Deep Fission Funding, Investors & Competitors

Deep Fission has raised $114M across 3 funding rounds, most recently a $80M undisclosed-stage round in February 2026.

Last Deep Fission funding round

$80M

Undisclosed stage · Feb 2026

Cumulative funding Deep Fission raised

$114M

across 3 funding rounds

Key investors in Deep Fission

Deep Fission Overview

About Deep Fission

Deep Fission is a Denver-based nuclear energy startup developing modular reactors deployed one mile underground to harness geothermal heat for power generation. The company engineers small-scale fission systems that integrate with existing oil and gas wells, converting deep earth thermal energy into baseload electricity without surface footprint expansion. Deep Fission advances subsurface reactor technology through prototypes tested in Colorado basins, targeting utilities seeking carbon-free power sources amid rising demand for reliable renewables.


Founded

2023

HQ

United StatesSan Francisco, CA

Status

Privately held

Customer focus

B2B

Revenue model

Product sales

Deep Fission Funding History

Deep Fission has raised a total of $114M across 3 funding rounds.

Deep Fission's first fundraising round was a $4M pre-seed round in August 2024. The most recent completed round was a $80M undisclosed-stage round in February 2026.

Deep Fission funding rounds

Deep Fission funding rounds
DateStageInvestorsRaisedDeal Summary
Feb 2026Undisclosed stageBlue Owl Capital Inc.; Mark Tompkins; Ed Eisler$80MDeep Fission is an advanced nuclear energy company developing small modular pressurized water reactors (SMRs) placed in boreholes one mile underground to deliver safe, reliable, and affordable low-carbon power at scale. Founded in 2023 by Liz and Rich Muller, the company was selected for the Department of Energy’s Reactor Pilot Program and is building its first reactor in Parsons, Kansas, targeting deployment in 2026. The technology leverages natural geology to eliminate expensive megastructures, aiming to cut costs by up to 80% and achieve first commercial projects at 5-7 cents per kWh. In February 2026, Deep Fission raised $80 million through the sale of 5,333,333 restricted shares of common stock at $15.00 per share, up from $3.00 in its September 2025 round. Key investors included Ed Eisler of EE Holdings and Mark Tompkins of Montrose Capital, who led the prior financing, along with participation from a Blue Owl-managed fund. Seaport Global Securities and The Benchmark Company acted as agents, with Goldman Sachs providing financial advisory services. The round coincides with a new strategic relationship with Blue Owl Capital’s Real Assets platform, which manages over $295 billion in assets, to deploy Deep Fission SMR projects for Blue Owl’s digital infrastructure portfolio, addressing power needs for AI data centers and U.S. electricity grids. This partnership underscores investor confidence in Deep Fission’s role in powering the AI boom with baseload, carbon-free energy. The company went public via a reverse merger sponsored by Montrose Capital in 2025, following a $30M financing.
Sep 2025Undisclosed stage8VC; Deep Future; Wave Function; Mark Tompkins; Ed Eisler$30MDeep Fission Nuclear completed a $30M financing in a go-public transaction sponsored by Montrose Capital Partners around September 8, 2025. Investors included 8VC, Deep Future, Wave Function, Ed Eisler of EE Holdings, and Mark Tompkins of Montrose Capital Partners. Placement agents were The Benchmark Company, Seaport Global Securities, Network 1 Financial Securities, Phoenix Financial Services, and Dinosaur Financial Group. The company plans to file a resale registration statement on Form S-1 and apply for quotation on the OTCQB, with a target LCOE of 5-7 cents per kWh, a streamlined pilot reactor by July 4, 2026 for the DOE’s Reactor Pilot Program, and initial reactor build cost projections. Deep Fission develops advanced nuclear technology using small modular pressurized water reactors placed in boreholes about one mile underground, combining pressurized water reactor tech with deep borehole drilling from oil and gas and heat-transfer from geothermal. Founded in 2023 by Liz and Rich Muller, it is led by CEO Liz Muller and based in Berkeley, CA. In a subsequent February 2026 round, Deep Fission raised $80M through the sale of 5,333,333 restricted shares at $15.00 per share, with Seaport Global Securities and The Benchmark Company as agents. Investors included Ed Eisler, Mark Tompkins (who led the prior round), and a Blue Owl-managed fund. Goldman Sachs acted as exclusive financial advisor for long-term growth and capital planning.
Aug 2024Pre-seed8VC (lead)$4MDeep Fission is a nuclear energy company founded in 2023 by Elizabeth and Richard Muller, developing small modular pressurized water reactors placed one mile underground in boreholes to provide safe, cost-effective clean power. The company emerged from stealth mode and closed a $4 million pre-seed funding round on August 22, 2024, led by 8VC. The funds support hiring, regulatory approvals, and commercialization of its borehole reactor technology, which integrates established nuclear, drilling, and geothermal methods. Deep Fission had achieved key milestones by the round date, including a completed conceptual design for a 15 MW microreactor, submission of a regulatory engagement plan and conceptual design white paper, and a design review meeting with the Nuclear Regulatory Commission. Headquartered in Berkeley, California, the startup targets reduced construction time, expense, smaller surface footprint, and enhanced security for underground deployment.

