Deep Fission Raises $30 Million through Reverse Merger, Plans to Revolutionize Nuclear Power with Underground Reactors
A groundbreaking nuclear venture, Deep Fission, announced on Monday that it has transitioned to a public company through a reverse merger, securing an initial $30 million.
The innovative company plans to construct compact, cylindrical nuclear power plants and lower them into 30-inch diameter holes drilled a mile beneath the Earth’s surface. This subterranean placement aims to address various issues prevalent in current reactors, such as concerns over meltdowns and potential terrorist threats.
Deep Fission’s 15-megawatt reactors employ pressurized water cooling technology, similar to that found in nuclear submarines and numerous existing power plants.
Earlier this year, Deep Fission entered into an agreement with data center developer Endeavor for the development of 2 gigawatts of underground reactors.
As recently as April, the startup was actively pursuing a $15 million seed round. In August, Deep Fission and nine other nuclear fission startups were selected to participate in the Department of Energy’s Reactor Pilot Program, effectively streamlining the permitting process.
In contrast to typical reverse mergers, the offering price was set at $3 per share instead of the customary $10 targeted by most SPACs. Following the merger with four-year-old Surfside Acquisition Inc., the new entity will retain the Deep Fission name and aims to trade on the OTCQB market.
The circumstances surrounding the SPAC—the share price, selected equity market, and transaction timing—indicate that Deep Fission may not have secured funds from new or existing shareholders who initially funded the company with a $4 million investment last year.
The merger proceeds provide Deep Fission with more financial leeway than its seed round would have, but it also imposes Securities and Exchange Commission reporting costs for what is likely a small company operating in an expensive sector. Deep Fission aims to launch its first reactor by July 2026.
