X-energy Landed One of the DMV’s Biggest 2023 Raises

The steady march toward the end of 2023 apparently doesn’t mean companies are done posting raises, let alone massive ones. Case in point: The Washington Business Journal (WBJ) reported on Monday that Rockville, Maryland-based nuclear energy company X-Energy Reactor Co., aka X-energy, nabbed another $80 million for a Series C that now totals $235 million. An announcement noted that this Series C amount included “anticipated conversions of certain of the Company’s outstanding convertible notes.”

WBJ noted that this raise makes the full round among the region’s largest this year. By comparison, the only DC-area raise that exceeded this one last quarter was Mapbox’s $280 million late-stage Series E round.

Of course, both this WBJ article and our prior coverage of PitchBook’s largest reported DMV raises noted that VC funding in 2023 hasn’t been as strong as in years past. It’s worth noting that this latest investment came from Ares Management Corp., the firm that planned to take the company public via a SPAC merger with one of its subsidiaries until last month, and X-energy Executive Chairman Kam Ghaffarian.