Deep Fission, which develops small modular nuclear reactors deployed in deep underground shafts, lowered the proposed deal size for its upcoming IPO on Wednesday.
The Berkeley, CA-based company now plans to raise $43 million by offering 2.5 million shares at a price range of $16 to $18. The company had previously filed to offer 6 million shares at a price range of $24 to $26. At the midpoint of the revised terms, Deep Fission will raise 72% less in proceeds than previously anticipated and command a fully diluted market cap of $1.1 billion (-38% versus previous terms). Cornerstone investors comprising certain existing shareholders have indicated on $10 million of the IPO (23.53% of the deal).
Deep Fission is a nuclear energy technology company developing a small modular reactor based on pressurized water reactor technology. The company's reactor, called the Gravity Reactor, is designed to be installed approximately one mile below the Earth's surface, where subsurface conditions, including hydrostatic pressure from a water column and the surrounding geological formation, are intended to support containment, cooling, and shielding functions. The approach aims to reduce reliance on the large surface infrastructure associated with conventional nuclear plants, with the potential for lower capital costs, faster deployment, and improved security. Reactors may be deployed individually or in clustered configurations at a single site. Deep Fission has not generated any revenues to date.
Deep Fission was founded in 2023. It plans to list on the Nasdaq under the symbol FISN. The Benchmark Company, Seaport Global, and Maxim Group LLC are the joint bookrunners on the deal.
