Munger Mode rating: 2 out of 5 — Sell. Our own rating from the research report below, on business quality first: moat durability and management, with price separating the top three.
We are Warren and Charlie, and we will tell you plainly what we told ourselves after reading the prospectus, the first two 10-Qs, and the earnings calls: X-energy is not a business yet. It is a well-funded, well-connected, honorably managed engineering venture that hopes to become a business sometime in the early 2030s. Its revenue today is mostly the United States government reimbursing it for design work. Its product has never produced a commercial kilowatt-hour. Its first plant has not yet received a construction permit, let alone poured safety-related concrete. We wish the company well — genuinely, the country needs what it is trying to build. But wishing a venture well and handing it your capital at an $8.5 billion valuation are two very different acts. One is patriotism. The other, at this stage, is speculation.
Recent filings analysed: 10-Q (2026-08-13), 8-K (2026-08-13).
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