---
title: "X-energy trades near $11 as AEP says its 12-reactor Indiana project has no final decision before 2030"
description: "On its October 28 earnings call, AEP chairman Bill Fehrman said the Amazon-backed twelve-reactor Indiana project needs only minimal AEP money now and cannot reach a final investment decision before 2030. X-energy trades near $11 against analyst targets that run from $8 to $57."
publisher: "The Inference"
section: "Power"
published: 2026-10-30T16:10:29.312Z
modified: 2026-10-30T16:10:29.312Z
canonical: https://theinference.org/article/x-energy-trades-near-11-as-aep-says-its-12-reactor-indiana-project-has-no-final-decision-before-2030
language: en
keywords: "Nuclear, Utilities, Small Modular Reactors, Data Centers, Analyst Calls"
---

# X-energy trades near $11 as AEP says its 12-reactor Indiana project has no final decision before 2030

> On its October 28 earnings call, AEP chairman Bill Fehrman said the Amazon-backed twelve-reactor Indiana project needs only minimal AEP money now and cannot reach a final investment decision before 2030. X-energy trades near $11 against analyst targets that run from $8 to $57.

## A 2030 gate on twelve Indiana reactors

On [American Electric Power](https://theinference.org/markets/companies/american-electric-power)'s [October 28 earnings call](https://www.webull.ca/news-detail/15826274294957056), chairman and chief executive Bill Fehrman put a date on the twelve-reactor Indiana project his utility signed with [X-energy](https://theinference.org/markets/companies/x-energy) and [Amazon](https://theinference.org/markets/companies/amazon) nine days earlier: the agreement is "limited to development activities and feasibility work requiring minimal investment by AEP," any project must clear "multiple stage gates," the checkpoints that can end it, and the earliest final investment decision, the point where AEP commits to construction, "is sometime in 2030" [3][4]. It is the only early-stage nuclear project AEP is advancing [3].

[The October 19 signing](https://finance.yahoo.com/energy/articles/aep-partners-amazon-x-energy-123000961.html) gave the Maryland reactor developer X-energy its second Amazon-backed site: twelve 80-megawatt Xe-100 small modular reactors, 960 megawatts in all, at the retired Breed coal plant in Sullivan County, Indiana, with Amazon funding development and intending to buy the output under a long-term contract covering the plant's costs [1][2]. The Inference [covered the signing](https://theinference.org/article/aep-and-amazon-backed-x-energy-agreed-only-to-study-a-960-megawatt-nuclear-site-the-lockup-lifts-this-week); the clock is what is new [3].

## The $100 billion goes to wires and gas

The same call showed where AEP's money is actually committed: a [$100 billion five-year plan](https://finance.yahoo.com/energy/articles/aep-reports-third-quarter-2026-105700210.html) through 2031, roughly $37 billion for transmission, $36 billion for generation and $22 billion for distribution [5]. Chief financial officer Trevor Mihalik said regulated gas plants are the largest piece of the generation budget, up $7 billion on the prior plan [3].

Rate base, the assets a utility is allowed to earn on, climbs from $87 billion this year to $162 billion by 2031 [3]. The fuel is contracted demand: 84 gigawatts of new load through 2031, 15 gigawatts of it signed in the third quarter, on a system AEP expects to more than triple by 2031 [3][5]. The twelve reactors are development work; AEP has booked no capital for them [3].

*Chart: **No nuclear line item in AEP's $100 billion five-year plan** Pie chart splitting AEP's $100 billion capital plan between transmission, generation, distribution and a small other slice, with no nuclear component.*

*Components named in AEP's October 28, 2026, release for the 2027-2031 plan; Other is the residual of the $100 billion total. The Indiana reactors sit outside the plan as development work. [5]*

## A $10 stock against a $31.25 consensus

X-energy's revenue is real but small: [$54.6 million in the second quarter](https://investors.x-energy.com/news) against $21.5 million a year earlier, and a 15-cent loss per share, six cents worse than expected [7][6]. The shares jumped 5 percent to $10.88 on the signing news and still sit 63 percent below their April listing price, near a $10.04 twelve-month low, for a $4.3 billion market value [8][6].

The street cannot agree on what it owns: Piper Sandler at $8 underweight, UBS at $18, [consensus Hold at $31.25](https://www.marketbeat.com/instant-alerts/analyst-x-energy-nasdaq-xe-now-covered-by-analysts-at-needham-company-llc-2026-10-26/), Cantor Fitzgerald at $38, Guggenheim at $57 [6].

