190		1,091

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):


	June 30, 2026		December 31, 2025
Cash and cash equivalents	$	1,145,424	$	458,932
Restricted cash		4,200		3,698
Cash, cash equivalents, and restricted cash as presented in the Statement of Cash Flows	$	1,149,624	$	462,630

Prepaid Costs and Other Current and Long-Term Assets

Amounts included in Prepaid costs and other current assets, and in Other long-term assets, relate primarily to deposits for long-lead materials, prepaid costs, and deferred transaction costs.

Deposits for Long-Lead Materials

Prepaid Costs

Transaction Costs

and 2025, the Company incurred zero and $2.2 million in issuance costs associated with the issuance of the Series C-1 Preferred Units, respectively.

Other Comprehensive Income (Loss)

The components of accumulated other comprehensive income (loss) for the three and six months ended June 30, 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			Accumulated other comprehensive loss attributable to non-controlling interest			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	)
Other comprehensive income (loss)		291			(766	)		—			(475	)
Accumulated other comprehensive income (loss), balance at June 30, 2025	$	(321	)	$	(205	)	$	—		$	(526	)

Accumulated other comprehensive income (loss), balance at January 1, 2026	$	—		$	(117	)	$	—		$	(117	)
Other comprehensive income		—			143			—			143
Accumulated other comprehensive income (loss), balance at March 31, 2026	$	—		$	26		$	—		$	26
Effect of the Reorganization Transactions		—			17			(17	)		—
Other comprehensive income		—			263			147			410
Accumulated other comprehensive income (loss), balance at June 30, 2026	$	—		$	306		$	130		$	436

Accounting Standards Recently Adopted

Accounting Standards Not Yet Adopted

STOCKHOLDERS' EQUITY AND MEZZANINE EQUITY

6 Months Ended

Jun. 30, 2026

Equity [Abstract]

STOCKHOLDERS' EQUITY AND MEZZANINE EQUITY

NOTE 10 — STOCKHOLDERS’ EQUITY AND MEZZANINE EQUITY

Stockholders’ Equity

X-energy amended and restated its certificate of incorporation effective April 23, 2026 to authorize (i) 1,868.0 million shares of Class A common stock, par value $0.0001 per share (“Class A Common Stock”), (ii) 132.0 million shares of Class B common stock, par value $0.0001 per share (“Class B Common Stock”), and (iii) 10.0 million shares of preferred stock, par value $0.0001 per share (“Preferred Stock”). Holders of both Class A Common Stock and Class B Common Stock are entitled to one vote per share held and shall vote together as a single class on all matters on which stockholders are generally entitled to vote. Holders of Class B Common Stock also hold and have rights to redeem XERC Common Units (defined below) for shares of Class A Common Stock. Each holder of Class B Common Stock holds an equal number of XERC Common Units. Subject to the terms of XERC’s Eighth Amended and Restated Limited Liability Company Agreement, such holders have the right to have XERC redeem their XERC Common Units for shares of Class A Common Stock on a one-for-one basis. Upon any such redemption of XERC Common Units, the corresponding shares of Class B Common Stock held by such holders are required to be surrendered and immediately canceled.

No Preferred Stock has been issued or is outstanding as of June 30, 2026.

XERC’s Mezzanine Equity

Prior to the Reorganization Transactions, XERC had more than one class of units - Class A and Class B common units (collectively, the “XERC Common Units”) and Preferred Units (as defined below) - which were classified within Mezzanine equity. In connection with the IPO and Reorganization Transactions completed in April 2026, XERC recapitalized all existing ownership interests in the entity into a single class of Common Units, which were partially acquired by X-energy in exchange for shares of X-energy’s Class A Common Stock, with shares of Class B Common Stock separately issued to the Continuing Equity Owners for nominal consideration. Refer to Note 1 — Organization and Nature of Business for additional information regarding the IPO and related changes to XERC’s capital structure and Unit holder rights. As a result of this recapitalization, there is no Mezzanine equity remaining on the condensed consolidated balance sheets as of June 30, 2026.

