Deep Fission secures $30M to advance underground nuclear reactors

Deep Fission secures $30M to advance underground nuclear reactors
by Clarence Oxford
Los Angeles CA (SPX) Sep 08, 2025

Deep Fission Inc, a nuclear technology company developing small modular pressurized water reactors deployed in boreholes one mile underground, has raised $30 million in a private placement at $3.00 per share and completed a reverse merger with Surfside Acquisition Inc., which will now operate under the Deep Fission name.

The U.S. Department of Energy has selected the company for President Trump's Nuclear Reactor Pilot Program, which seeks to streamline reactor deployment with a target of achieving criticality by July 4, 2026. Commercial rollout is expected to follow.

"This is a unique moment for the nuclear industry," said Liz Muller, Co-Founder and Chief Executive Officer of Deep Fission. "Deep Fission has the right technology, at the right time, and in the right place. With this funding, we can begin building our pilot reactor, with the goal of completion in 2026. We believe we can scale our technology rapidly and profitably to address the massive energy demand from AI data centers and other customers around the world."

The company's design integrates established methods from nuclear, oil and gas, and geothermal industries while relying on off-the-shelf components and low-enriched uranium. By siting reactors deep underground, surrounding rock provides natural shielding, passive safety, and reduced surface impact. Deep Fission aims to achieve a levelized cost of electricity of 5 to 7 cents per kWh from its first commercial deployment.

Deep Fission holds 24 pending patents, one allowed U.S. patent application, and over 40 unique innovations. Following the merger, the company will meet public reporting requirements under the Securities Exchange Act and plans to file a resale registration statement on Form S-1 with the SEC. It also intends to seek approval for trading on the OTCQB Venture Market.

The Benchmark Company, Seaport Global Securities, Network 1 Financial Securities, Phoenix Financial Services, and Dinosaur Financial Group acted as placement agents. Montrose Capital Partners sponsored the go-public transaction, with investors including 8VC, Deep Future, Wave Function, Ed Eisler of EE Holdings, and Mark Tompkins of Montrose Capital Partners.

Deep Fission, founded in 2023 by Elizabeth and Richard Muller, is pursuing commercialization of its pilot reactor as early as 2026.