Deep Fission, Inc.

What they do

Deep Fission is developing a small modular reactor based on established pressurized water reactor technology, emplaced in deep boreholes about one mile below the surface. Each Gravity Reactor is targeted to produce up to 15 MWe, and reactors can be deployed individually or in clustered boreholes at a single site for larger installations. The company has drilled a data acquisition well to 6,000 feet at its 100-acre leased Kansas Site in Parsons, Kansas, and is advancing a near full-scale proof-of-concept well. It remains in the development stage with no revenue and participates in the DOE Reactor Pilot Program.

Revenue drivers

• Gravity Reactor electricity sales — The company has no revenue; future revenue would come from power sales or power purchase agreements, but no commercial arrangements are described in the excerpts.
• Reactor cluster deployments — Individual 15 MWe reactors may be grouped in borehole clusters at a single site, with the stated potential to supply hundreds and potentially thousands of MWe, though none are built or sold.
• Commercial licensing pathway — The company intends to apply for an NRC commercial license in 2027 and to seek high-volume commercial licensing as early as 2027, but licensing and revenue remain prospective.

Recent performance

Net loss widened from $5.7M in 2024 to $61.0M in 2025, with diluted EPS of -$2.41. Operating cash flow was -$13.1M in 2025 versus -$2.8M in 2024. As of June 30, 2026, total assets were $107.3M, total liabilities $8.6M, shareholder equity $98.8M, and cash and equivalents $93.0M. The company has no revenue and remains in the development stage.

Strategy

The company is executing a three-phase deployment plan aimed at commercialization within three years. Phase one covers engineering validation and proof-of-concept wells at the Kansas Site, including a second near full-scale well, with component delivery for full-system installation targeted for the balance of this year and into 2027. Phase two involves DOE authorization and commercial pilot wells, with an NRC commercial license application targeted for 2027. Phase three involves surface facilities and high-volume commercial licensing for clustered boreholes. The company is prioritizing drilling at commercial scale, underground nuclear system integration, and operation as part of a complete energy ecosystem.

Risks

• Unproven technology — The Gravity Reactor is unproven and may not perform as expected or be commercially viable, per the company's risk factors.
• Going concern and capital needs — The company has no revenue, a history of losses, a going-concern opinion from its auditors, and requires substantial additional capital.
• Drilling and subsurface risk — The technology depends on successful deep vertical borehole drilling and subsurface engineering, which involve significant technical and regulatory risks.
• No nuclear operating experience — The company has no experience operating nuclear facilities and may be unable to develop necessary operational capabilities.

Outlook

Management targets completion of phase-one engineering validation activities by the end of the year, with the balance of this year and into 2027 focused on delivery of key components including well casing, the reactor canister, and heat exchanger, as well as design completion. Following conditional DOE approval of its Nuclear Safety Design Agreement, the company plans to advance DOE review, submit a Preliminary Documented Safety Analysis, and apply for an NRC commercial license in 2027, with high-volume commercial licensing targeted as early as 2027.