The following table sets forth the number of XERC Common Units and Preferred Units outstanding by unit class and the carrying value of these units at December 31, 2025 (in thousands except units):


	December 31, 2025
Unit Class	Units Authorized		Units Issued and Outstanding		Amount		Liquidation Preference
Common units:
Class A		367,055,779		3,128,026	$	1,800	$	—
Class B		41,149,242		16,838,205		93,353		—
Preferred units (redeemable and convertible):
Series A		90,625,588		90,625,588		218,408		52,146
Series A-1		8,808,351		8,808,351		21,477		67,250
Series B		11,643,171		11,643,171		101,382		120,214
Series C		41,418,916		39,963,592		265,797		305,114
Series C-1		162,246,180		107,908,114		686,715		874,999
Series D		48,154,955		48,154,955		677,623		700,000
Total		771,102,182		327,070,002	$	2,066,555	$	2,119,723

The following are the relevant terms related to XERC’s Preferred Units (as defined below) and XERC Common Units:

XERC’s Class A and Class B Common Units

The holders of Class A common units were entitled to one vote for each unit of Class A common units held at all meetings of unitholders. The Class B common units generally had the same rights and preferences as the Class A common units; provided, however, the Class B common units did not have voting rights and were profits interests subject to a participation threshold and a grant agreement under the XERC’s unit-based compensation plan.

In connection with the IPO and Reorganization Transactions, XERC recapitalized and converted the XERC Common Units and Preferred Units (defined below) into a single class of Common Units. Refer to Note 1 — Organization and Nature of Business for additional information regarding conversion of Common Units.

XERC’s Preferred Units

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 (collectively, “Preferred Units”) were 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 limited liability company agreement of XERC.

The holders of Preferred Units, except for Series A-1 Preferred Units, were 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 was set and remained at nine directors who served as the managers of XERC. Holders of Series A-1 Preferred Units did not vote on the board of directors.

In connection with the IPO and Reorganization Transactions, the Preferred Units were recapitalized into a single class of Common Units. Refer to Note 1 — Organization and Nature of Business for additional information regarding conversion of Common Units.

Cumulative Preferred Return

The Preferred Units had an annual 3% cumulative preferred return on the original issuance price, beginning on the date such Preferred Units were issued. In connection with the IPO and Reorganization Transactions, all outstanding Preferred Units and XERC Common Units were recapitalized into a single class of Common Units of XERC. Certain of these Common Units of XERC were ultimately acquired by X-energy in exchange for shares of Class A Common Stock. The Preferred Unit holders’ cumulative preferred return was satisfied through these transactions. As of December 31, 2025, the cumulative 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 was payable solely for the Series B Preferred Units and therefore has been incorporated into the Series B Preferred Units liquidation preference amount disclosed above. The cumulative preferred return on the remaining units was subject to the discretion of the board of directors.

Classification

Under ASC 480, 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 XERC Common and Preferred Units of XERC were redeemable for cash upon the occurrence of a deemed liquidation event. As of December 31, 2025, a deemed liquidation event was not considered probable, and the occurrence of such an event was considered to be outside of XERC’s control. Accordingly, XERC’s Preferred Units and XERC Common Units were considered conditionally redeemable upon the occurrence of an event that is not solely within the control of the issuer and, therefore, XERC classified the Preferred Units and XERC Common Units as Mezzanine equity in the condensed consolidated balance sheets as of December 31, 2025. The Mezzanine equity amount related to XERC 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 December 31, 2025, $74.9 million was presented within Mezzanine equity. The excess of grant date redemption value over grant date fair value for vested awards has been recorded within Additional paid-in capital as of December 31, 2025.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section S50
-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147479951/505-20-S50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
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-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 3
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-3

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 3
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-URI https://asc.fasb.org/1943274/2147480100/505-10-S45-3

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147480100/505-10-S45-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (g)
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
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-Subparagraph (SAB Topic 4.C)
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481520/505-30-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 1.D.2)
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
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Reference 30: http://www.xbrl.org/2003/role/disclosureRef
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Reference 31: http://www.xbrl.org/2003/role/disclosureRef
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Reference 32: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

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

6 Months Ended

Jun. 30, 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 U.S. Department of Energy (“DOE”) and U.S. Department of War are as follows (in thousands):


	June 30, 2026		December 31, 2025
Accounts Receivable
DOE	$	40,333	$	23,628
Unbilled Receivables and Contract Assets
DOE	$	69,998	$	39,644
Department of War		2,190		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):


