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(Bloomberg) — Sequoia Capital led a $1 billion funding round for Valar Atomics Inc. that the nuclear startup says will help it shift from demonstrating small reactors to producing them in volume.
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The transaction values Valar at $6 billion, including the money being invested. The nuclear company has also lined up a $200 million credit facility, according to a statement Monday.
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Atreides Management, Point72 and Snowpoint Ventures also participated in the Series B financing and Shaun Maguire, a Sequoia partner, will join Valar’s board, according to a statement Monday. The nuclear company has also lined up a $200 million credit facility.
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Valar is developing next-generation nuclear plants that would be produced in factories and then delivered to provide power for data centers, industrial sites or other facilities. These so-called small modular reactors are aimed at reducing costs and speeding deployment in an industry that’s known for over-budget and delayed projects. The idea is gaining traction, but there are none in service outside of China and Russia.
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“One reactor can be built as a project,” Isaiah Taylor, Valar’s chief executive officer, said in the statement. “A fleet has to be manufactured.”
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Valar is one of four companies that have achieved a key technical milestone this year for new reactors, starting a self-sustaining nuclear chain reaction that releases a steady stream of energy. Valar went beyond that in July, by also using that fission reaction to produce enough electricity to power an Nvidia Corp. AI chip and host a website. The two companies are now planning a 30-megawatt AI facility in Utah powered by Valar systems.
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