Deep Fission signs LOIs for up to 18.5 GW of nuclear capacity

The mile-deep reactor developer has secured non-binding agreements with data centers and industrial partners representing more capacity than 15 typical natural gas plants.

Deep Fission Inc. has signed letters of intent with data centers, co-developers and industrial parks representing as much as 18.5 gigawatts of potential generation capacity for its mile-deep small modular reactors, the company said Wednesday.

"The growing pipeline is a testament to the urgent interest in our mile-deep deployment model," Liz Muller, chief executive officer and co-founder of Deep Fission, said. "Data center developers and other industrial partners need a solution that can be deployed quickly and then scaled rapidly."

The Berkeley, California-based company is developing the Gravity Nuclear Reactor, a pressurized water reactor designed to be installed in a borehole roughly one mile underground. Deep Fission has completed drilling its first data acquisition borehole to approximately 6,000 feet at the Great Plains Industrial Park in Parsons, Kansas, where it is building its first reactor as part of the US Department of Energy's Reactor Pilot Program. The company's next milestones include demonstrating a commercial-scale borehole and deploying a prototype reactor.

The LOIs are non-binding and carry no commitments to purchase electricity, finance projects or deploy a specific number of reactors. Either party can terminate without penalty. Deep Fission plans to apply for a commercial license with the Nuclear Regulatory Commission in the first half of 2027, targeting first commercial operations in 2027-2028, subject to technical progress, financing and regulatory approvals.

The announcement places Deep Fission among a growing roster of advanced nuclear developers vying to supply round-the-clock power to data centers, which face surging electricity demand from artificial intelligence workloads. Tech companies including Microsoft Corp., Amazon.com Inc. and Alphabet Inc. have signed power purchase agreements with nuclear operators, while developers of small modular reactors — typically defined as units under 300 megawatts — have attracted billions in private and government funding.

Deep Fission's approach differs from competitors such as NuScale Power Corp. and TerraPower LLC by placing the reactor underground, a design the company says simplifies construction and enhances safety. The company uses established pressurized water reactor technology — the most common reactor type operating globally — paired with a novel deployment model that eliminates the need for large above-ground containment structures.

The 18.5 GW pipeline, if even partially converted to firm contracts, would represent a significant revenue opportunity for Deep Fission, which trades on the Nasdaq under the ticker FISN. For context, the entire US nuclear fleet generates about 97 GW of capacity. The company did not disclose the specific counterparties behind the LOIs or the geographic distribution of the potential projects.

This article is for informational purposes only and does not constitute investment advice.