Deep Fission, Inc
Deep Fission, Inc. is a U.S.-based nuclear energy development company focused on designing and deploying underground Gravity Reactor systems. The company’s work spans reactor engineering, deep borehole drilling, geological evaluation, safety analysis, licensing preparation, and commercialization planning.
Fiscal year 2025 · change from previous year
Development 2022–2025
Business
Share of revenueEngineering and development of the Gravity Reactor platform and related subsurface systems.
Upfront project work tied to deployment, site preparation, and commercialization planning.
Licensing of reactor and deployment intellectual property to project operators.
Recurring services for operating installed Gravity Reactor systems.
Customers
Deep Fission’s intended customers are utilities, project developers, and industrial power users that would buy nuclear generation capacity or license the company’s reactor technology. The company also targets strategic partners and site hosts that need development support, regulatory coordination, and long-duration clean power solutions. Because the business is still in development, customer demand is tied to future reactor deployment, licensing, and project financing rather than current commercial sales.
Buy deployed reactor capacity or partner on project development for firm electricity supply.
Seek reliable on-site or nearby clean baseload power for energy-intensive operations.
Use the company’s technology and development services to structure new reactor projects.
License the Gravity Reactor platform and deployment know-how for specific sites.
Provide locations and infrastructure support for future underground reactor projects.
Strategy
Deep Fission’s strategy is to move the Gravity Reactor from concept and early engineering into a licensed pilot and then into commercial deployment. The company is pursuing a phased path that combines reactor demonstration, regulatory alignment, and eventual clustered multi-reactor site development, supported by its patent portfolio and drilling-related know-how.
A working pilot is the key proof point for technical feasibility and licensing progress.
DOE and NRC approvals are required before demonstration and commercial deployment.
The business model depends on converting a pilot into repeatable site deployments and recurring services.
Licensing and deployment know-how can create recurring revenue beyond single projects.
Geography
Deep Fission is headquartered in the United States and its development, regulatory, and commercialization activities are centered there. The company’s future deployment footprint is expected to depend on U.S. nuclear licensing, DOE coordination, and site-specific geology, so geography is closely tied to permitting and subsurface conditions. No country-level revenue has been disclosed because the company has not yet commercialized its reactor platform.
Risks
Deep Fission faces substantial execution, financing, and regulatory risk because it has not yet commercialized a reactor and must prove both technical and licensing viability. Nuclear projects also carry long development cycles, safety and permitting complexity, and dependence on external capital, while subsurface deployment adds drilling and geology-specific uncertainty.
The Gravity Reactor remains in conceptual and early engineering stages, so technical success is unproven.
DOE authorization and NRC licensing are prerequisites for demonstration and commercial operation.
Exposure: Pilot reactor and commercial licensing
The company expects substantial additional capital needs and may rely on equity or convertible funding.
Exposure: Future capital raises and shareholder dilution
Underground reactor deployment depends on borehole integrity, casing, and site-specific subsurface conditions.
Exposure: Site selection and reactor emplacement
Nuclear projects face heightened scrutiny, safety requirements, and stakeholder resistance.
Accounting
Judgemental itemsThe merger was treated as a recapitalization, so historical financials reflect Legacy Deep Fission for prior periods.
Impact: Affects comparability of pre- and post-merger statements
SAFE notes were accounted for as derivatives, requiring fair value estimates and judgment.
Impact: Can create volatility in liabilities and non-cash gains or losses
Option and award values depend on Black-Scholes inputs and subjective assumptions.
Impact: Affects operating expenses and equity dilution
Development costs are expensed immediately, which shapes reported losses during the build-out phase.
Impact: Impacts operating results before commercialization
Once projects begin, upfront development, licensing, and O&M revenue will likely have different timing patterns.
Impact: Could affect quarter-to-quarter comparability
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Last updated: 24/09/2026