Antares Nuclear Secures $470M Series C for Small Modular Reactor Development

Antares Nuclear raises $470M in Series C funding led by Paradigm to advance SMR technology, aiming for 2028 military deployment and 2030s commercial operation.

Woofun AI reports that Antares Nuclear has closed a $470 million Series C financing round, co-led by Paradigm and Caffeinated Capital. The round includes participation from Industrious Ventures, Point72 Ventures, and Shine Capital, comprising $370 million in equity and $100 million in debt.

The company is engineering small modular reactors (SMRs) with outputs ranging from 100 kilowatts to 1 megawatt, utilizing TRISO fuel. As a finalist in the U.S. Department of Defense's Advanced Nuclear Power Systems program, Antares plans to launch its first power-generating reactor next year and deploy units to U.S. military bases by 2028. This follows a $96 million Series B raise last December, bringing total funding to $604 million. Initial SMRs are projected to be operational in the early 2030s at an estimated cost of $214 per megawatt-hour.