Nuclear power company Deep Fission has completed a reverse merger transaction, bringing in $30 million in funding through an unconventional public market entrance. The announcement came Monday as the company outlined its ambitious plans for underground nuclear technology.
The startup’s innovative approach involves constructing small, cylindrical nuclear power plants designed to be lowered into 30-inch diameter holes drilled one mile beneath the Earth’s surface. This underground nuclear reactors concept aims to address major safety concerns that affect traditional nuclear facilities, including meltdown risks and security threats from potential terrorist attacks.
Deep Fission’s power generation units are rated at 15 megawatts each and utilize pressurized water cooling systems. This cooling technology mirrors the same design used in nuclear submarines and many existing commercial nuclear power stations worldwide.
The company has already secured a significant commercial agreement with data center developer Endeavor to construct 2 gigawatts worth of underground nuclear reactors. This partnership demonstrates growing interest in nuclear power solutions for energy-intensive technology infrastructure.
Earlier this year, Deep Fission was among ten nuclear fission companies selected for the Department of Energy’s Reactor Pilot Program. This federal initiative provides a streamlined permitting process designed to accelerate nuclear technology development and deployment.
As recently as April, the startup was working to secure a $15 million seed funding round. The company’s path to public markets came through a reverse merger with Surfside Acquisition Inc., a four-year-old special purpose acquisition company.
The merger terms set the offering price at $3 per share, significantly below the typical $10 target price seen in most SPAC transactions. The combined entity will continue operating under the Deep Fission name, with shares expected to trade on the OTCQB market once trading begins.
The unusual circumstances surrounding this SPAC transaction – including the low share price, choice of trading venue, and timing – suggest Deep Fission faced challenges raising capital through traditional investment channels. The company’s initial funding came from a $4 million investment last year.
While the merger proceeds provide more operating capital than the planned seed round would have delivered, going public also introduces Securities and Exchange Commission reporting requirements and associated costs. These regulatory obligations can be particularly burdensome for small companies operating in capital-intensive sectors like nuclear power.
Deep Fission has set an ambitious timeline, targeting the startup of its first underground nuclear reactors by July 2026. This aggressive schedule will test the company’s ability to navigate regulatory approvals, complete construction, and begin commercial operations.
The nuclear technology sector has seen renewed investor interest as companies and governments seek clean energy alternatives to meet growing power demands. Data centers, in particular, require massive amounts of reliable electricity, making them attractive customers for innovative nuclear solutions.
The underground approach to nuclear power generation represents a departure from conventional reactor designs that operate at ground level. By placing underground nuclear reactors deep beneath the surface, Deep Fission believes it can enhance safety while reducing public concerns about nuclear technology.
