Targeting deployment of first underground reactor in 2026 as part of the Department of Energy’s Reactor Pilot Program

By leveraging natural geology, the Company eliminates the need for expensive megastructures, expecting to cut costs by up to 80%

First commercial project targeting 5-7 cents per kWh

Patent-pending Borehole Reactor integrates established nuclear, drilling, and geothermal technologies to dramatically reduce construction time and expense

BERKELEY, Calif.–(BUSINESS WIRE)–Deep Fission, Inc. (“Deep Fission” or the “Company”), a pioneering advanced nuclear energy company placing small modular pressurized water reactors in boreholes one mile underground, announced today it raised $30M in a heavily oversubscribed private placement offering at $3.00 per share as well as completed a go-public reverse merger transaction with Surfside Acquisition Inc., which has been renamed Deep Fission, Inc.

“Deep Fission has the right technology, at the right time, and in the right place.”Share

The Department of Energy (DOE) recently announced that Deep Fission was selected to participate in President Trump’s Nuclear Reactor Pilot Program. The initiative provides an opportunity to streamline a pilot reactor, targeting criticality by July 4, 2026, with expected rapid commercialization to follow.

“This is a unique moment for the nuclear industry,” said Liz Muller, Co-Founder and Chief Executive Officer of Deep Fission. “Deep Fission has the right technology, at the right time, and in the right place. With this funding, we can begin building our pilot reactor, with the goal of completion in 2026. We believe we can scale our technology rapidly and profitably to address the massive energy demand from AI data centers and other customers around the world.”

Deep Fission’s proprietary design combines proven methods from the nuclear, oil and gas, and geothermal industries, while utilizing off-the-shelf parts and readily available, low-enriched uranium (LEU) to simplify supply chains. By siting the reactor one mile underground, the surrounding geology offers natural shielding and protection with billions of tons of bedrock providing passive safety and containment. The approach reduces the surface footprint, strengthens security, and is designed to enable a faster, more affordable path to deployment. The Company is targeting a levelized cost of electricity (LCOE) of 5-7 cents per kWh from its first-of-a-kind commercial implementation.

Backed by a robust intellectual property portfolio, the Company currently has 24 pending patent applications with 1 US application allowed and over 40 unique innovations.

As a result of the reverse merger, the Company is now subject to the public reporting requirements of the Securities Exchange Act of 1934, as amended. The Company intends to file a resale registration statement on Form S-1 with the SEC to register its outstanding shares and will apply to have its shares approved for quotation on the OTCQB (The Venture Market).

The Benchmark Company, LLC, Seaport Global Securities LLC, Network 1 Financial Securities, Inc., Phoenix Financial Services, and Dinosaur Financial Group, LLC served as placement agents. Montrose Capital Partners sponsored the go-public transaction, and investors in Deep Fission include 8VC, Deep Future, Wave Function, Ed Eisler of EE Holdings, and Mark Tompkins of Montrose Capital Partners.

About Deep Fission

Deep Fission is revolutionizing the energy landscape with innovative technology that places a small modular pressurized water reactor in a borehole one mile underground. Founded and led by a team of seasoned scientists, engineers, and entrepreneurs, the Company is committed to delivering safe, reliable, and affordable low-carbon power at scale. Deep Fission was recently selected for the Department of Energy’s new Reactor Pilot Program and is targeting criticality by July 2026. Deep Fission was founded in 2023 by father-daughter team Elizabeth and Richard Muller. Learn more at deepfission.com.

For media inquiries, please contact:
chloe.frader@deepfission.com

Forward-Looking Statements

This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements relate to, among others, our plans, objectives and expectations for our business, future growth, awards, backlog, operations and financial performance and condition. Forward-looking statements can include terminology such as “may,” “should,” “expect,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “will,” “could,” “project,” “target,” “potential,” “continue” and similar expressions that do not relate solely to historical matters or actual results. Such forward-looking statements include statements regarding the company’s: intent to file a resale registration statement on Form S-1 and apply for quotation on the OTCQB; target of an LCOE of 5-7 cents per kWh; plans to streamline a pilot reactor by July 4, 2026 in connection with the DOE’s Reactor Pilot Program and projections of initial reactor build costs. Forward-looking statements are based on management’s belief and assumptions, including current expectations and projections about future events and trends, and on information currently available to management.

Forward-looking statements in this or any other release are subject to a number of risks, uncertainties, and assumptions that could cause actual results to be materially different from those forecasted assumed. Such risks, uncertainties, and assumptions are subject to a number of factors, including, among others: that the Company’s initial pilot facility and commercial applications may progress more slowly than projected or encounter delays and engineering changes that increase the expense and capital requirements for execution; that the market for our Deep Fission Reactor technology is not yet established and may not achieve the growth potential we expect or may grow more slowly than expected; that the necessary approvals and licenses relating to various aspects of our business may not be granted on a timely basis, if at all; that the cost of electricity generated from our Deep Fission Reactors may not be cost competitive with future electricity generation sources in some markets; that we may not succeed in entering into any binding contract with any customer to deliver our Deep Fission Reactors; that we may not be successful in entering into partnerships with strategic partners and government entities that would be important to our business; that we have limited experience commercializing our products at a large scale; that our SDA applications may not be approved, and any rework necessary to address NRC concerns could significantly delay the commercialization of our products; potentially having to defend ourselves against intellectual property infringement claims; the possibility that the benefits to customers of our products could be supplanted by other technologies or solutions or competitors’ products; that our auditor has issued a “going concern” opinion; that our business plans require a significant amount of capital but that there can be no assurance that such capital will be available to us on a timely basis, if at all. The foregoing is not an exhaustive list of all the factors that may cause any forward-looking statements to prove inaccurate or our actual results may differ materially from our expectations and forecasts. Moreover, we operate in a highly regulated environment. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties, and assumptions, the future events and trends discussed in this Release may not occur and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. We cannot guarantee future results, performance, or achievements. We undertake no obligation to update any forward-looking statements for any reason after the date of this Release or to conform these statements to actual results or revised expectations, except as required by law.

Additional information concerning the factors above and other factors will be found in the Company’s public filings with the SEC, including the sections titled “Forward-Looking Statements” and “Risk Factors” in the Company’s Current Report on Form 8-K that will be filed with the SEC on or about September 11, 2025 and in subsequent filings with the SEC. The referenced SEC filings will be available either publicly when filed or upon request.

Contacts

IR@deepfission.com
707-400-0778

For media inquiries, please contact:
chloe.frader@deepfission.com

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