	June 30, 2026		December 31, 2025
Cash and cash equivalents	$	1,145,424	$	458,932
Restricted cash		4,200		3,698
Cash, cash equivalents, and restricted cash as presented in the Statement of Cash Flows	$	1,149,624	$	462,630

Schedule of Other Income and Expense

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


	Three Months Ended June 30,						Six Months Ended June 30,
	2026			2025			2026			2025
Foreign currency transaction gain (loss)	$	(733	)	$	895		$	(852	)	$	1,056
Mark-to-market loss on C-2 Notes(1)		—			(976	)		—			(1,363	)
Mark-to-market loss on warrant liabilities(2)		(5,574	)		(50,508	)		(114,473	)		(39,540	)
Other expense		(5	)		(99	)		(25	)		(104	)
Total other income (expense), net	$	(6,312	)	$	(50,688	)	$	(115,350	)	$	(39,951	)

__________

(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 and six months ended June 30, 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			Accumulated other comprehensive loss attributable to non-controlling interest			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	)
Other comprehensive income (loss)		291			(766	)		—			(475	)
Accumulated other comprehensive income (loss), balance at June 30, 2025	$	(321	)	$	(205	)	$	—		$	(526	)

Accumulated other comprehensive income (loss), balance at January 1, 2026	$	—		$	(117	)	$	—		$	(117	)
Other comprehensive income		—			143			—			143
Accumulated other comprehensive income (loss), balance at March 31, 2026	$	—		$	26		$	—		$	26
Effect of the Reorganization Transactions		—			17			(17	)		—
Other comprehensive income		—			263			147			410
Accumulated other comprehensive income (loss), balance at June 30, 2026	$	—		$	306		$	130		$	436

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

3 Months Ended

6 Months Ended

Jun. 30, 2026

Jun. 30, 2025

Jun. 30, 2026

Jun. 30, 2025

Services revenue

^[1]

$ 50,119

$ 16,919

$ 90,025

$ 34,010

Related Party

Services revenue

$ 2,400

$ 2,300

$ 4,300

$ 5,000

[1]	Includes related party revenue of $2.4 million and $2.3 million for the three months ended June 30, 2026 and 2025, respectively, and $4.3 million and $5.0 million for the six months ended June 30, 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

+ Details

COMMITMENTS AND CONTINGENCIES - Additional Information (Details) - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]
Contract-related reserves	$ 1.1	$ 1.1

NET LOSS PER SHARE (Table)

6 Months Ended

Jun. 30, 2026

Earnings Per Share [Abstract]

Schedule of Reconciliation of Numerator and Denominator Used in Calculation of Basic and Diluted Net Loss per Share of Class A Common Stock

A reconciliation of the numerator and denominator used in the calculation of basic and diluted net loss per share of Class A Common Stock is as follows (in thousands, except share and per share data):


	Three Months Ended June 30,			Six Months Ended June 30,
	2026			2026
Numerator:
Net loss	$	(105,333	)	$	(271,550	)
Less: Net loss attributable to XERC prior to the IPO		(21,159	)		(187,376	)
Less: Net loss attributable to non-controlling interests subsequent to the IPO		(25,084	)		(25,084	)
Numerator for basic and diluted net loss per share - Net loss attributable to X-energy	$	(59,090	)	$	(59,090	)
Denominator:
Weighted average shares of Class A common stock outstanding, basic and diluted		280,148,818			280,148,818
Net loss per share of Class A common stock, basic and diluted	$	(0.21	)	$	(0.21	)

FAIR VALUE MEASUREMENTS - Schedule of Amortized Cost and Estimated Fair Value of Held to Maturity Securities by Contractual Maturity (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Fair Value Disclosures [Abstract]
Amortized Cost Basis, Due in less than one year	$ 489,752	$ 304,908
Amortized Cost Basis, Due after one year through five years	264,634	261,458
Amortized Cost Basis, Total	754,386	566,366
Fair Value, Due in less than one year	489,014	304,975
Fair Value, Due after one year through five years	263,880	261,595
Total Fair Value	$ 752,894	$ 566,570

- Definition

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

+ References

+ Details

INCOME TAX - Additional Information (Details)	3 Months Ended	6 Months Ended
INCOME TAX - Additional Information (Details)	Jun. 30, 2026	Jun. 30, 2026
Income Tax Disclosure [Abstract]
Effective income tax rate	0.00%	0.00%

