Nuclear startup Deep Fission announced Monday that it has gone public in a reverse merger, netting the company $30 million.
No, it’s not 2021.
The startup is proposing to build small, cylindrical nuclear power plants and lower them into 30-inch diameter holes drilled one mile down into the Earth. By burying the reactors, the company hopes to solve several problems that plague current reactors, including concerns over meltdowns and potential terrorist attacks.
Deep Fission’s 15-megawatt reactors are cooled using pressurized water, the same type found in nuclear submarines and many existing power plants.
Earlier this year, Deep Fission inked a deal with data center developer Endeavor to build 2 gigawatts of underground reactors.
As recently as April, the startup had been attempting to raise a $15 million seed round. In August, Deep Fission and nine other nuclear fission startups were selected to be a part of the Department of Energy’s Reactor Pilot Program, essentially a streamlined permitting process.
Under the terms of the reverse merger with four-year-old Surfside Acquisition Inc., the offering was priced at $3 per share, below the customary $10 that other SPACs target. The new entity will retain the Deep Fission name, and though its shares aren’t yet trading, it says it intends to quote on the OTCQB.
Disrupt 2026: The tech ecosystem, all in one room
Your next round. Your next hire. Your next breakout opportunity. Find it at TechCrunch Disrupt 2026, where 10,000+ founders, investors, and tech leaders gather for three days of 250+ tactical sessions, powerful introductions, and market-defining innovation. Register now to save up to $400.
Save up to $300 or 30% to TechCrunch Founder Summit
1,000+ founders and investors come together at TechCrunch Founder Summit 2026 for a full day focused on growth, execution, and real-world scaling. Learn from founders and investors who have shaped the industry. Connect with peers navigating similar growth stages. Walk away with tactics you can apply immediately
Offer ends March 13.
The circumstances around the SPAC — the share price, the selected equity market, and the timing of the transaction — suggest that Deep Fission wasn’t able to raise cash from new or existing shareholders, who first capitalized the company with a $4 million check last year.
The proceeds of the merger give the startup a bit more runway than its ill-fated seed round would have, but it also imposes SEC reporting costs for what is likely a small company operating in a very expensive sector. Deep Fission is hoping to start its first reactor by July 2026.
