From Startup to Nasdaq: MCEDC Fireside Chat Explored X-energy’s Explosive Growth in Montgomery County, Maryland
When Montgomery County-based X-energy was founded in Maryland in 2009 by Kam Ghaffarian, the serial entrepreneur wanted to revolutionize the energy industry by making clean, safe, and reliable nuclear energy accessible to the world. Sixteen years later, Ghaffarian grew the company from a small startup to an $11 billion company with over 1,000 employees, positioning Montgomery County as the center for one of the nation’s fastest growing next-generation technology industries.
X-energy’s explosive growth journey was the focus of MCEDC’s recent fireside chat, which gathered Montgomery County business leaders to hear from Carol Lane, Senior Vice President, Government Affairs, about X-energy’s impressive rise, and why the County continues to be the right place for the company as it builds the future. Moderated by Kelly Schulz, CEO of the Maryland Tech Council, the discussion delved into the challenges and successes the X-energy has faced as it scaled at an unprecedented pace.
Like many startups, X-energy’s path was anything but linear. In 2019, the company employed fewer than 50 people. Today, that number exceeds 1,000—a nearly 1,900 percent increase. A pivotal moment for the company came in 2020 when X-energy secured a major federal demonstration contract that helped validate its technology and attract additional investment, including three major investments from Amazon in 2023, 2024, and 2025.
The company also benefited from broader shifts in the market. As demand for clean energy increased alongside the rapid expansion of artificial intelligence and data centers, the need for reliable nuclear energy became clear.
But quickly scaling a next-generation technology company requires more than market demand. It requires access to exceptional and highly specialized talent. According to Lane, following the federal workforce reductions in 2025, X-energy found an opportunity to recruit highly skilled professionals with experience at agencies like the Department of Energy and the Nuclear Regulatory Commission. In addition to hiring locally, X-energy also recruits nationally, and the opportunity to live in Montgomery County plays a large role in convincing employees to move to the area. “The attractiveness of this area is very important in getting people to agree to move here,” explained Lane.
As the company has continued to expand, it recently announced a major investment in Montgomery County, by consolidating its two Rockville offices into a new 125,000-square-foot headquarters at Washingtonian Center in Gaithersburg, Maryland. The company plans to retain 260 full-time employees and create more than 525 new jobs over the next six years, reinforcing its long-term commitment to Montgomery County, a fact that Lane confirmed during the discussion. “We will be in Montgomery County and Maryland for a long time,” said Lane.
