Antares has secured $470 million in fresh funding to accelerate its compact nuclear reactor program for U.S. military installations. The round combines $370 million in equity and $100 million in debt, reflecting strong investor confidence in next-generation energy systems.
The Series C was led by Paradigm and Caffeinated Capital, with support from Industrious Ventures, Point72 Ventures, and Shine Capital. The momentum around advanced nuclear technology is being driven by rising electricity demand, especially from data center expansion and broader electrification trends.
Small reactor, broad ambition
Antares is developing a small modular reactor designed to generate between 100 kilowatts and 1 megawatt of electricity, a range that could support up to 750 homes. The company's design uses TRISO fuel, a form of uranium-based fuel enclosed in carbon and ceramic layers for added resilience under high temperatures.
The firm's demonstration unit, the Mark-0, recently reached criticality at Idaho National Laboratory. Antares is also among three finalists in the Pentagon's Advanced Nuclear Power for Installations program, which will evaluate SMRs at Air Force bases in Colorado and Montana.
Antares expects its first electricity-producing reactor to come online next year, with deployment at military sites planned for 2028. The company has now raised $604 million in total, according to a TechCrunch analysis of PitchBook data.
As advanced nuclear startups move from prototypes toward deployment, the sector is becoming a key test case for how compact, factory-built power systems could support resilient energy networks in the years ahead.
