Nuclear Startup Receives Funding To Bury Its Mini-Reactors A Mile Underground

Nuclear startup Deep Fission has received funding to bury its mini reactors a mile underground.

The company has taken an unusual path to raise money, completing an alternative public offering (APO) that brought in $30 million at $3 per share — well below the $10 price typical of traditional IPOs. The company will retain its name and list shares on the OTCQB market, according to Interesting Engineering.

“This is a unique moment for the nuclear industry,” said Liz Muller, Co-Founder and CEO of Deep Fission. “Deep Fission has the right technology, at the right time, and in the right place. With this funding, we can begin building our pilot reactor, with the goal of completion in 2026.” She added the company aims to scale “rapidly and profitably to address the massive energy demand from AI data centers and other customers worldwide.”

Deep Fission’s design uses small cylindrical reactors lowered into mile-deep, 30-inch boreholes. Each generates 15 megawatts, cooled by proven pressurized water systems. Burying the reactors in bedrock provides shielding, containment, and a minimal surface footprint. The company says it can deliver power for 5–7 cents per kilowatt-hour using low-enriched uranium and off-the-shelf parts.

„By burying the reactors, the company hopes to solve several problems that plague current reactors, including concerns over meltdowns and potential terrorist attacks,” TechCrunch wrote.

The Interesting Engineering article says that the startup has already signed a deal with data center developer Endeavor for two gigawatts of capacity and was selected for the Department of Energy’s Reactor Pilot Program, which targets first criticality by July 4, 2026.

Last year Deep Fission raised only $4 million and was seeking a $15 million seed round as recently as April. The reverse merger provides fresh capital but comes with higher regulatory costs that could weigh on the young company.

Even so, Deep Fission calls this a turning point as it prepares to build its first underground reactor by mid-2026.