Segra bet 22.5% of its fund on X-Energy. The prize is a fuel factory, not a permit
Segra Capital finished the third quarter holding $222 million of X-Energy, its biggest position, days after the NRC handed the first US small-reactor construction permit to a GE Vernova design. What the concentrated buyers own is the fuel chain: a licensed TRISO plant in Oak Ridge and a HALEU supply deal with Centrus.
Vincent Jiang · 3 min read
One fund has 22.5% of its book in a single reactor stock
Segra Capital Management bought 1,202,283 more shares of X-Energy in the third quarter and finished holding 15,678,017, worth $222.3 million 1. That is 3.86% of the company and 22.5% of Segra's portfolio, its biggest position 1. Filing arithmetic marks the stake at about $14.18 a share, below the stock's $17.48 fifty-day average 12.
Segra's $222M stake dwarfs X-Energy's other recent 13F buyers
Data
| Value | |
|---|---|
| Segra Capital (Q3 '26) | $222.3M |
| Two Seas Capital (Q3 '26) | $19.8M |
| State Street (Q2 '26) | $8.5M |
| BlueCrest (Q2 '26) | $7.4M |
| Tidal Investments (Q2 '26) | $3.3M |
Two Seas Capital lifted its own stake 39.4% to 1,394,413 shares, about $19.8 million 2. A quarter earlier, filings showed Peter Thiel's Thiel Macro buying 200,000 Class A shares, the smallest line in a rebuilt $419 million book 34. X-Energy rose 6.6% on October 6 to about $15.27, still 59% below its $37.10 twelve-month high, with Piper Sandler at $9 underweight against Guggenheim's $57 buy 52.
From $9 to $57: analyst targets bracket a $15.27 close
- Share price
- Estimate
Data
| Share price | |
|---|---|
| Piper target (estimate) | $9 |
| Filing basis | $14.18 |
| Oct 6 close | $15.27 |
| 50-day avg | $17.48 |
| 12-mo high | $37.1 |
| Guggenheim target (estimate) | $57 |
The first permit went elsewhere. The fuel line did not
On September 29 the Nuclear Regulatory Commission issued the country's first small-reactor construction permit, to the Tennessee Valley Authority for GE Vernova's 300-megawatt BWRX-300 at Clinch River, after a 14-month review 67. NuScale holds the only NRC-certified SMR design, yet no utility has applied to build one, and it booked $75,000 of second-quarter revenue 6. The tape prices these stocks by permits; this week's filings are pricing one by fuel.
X-Energy's TRISO-X unit holds a 40-year NRC license to fabricate high-assay fuel, and on September 24 it finished the shell of the 214,000-square-foot TX-1 plant in Oak Ridge, set to be the first commercial-scale advanced nuclear fuel plant built in the United States in more than 50 years 89. Interior build-out has begun, on the schedule the company laid out in August 1013.
One plant, 700,000 pebbles, eleven reactors
At capacity TX-1 is designed to produce about 700,000 pebbles a year, five tonnes of uranium, enough for up to 11 of the company's 80-megawatt reactors 89. Centrus signed the definitive supply contract on August 6, with X-Energy paying prepayments up the chain, while the supplier carries a $900 million DOE award, a $4.5 billion backlog and an Oklo deal on the same shelf 1112.
The bill lands on this year's IPO cash
X-Energy's quarter shows who pays: $54.6 million of revenue and grant income, up 154%, against a $105.3 million net loss, funded by $1.9 billion of liquidity from an April IPO that raised about $1.1 billion, with no debt 13. The Energy Information Administration prices SMR power at more than six times solar, and the only helium-cooled power reactors running, two in China, have struggled to stay online 14.
The permit queue decides who may build; the fuel line decides who gets to run. Watch the Dow project in Texas, the federal cost-share running to March 2027 13, and whether TX-1's equipment keeps its 2028 completion date 14.
Deepdive
AI-generated from this story and its cited sources. Not investment advice.
