--- title: "NRC finishes X-energy's safety review; the stock still sits 72% below its high" description: "The regulator's staff closed the Xe-100 reactor's safety file on October 30, and its independent safety advisers back a construction permit. XE still trades near its 12-month low, and AEP, host of the 12-reactor Indiana project, puts any final investment decision no earlier than 2030." publisher: "The Inference" section: "Power" published: 2026-11-03T16:16:23.656Z modified: 2026-11-03T16:16:23.656Z canonical: https://theinference.org/article/nrc-finishes-x-energy-s-safety-review-the-stock-still-sits-72-below-its-high language: en keywords: "Nuclear, Small Modular Reactors, NRC, Analyst Targets, X Energy" --- # NRC finishes X-energy's safety review; the stock still sits 72% below its high > The regulator's staff closed the Xe-100 reactor's safety file on October 30, and its independent safety advisers back a construction permit. XE still trades near its 12-month low, and AEP, host of the 12-reactor Indiana project, puts any final investment decision no earlier than 2030. On October 30 the US Nuclear Regulatory Commission's staff [closed its safety review](https://investors.x-energy.com/news-releases/news-release-details/nrc-completes-landmark-safety-review-x-energys-xe-100-smr) of the Xe-100 reactor, the plant [X-energy](https://theinference.org/markets/companies/x-energy) (Nasdaq: XE) and the chemicals group Dow propose at Long Mott in Seadrift, Texas, which would be the first grid-scale advanced reactor at a US industrial site [1]. The stock has not followed the regulator: XE opened November 3 at $10.37, a whisker above its 12-month low of $10.04 and 72 percent below its $37.10 high, with the construction permit the next binary [3]. ## The last technical gate before building The application, filed in March 2025 by Long Mott Energy, a wholly owned Dow subsidiary, covers four 80-megawatt reactors, 320 megawatts in all, feeding electricity and process steam to Dow's Seadrift works [2]. The Advisory Committee on Reactor Safeguards, an independent body that advises the commission, supports issuing the permit, and the environmental review closed in May, completing both primary reviews [1]. The regulator says to expect "[a construction permit announcement soon](https://www.world-nuclear-news.org/articles/texas-smr-plant-moves-to-final-permitting-stage)" [2]. ## Analyst targets sit far above the share price Wedbush [started coverage on November 3](https://www.marketbeat.com/instant-alerts/analyst-x-energy-nasdaq-xe-coverage-initiated-by-analysts-at-wedbush-2026-11-03/) at Outperform with a $17 target, about 64 percent above the prior close; the consensus of 14 analysts sits at $29.67, from one Strong Buy, seven Buys, four Holds and two Sells; UBS halved its own target to $18 from $34 on October 21 [3]. The caution has a basis in the numbers: last quarter X-energy lost 15 cents a share where analysts expected nine, on $54.6 million of revenue, up 154 percent [3]. A reactor developer books little until plants are built, so the cash on hand has to bridge the years between a permit and poured concrete. Third-quarter results land before the open on November 12 [4]. *Chart: **Every published price target on XE sits above the stock, from $17 to $57** Bar chart of XE analyst price targets from $57 down to the $10.37 stock price* *12-month price targets in US dollars as compiled by MarketBeat on November 3, 2026, dated by rating action; consensus averages 14 analysts' targets (one Strong Buy, seven Buy, four Hold, two Sell). [3]* ## Amazon funds the next plant; AEP holds its money until at least 2030 [Amazon](https://theinference.org/markets/companies/amazon) is paying milestone-based development funding for the next plant in the pipeline, [a 12-reactor, 960-megawatt station](https://finance.yahoo.com/energy/articles/aep-partners-amazon-x-energy-123000961.html) at utility [American Electric Power](https://theinference.org/markets/companies/american-electric-power)'s retired Breed coal site in Sullivan County, Indiana, the second deployment in a partnership targeting more than 5 gigawatts of US nuclear by 2039 [5][7][8]. AEP's chairman, Bill Fehrman, told analysts on October 28 that the work is "limited to development activities and feasibility work requiring minimal investment by AEP," with a final investment decision at the earliest "sometime in 2030," the caution [we reported on October 30](https://theinference.org/article/x-energy-trades-near-11-as-aep-says-its-12-reactor-indiana-project-has-no-final-decision-before-2030) [6]. Two dates now matter most: the NRC's permit decision for Long Mott, which its independent safety advisers have already backed, and [November 12](https://investors.x-energy.com/news-releases/news-release-details/x-energy-report-third-quarter-2026-results-november-12-2026), when the third-quarter filing shows how much cash X-energy holds while it waits [1][4]. ## Takeaway X-energy cleared its last technical review at the NRC, but the stock's verdict is unchanged: a cash-burning developer at $10.37, targets far above, and no construction until the commission rules. ## Sources 1. [X-energy Investor Relations (GlobeNewswire), "NRC Completes Landmark Safety Review of X-energy's Xe-100 SMR," 30 October 2026](https://investors.x-energy.com/news-releases/news-release-details/nrc-completes-landmark-safety-review-x-energys-xe-100-smr) 2. [World Nuclear News, "Texas SMR plant moves to final permitting stage," 2 November 2026](https://www.world-nuclear-news.org/articles/texas-smr-plant-moves-to-final-permitting-stage) 3. [MarketBeat, "X-Energy (NASDAQ:XE) Coverage Initiated by Analysts at Wedbush," 3 November 2026](https://www.marketbeat.com/instant-alerts/analyst-x-energy-nasdaq-xe-coverage-initiated-by-analysts-at-wedbush-2026-11-03/) 4. [X-energy Investor Relations (GlobeNewswire), "X-energy to Report Third Quarter 2026 Results on November 12, 2026," 30 October 2026](https://investors.x-energy.com/news-releases/news-release-details/x-energy-report-third-quarter-2026-results-november-12-2026) 5. [AEP press release via PR Newswire (Yahoo Finance), "AEP Partners with Amazon and X-energy to Explore Advanced Nuclear Energy in Indiana," 19 October 2026](https://finance.yahoo.com/energy/articles/aep-partners-amazon-x-energy-123000961.html) 6. [Seeking Alpha, "AEP outlines 9%-11% operating EPS growth for 2027-2031 backed by $100B 5-year capital plan" (Q3 2026 earnings call insights), 28 October 2026](https://seekingalpha.com/news/4659363-aep-outlines-9-percentminus-11-percent-operating-eps-growth-for-2027minus-2031-backed-by-100b) 7. [POWER Magazine, "AEP, X-energy Eye 960-MW Nuclear Plant at Retired Indiana Coal Site, Backed by Amazon," 19 October 2026](https://www.powermag.com/aep-x-energy-eye-960-mw-nuclear-plant-at-retired-indiana-coal-site-backed-by-amazon/) 8. [Energies Media, "X-energy, Amazon and AEP push ahead with plans for a 960 MW nuclear project in Indiana," 30 October 2026](https://energiesmedia.com/x-energy-amazon-aep-mw-nuclear-indiana-gigawatt/) --- NRC finishes X-energy's safety review; the stock still sits 72% below its high — The Inference. Canonical: https://theinference.org/article/nrc-finishes-x-energy-s-safety-review-the-stock-still-sits-72-below-its-high