Deep Fission Seeks $157 Million NASDAQ IPO After Failed Listing Attempt

Deep Fission, a Berkeley-based nuclear startup founded in 2023 by Richard and Elizabeth Muller, is seeking a $157 million NASDAQ IPO after a previous failed listing attempt.

“Deep Fission seeks $157M NASDAQ IPO after previous failed listing The Berkeley-based nuclear startup is trying again to go public, this time targeting a $1”

Crypto Briefing

The company launched its IPO roadshow on May 20, offering 6 million shares priced between $24 and $26 each and targeting a pre-revenue valuation of roughly $1.66 billion on the Nasdaq Global Market.

Crypto Briefing

Deep Fission says it is developing what it calls the Gravity Nuclear Reactor, combining pressurized water reactor technology with advanced subsurface installations in boreholes to minimize surface infrastructure and enhance safety through geological containment.

The startup plans to use IPO proceeds for engineering, research and development, licensing, and constructing its first pilot reactor, with a pilot demonstration expected sometime in 2026 and commercial licensing goals set for 2027.

In a prior attempt, Deep Fission tried to go public in September 2025 through a reverse merger with Surfside Acquisition Inc., a special purpose acquisition company that targeted a far more modest $30 million raise and would have landed the company on the OTCQB exchange.

TechCrunch described Deep Fission’s new IPO as “déjà vu,” recalling that last September the company said it had gone public via a reverse merger with Surfside Acquisition, a Delaware shell company, raising $30 million in a concurrent private placement at $3 a share.

TechCrunch reported that the reverse merger was completed and made Deep Fission a reporting company with SEC obligations, but its stock never actually traded, and it said Deep Fission denied in its S-1 that its stock had ever been publicly traded.

TechCrunch

In response to questions from TechCrunch, Deep Fission declined to comment, citing the quiet period before its IPO.

The TechCrunch account also said Deep Fission’s timeline for turning on its first reactor has slipped, and that back in December it had hoped to achieve criticality by July 2026 but now “won’t provide an estimate.”

TechCrunch added that if Deep Fission doesn’t complete the IPO, it could run out of money in the next 12 months, and it said as of March its deficit had grown to $88.1 million from $56.2 million.

Beyond the IPO price range of $24 to $26 per share and the potential $1.66 billion valuation, Zamin.uz said Deep Fission’s timeline for launching the first reactor is slipping, noting that it previously promised to reach a self-sustaining nuclear chain reaction by July 2026 but now provides no specific dates.

“Nuclear energy startup Deep Fission is making another run at going public, filing for an IPO that could raise $157 million as data centers scramble for carbon-free power”

The Tech Buzz

Zamin.uz reported that as of March the company’s deficit grew from $56.2 million to $88.1 million and that it warned that if the IPO is not successful, the startup could run out of funds and cease operations within the next 12 months.

TechCrunch said Deep Fission points to drilling a test well and that it started drilling the first of three test wells in March, with the well used to collect data “up to 6,000 feet deep.”

TechCrunch also said the company is prioritizing drilling and that it will need boreholes 30 to 50 inches in diameter and a mile deep, though it hasn’t settled on a specific dimension yet.

Crypto Briefing added that Deep Fission has no disclosed connections to cryptocurrency or blockchain ventures, and it said the company raised $4 million in 2024 and supplemented that with $30 million through its SPAC transaction in 2025.