Antares, $470M raised to build nuclear reactors for U.S. military
Original: Antares raises $470M to build nuclear reactors for the U.S. military
Why This Matters
Growing nuclear investment reflects surging power demand from AI data centers and military electrification needs.
Nuclear startup Antares announced a $470M Series C round on July 27, 2026, led by Paradigm and Caffeinated Capital, to develop small modular reactors (SMRs) for U.S. military bases, with deployments planned for 2028.
Antares Nuclear has raised $470 million in a Series C round comprising $370 million in equity and $100 million in debt. The round was led by Paradigm and Caffeinated Capital, with participation from Industrious Ventures, Point72 Ventures, and Shine Capital. This brings the company's total funding to $604 million.
Antares is developing an SMR capable of producing between 100 kilowatts and 1 megawatt of electricity, using TRISO fuel encapsulated in carbon and ceramic shells. Its demonstration reactor, the Mark-0, achieved criticality on June 4 at Idaho National Laboratory. The company is one of three finalists in the Pentagon's Advanced Nuclear Power for Installations program, which will test SMRs on Air Force bases in Colorado and Montana.
Antares aims to bring its first electricity-producing reactor online in 2027, with military deployments planned for 2028. The nuclear sector has seen significant investor interest amid surging electricity demand driven by AI data center construction. In April 2026, X-energy raised $1 billion via IPO, and Radiant Energy, Standard Nuclear, and Last Energy have each raised nine-figure rounds since December 2025. Analysts note that SMRs face cost challenges, with Lazard estimating new SMR electricity costs at approximately $214 per megawatt hour.