*Chart: **X-energy targets run from $8 to $57 while the stock sits near $11** Bar chart of analyst price targets on X-energy from $8 to $57 with the share price marked near $11.*

*Analyst price targets on Nasdaq: XE as of October 26, 2026, against the $10.60 open that day. Sources: MarketBeat. [6]*

## What flips the price

The bulls' strongest datum since the signing landed on October 30: the Nuclear Regulatory Commission [completed its safety review](https://markets.businessinsider.com/news/stocks/nrc-completes-landmark-safety-review-of-x-energy-s-xe-100-smr-1036692262) of the Xe-100 for Long Mott, a proposed station for Dow, the chemicals company, at its Texas Gulf Coast site, finishing both reviews required before a construction permit and setting precedent for every Xe-100 that follows, Indiana's included [9]. The market shrugged: XE traded at $10.98, down 6 percent, by 10:25 that morning [9].

At that price the market has already sided with the calendar camp, nearer Piper Sandler's floor than the street's average. The bears' case is documentary: X-energy has already delayed a key regulatory filing for its first Amazon-backed project, [pushing that construction start into 2027](https://www.msn.com/en-us/news/other/x-energy-stock-rises-on-amazon-nuclear-power-plans-after-post-ipo-slump/ar-AA2fAyiW) [8], and Indiana still carries Marble Hill, a reactor abandoned half-built in 1983 [10].

The flip is dated, not argued: a Long Mott construction permit makes the design buildable in the regulator's eyes, and an AEP stage-gate pass with capital attached shortens the 2030 clock. Until one of those lands, the discount holds.

## Takeaway

AEP put the Indiana reactors behind stage gates and a 2030 decision date with no capital committed, and the market is pricing the wait: X-energy sits near $11, closer to Piper Sandler's $8 floor than the $31.25 consensus.

## Sources

1. [World Nuclear News, "AEP, Amazon and X-energy planning 12-SMR plant", 19 October 2026](https://www.world-nuclear-news.org/articles/aep-amazon-and-x-energy-plan-12-smr-plant)
2. [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)
3. [Benzinga transcript via Webull, "American Electric Power Q3 2026 Earnings Call Transcript", 28 October 2026](https://www.webull.ca/news-detail/15826274294957056)
4. [MarketBeat via TradingView, "What American Electric Power (AEP) Said on Its Q3 Earnings Call", 28 October 2026](https://www.tradingview.com/news/marketbeat:c62fc4c90094b:0-what-american-electric-power-aep-said-on-its-q3-earnings-call/)
5. [AEP press release via PR Newswire (Yahoo Finance), "AEP Reports Third-Quarter 2026 Earnings, Expands Capital Plan and Increases Growth Outlook", 28 October 2026](https://finance.yahoo.com/energy/articles/aep-reports-third-quarter-2026-105700210.html)
6. [MarketBeat, "X-Energy (NASDAQ:XE) Now Covered by Analysts at Needham & Company LLC", 26 October 2026](https://www.marketbeat.com/instant-alerts/analyst-x-energy-nasdaq-xe-now-covered-by-analysts-at-needham-company-llc-2026-10-26/)
7. [X-energy investor relations, news releases ("X-energy Reports Second Quarter 2026 Results"), 13 August 2026, accessed 30 October 2026](https://investors.x-energy.com/news)
8. [Barron's (Ty Roush) via MSN, "X-Energy stock rises on Amazon nuclear power plans after post-IPO slump", 19 October 2026](https://www.msn.com/en-us/news/other/x-energy-stock-rises-on-amazon-nuclear-power-plans-after-post-ipo-slump/ar-AA2fAyiW)
9. [X-energy press release (GlobeNewswire) via Markets Insider, "NRC Completes Landmark Safety Review of X-energy's Xe-100 SMR", 30 October 2026](https://markets.businessinsider.com/news/stocks/nrc-completes-landmark-safety-review-of-x-energy-s-xe-100-smr-1036692262)
10. [The Verge (Jess Weatherbed), "Amazon is funding a new nuclear plant in Indiana", 19 October 2026](https://www.theverge.com/tech/1013735/amazon-x-energy-aep-nuclear-indiana)


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X-energy trades near $11 as AEP says its 12-reactor Indiana project has no final decision before 2030 — The Inference. Canonical: https://theinference.org/article/x-energy-trades-near-11-as-aep-says-its-12-reactor-indiana-project-has-no-final-decision-before-2030