X-energy signed a joint development agreement with American Electric Power (AEP) to assess a proposed 960-megawatt small modular reactor project in Sullivan County, Indiana. The plan calls for a 12-unit Xe-100 plant near the former Breed Generating Station. The project would repurpose an AEP-owned site to deliver reliable, low-carbon power. Amazon will fund certain development activities.
The Indiana proposal is the second grid-scale project under Amazon and X-energy's collaboration. The collaboration aims to add more than 5 gigawatts of nuclear capacity to the U.S. power grid by 2039. The Indiana proposal follows the Cascade Advanced Energy Facility in Washington state. The proposed Indiana plant would combine AEP's nuclear operating experience, Amazon's development funding and X-energy's reactor technology.
X-energy's Xe-100 reactor generates 80 megawatts of electricity. The reactor uses helium for cooling and TRISO fuel designed to withstand extreme temperatures. The compact design could allow plants to be built closer to energy demand. X-energy designs small modular nuclear reactors and nuclear fuel technologies for grid power, industrial facilities and artificial intelligence infrastructure, including the Xe-100 and TRISO-X particle fuel.
The Indiana proposal would be X-energy's third announced U.S. Xe-100 project and fourth worldwide, adding to an 11.5-gigawatt commercial pipeline. X-energy's first project is a proposed four-reactor facility at Dow's Texas Gulf Coast manufacturing site. The Dow project is nearing the end of the Nuclear Regulatory Commission's construction permit review.
AEP CEO Bill Fehrman said the Indiana project could help meet rising power demand while maintaining affordability, with financial safeguards in place. X-energy CEO J. Clay Sell said the partnership combines the companies' expertise to deliver reliable, low-carbon power for Indiana's future. The Indiana proposal positions X-energy as developing a repeatable deployment pipeline rather than only a reactor concept. The expanding project pipeline can support investor sentiment, but the long-term stock chart suggests investors still want clearer evidence of execution and timelines.
X-energy's next earnings report is estimated for November 29, 2026. Estimates call for a loss of 9 cents per share. The revenue estimate is $47.40 million. The analyst consensus rating is Buy, with an average price forecast of $34.13. Morgan Stanley lowered X-energy's price target to $34.00 with an Overweight rating on October 14. Piper Sandler initiated coverage with an Underweight rating and a $9.00 target on September 9. Guggenheim maintained a $57.00 target with a Buy rating on September 8.
X-energy has a 4.37% weight in the VanEck Uranium & Nuclear ETF (NYSE:NLR). Significant inflows or outflows for the ETF will likely force automatic buying or selling of X-energy shares because of that weighting. X-energy shares were trading 0.48% higher at $10.41 on Monday at the time of publication, according to Benzinga Pro data.
X-Energy Proposes 960-MW SMR Project in Indiana with AEP and Amazon
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Summary
X-energy announced a 960-MW SMR project in Sullivan County, Indiana, in a joint development agreement with AEP. The project, part of a project announcement to expand low-carbon power, includes 12 Xe-100 units near the former Breed Generating Station. Amazon will provide project funding news for development efforts. The collaboration aims to deploy over 5 GW of nuclear capacity by 2039. X-energy’s Xe-100 uses helium cooling and TRISO fuel. This would be the company’s third U.S. and fourth global Xe-100 project.
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