Who has invested in Deep Fission?

6 investors have backed Deep Fission across its funding rounds, including 8VC, Mark Tompkins, Ed Eisler, Blue Owl Capital Inc., Deep Future and Wave Function.

Lead investors include 8VC.


Deep Fission Investors

Investors in Deep Fission by funding rounds participated
InvestorHQRoundsRoleFirst check
8VCUnited StatesSan Francisco, CA2LeadAug 2024
Mark TompkinsUnited StatesUnited States2ParticipantSep 2025
Ed Eisler--2ParticipantSep 2025
Blue Owl Capital Inc.United StatesNew York City, NY1ParticipantFeb 2026

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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples

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Deep Fission Competitors

Deep Fission competitors include listed companies like Cenovus Energy, Cheniere Energy, Vistra and Cameco, and private ones like Valar Atomics and Commonwealth Fusion Systems.

Public and private companies comparable to Deep Fission
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Cenovus EnergyCanadaCanadaPublicly listed$38B$7.3B$61B1.6x
Cheniere EnergyUnited StatesUnited StatesPublicly listed$20B$11B$56B3.9x
VistraUnited StatesUnited StatesPublicly listed$18B$5B$48B3.3x
CamecoCanadaCanadaPublicly listed$2.5B$825M$41B16.1x
Valar AtomicsUnited StatesLos Angeles, CAPrivate--$6B-
Commonwealth Fusion SystemsUnited StatesUnited StatesPrivate--$3.4B-

Deep Fission Public Comps

Deep Fission is still privately-owned, but its public comps include Aramco, ExxonMobil, Chevron, PetroChina, Shell, GE Vernova, TotalEnergies, NextEra Energy, ConocoPhillips and Iberdrola.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Aramco$446B$213B3.9x3.7x8.2x7.1x
ExxonMobil$324B$68B2.2x1.8x10.5x8.0x
Chevron$184B$41B2.4x2.0x10.8x7.2x
PetroChina$427B$70B0.8x0.7x4.7x4.4x
Shell$267B$55B1.2x1.0x5.8x4.5x
GE Vernova$38B$3.2B6.2x5.4x73.5x43.5x
TotalEnergies$182B$38B1.3x1.2x6.3x5.0x
NextEra Energy$27B$16B10.5x9.6x17.9x16.2x

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Common questions about Deep Fission

When was Deep Fission founded?Deep Fission was founded in 2023.
Where is Deep Fission headquartered?Deep Fission is headquartered in San Francisco, CA, United States.
Is Deep Fission publicly listed?No, Deep Fission is a private, VC-backed company.
How much funding has Deep Fission raised?Deep Fission has raised $114M across 3 funding rounds.
What was Deep Fission's last funding round?Deep Fission's last funding round was a $80M undisclosed-stage round in February 2026.
Who are Deep Fission's investors?Deep Fission's investors include 8VC, Mark Tompkins, Ed Eisler, Blue Owl Capital Inc., Deep Future and Wave Function.
Which companies are comparable to Deep Fission?Companies comparable to Deep Fission include Cenovus Energy, Cheniere Energy, Vistra, Cameco, Valar Atomics and Commonwealth Fusion Systems.

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