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(Bloomberg) — Deep Fission Inc. is seeking to raise up to $156 million in a US initial public offering, the latest nuclear startup to go that route as artificial intelligence data centers stoke demand for electricity.
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The company plans to market 6 million shares for $24 to $26 each, according to a Wednesday statement. At the top of that range, Deep Fission would have a market value of $1.66 billion, based on the outstanding shares listed in its filing.
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Deep Fission would join a host of other nuclear startups that have gone public recently. X-Energy Inc. raised $1.02 billion in its IPO last month. Last year Terrestrial Energy Inc. listed via a blank-check deal. Oklo Inc., backed by OpenAI’s Sam Altman, and Nano Nuclear Energy Inc. went public in 2024.
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Nuclear has regained public support in the AI era. The fuel source is capable of delivering 24/7 power on its own, unlike wind and solar. But while small modular reactors have tantalized hyperscalers and governments hoping to win the AI race, the technology has yet to break through on electric grids.
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The company reported a net loss of $21 million in the quarter ended March 31, compared to a loss of $3.1 million in the year ago period, according to the filing.
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Deep Fission is working on a system that uses borehole-drilling techniques similar to the technology used by oil and gas explorers. The company’s goal is to install a reactor about a mile (1.6 kilometers) underground, where tons of rock can provide both shielding and pressure for the reactor and reduce costs by as much as 80%.
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The company expects to trade on the Nasdaq under the symbol FISN. William Blair, Stifel Financial Corp. and Canaccord Genuity Group are leading the offering as underwriters.
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—With assistance from Will Wade.
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English (US)