A monolithic fuel design based on a U–Mo alloy has been selected as the fuel type for conversion of the United States High-Performance Research Reactors (HPRRs). An issue with U–Mo monolithic fuel is the large amount of swelling that takes place during operation. The accurate prediction of fuel evolution under irradiation requires implementation of correct thermodynamic properties into mesoscale and continuum level fuel performance modeling codes. However, the thermodynamic properties of the fission gas bubbles (such as the relationship among bubble size, equilibrium Xe concentration, and bubble pressure) are not well known. This work studies Xe bubbles in γU-Mo from a diameter of 3 nm up to 8.5 nm and from 400 K up to 700 K. The energetic relationship of Xe bubbles with regard to voids and Xe substitutional atoms is described. The transition is also determined for when a bubble becomes over-pressurized. Finally, an equation of state is fit to the pressure as a function of molar volume and temperature.