Deep Fission said it has raised $80 million in new financing to accelerate the commercialization of its advanced nuclear approach, which places small modular pressurized water reactors in boreholes about one mile underground. The Berkeley-based company said the capital raise was completed through a private placement of 5,333,333 restricted shares of common stock at $15.00 per share.
Seaport Global Securities and The Benchmark Company acted as agents for the private placement. Deep Fission said investors included Ed Eisler of EE Holdings and Mark Tompkins of Montrose Capital, who led the company’s previous financing round in September 2025. A Blue Owl-managed fund also participated.
In conjunction with the financing, Deep Fission said it has formed a new strategic relationship with Blue Owl Capital’s Real Assets platform. The companies plan to collaborate to deploy Deep Fission SMR projects for Blue Owl’s digital infrastructure portfolio, with the stated goal of delivering round-the-clock clean power to U.S. electricity grids while supporting the commercialization of advanced nuclear technology and AI-driven digital infrastructure demand.
Deep Fission said Goldman Sachs & Co. LLC served as exclusive financial advisor and will continue providing strategic financial advisory services related to the company’s longer-term growth and capital planning.
The company positioned its reactor concept as a hybrid of mature technologies and established industrial techniques. Deep Fission said its proprietary design combines pressurized water reactor technology with deep borehole drilling methods commonly used in the oil and gas industry, along with heat-transfer methods drawn from geothermal applications.
By leveraging existing supply chains and techniques, Deep Fission estimates its approach could reduce construction costs by roughly 70–80% compared with traditional nuclear plants.
On execution milestones, Deep Fission said it was selected for the U.S. Department of Energy’s Reactor Pilot Program in 2025 and recently broke ground on its pilot project in Parsons, Kansas. The company also said it has announced a development pipeline representing 12.5 GW of future planned deployments.
Deep Fission said it was founded in 2023 by father-daughter team Liz and Rich Muller, and is led by CEO Liz Muller. The company framed the new financing and strategic relationship as support for scalable clean energy deployments and a pathway to demonstrate the potential of next-generation nuclear technology.
KEY QUOTE:
“We are thrilled to complete this latest funding round and to welcome Blue Owl as a new strategic relationship. These milestones will bolster Deep Fission’s pursuit of scalable clean energy deployments and enable us to demonstrate what’s possible with next-generation nuclear technology.”
Liz Muller, Co-Founder And Chief Executive Officer, Deep Fission
