Nuclear-technology startup Deep Fission officially went public on September 8, completing a reverse merger with Surfside Acquisition Inc. and raising US$ 30 million. The deal, priced at US$ 3 per share, is notably lower than the typical US$ 10 target of SPACs. Although its shares are not yet trading, Deep Fission intends to list on the OTCQB market, which can give the company more runway.
Founded in 2023 by Elizabeth and Richard Muller, Deep Fission innovates by placing 15 MW small reactors at the end of deep, 30-inch boreholes, cooled with pressurized water: a system akin to those used in nuclear submarines. Burying reactors underground aims to markedly reduce meltdown risks, simplify containment, and lower costs.
Headquartered in Berkeley, California, the startup secured a US$ 4 million pre-seed round last year, led by 8VC. Even earlier, the company signed a deal with data center developer Endeavour to build 2 GW of underground reactors, underscoring its specific focus on powering data-intensive operations.
With its public listing now complete, Deep Fission projects starting operations with its first reactor by July 2026, a notably aggressive timeline in the capital-intensive nuclear sector. Earlier this year, the company was also selected alongside nine other startups for the Reactor Pilot Program, a streamlined permitting initiative designed to accelerate deployment by the US Department of Energy.
Deep Fission’s path, shifting from a seed round straight to a public company via SPAC, reflects the financing challenges faced by advanced nuclear startups. Its approach combines established reactor tech with novel deployment models, potentially offering safer, cheaper alternatives to conventional nuclear power. Yet the SEC requirements and execution of its ambitious schedule will test both financial and regulatory resilience.