FAIR VALUE MEASUREMENTS - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Apr. 23, 2026	Dec. 05, 2022
Fair Value, Option, Quantitative Disclosures [Line Items]
Amount recognized related to the warrant	$ 114,473	$ 39,540
Series C Preferred Stock
Fair Value, Option, Quantitative Disclosures [Line Items]
Class of warrant or right, outstanding			1,000,000
June 2022 Warrants
Fair Value, Option, Quantitative Disclosures [Line Items]
Face value of warrants issued	$ 10,000
June 2022 Warrants \| Class A common stock
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value of warrants			$ 23,500
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

FAIR VALUE MEASUREMENTS

6 Months Ended

Jun. 30, 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 June 30, 2026 and December 31, 2025.

Rollforward of Level 3 Measurements

A rollforward 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
Change in fair value recognized in Other income (expense), net		12,697			101,776
Exercises/Settlements		(23,473	)		(365,166	)
Ending balance as of June 30, 2026	$	—		$	—


	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		851		651		1,363			38,038
Change in fair value attributable to instrument-specific credit risk recognized in Other comprehensive income(1)		—		—		(444	)		—
Ending balance as of June 30, 2025	$	4,487	$	2,045	$	19,456		$	83,642

__________

(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 June 30, 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			June 30, 2025
Expected term (years)	N/A				0.8
Equity volatility		90.0	%		89.0	%
Risk-free rate		3.7	%		4.1	%

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. On April 23, 2026, Ghaffarian Enterprises exercised the June 2022 Warrants, which were converted into 1.0 million units of Series C preferred units. As noted in Note 1 — Organization and Nature of Business, all preferred units were converted into Common Units, a portion of which were acquired by X-energy in exchange for shares of Class A Common Stock. Given proximity of the exercise date to the Reorganization Transactions, the fair value of the June 2022 Warrants of $23.5 million at the exercise date is based on the intrinsic value of Class A Common Stock as of that date.

Historically, the fair value of the June 2022 Warrants was 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	June 30, 2025
Expected term (years)	2.7
Equity volatility		72.0	%
Risk-free rate		3.7	%

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	June 30, 2025
Expected term (years)	2.7
Equity volatility		72.0	%
Discount for lack of marketability		28.0	%
Risk-free rate		3.7	%

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	June 30, 2025
Discount rate		13.4	%
Credit spread		9.0	%
Equity volatility		89.0	%
Risk-free rate		4.4	%

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


			Fair Value
	Carrying Value		Level 1		Level 2
June 30, 2026
Cash equivalents
Money market fund	$	12,499	$	12,499	$	—
Total in cash and cash equivalents	$	12,499	$	12,499	$	—
Short-term investments
Corporate bonds	$	310,703	$	—	$	310,243
Government treasury bills		55,995		55,841		—
Commercial paper and certificates of deposit		97,844		—		97,751
Foreign issuer debt securities		25,210		—		25,179
Total in short-term investments	$	489,752	$	55,841	$	433,173
Long-term investments
Corporate bonds	$	223,267	$	—	$	222,743
Government treasury bills		26,048		25,835		—
Foreign issuer debt securities		15,319		—		15,302
Total in long-term investments	$	264,634	$	25,835	$	238,045

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


June 30, 2026	Amortized Cost Basis		Allowance for Credit Losses		Net Carrying Amount		Gross Unrealized Gains		Gross Unrealized Losses			Aggregate Fair Value
U.S. Government securities	$	82,043	$	—	$	82,043	$	—	$	(366	)	$	81,677
Corporate securities		631,815		—		631,815		19		(1,097	)		630,737
Foreign securities		40,528		—		40,528		1		(49	)		40,480
Total held-to-maturity securities	$	754,386	$	—	$	754,386	$	20	$	(1,512	)	$	752,894

December 31, 2025
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):


June 30, 2026	Amortized Cost Basis		Fair Value
Due in less than one year	$	489,752	$	489,014
Due after one year through five years		264,634		263,880
Total	$	754,386	$	752,894

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

The Company does not intend to sell its held-to-maturity investments, and it is not more likely than not that the Company will be required to sell the investments before recovery of their amortized cost basis. 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.

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+ Details