Deep Fission, which develops small modular nuclear reactors deployed in deep underground shafts, raised $40 million by offering 2.5 million shares at $16, the low end of the $16 to $18 range. It originally planned to offer 6 million shares at a range of $24 to $26, before slashing the terms earlier this month. Cornerstone investors comprising certain existing shareholders had 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.
The Berkeley, CA-based company will trade on the Nasdaq under the symbol FISN. The Benchmark Company and Seaport Global acted as joint bookrunners on the deal.
