Antares develops small modular reactors capable of producing roughly 100 kilowatts to 1 megawatt of electricity and designs its reactors to use TRISO fuel, which encapsulates uranium in carbon and ceramic shells. Its Mark-0 demonstration reactor reached criticality on June 4 at the Idaho National Laboratory. Antares is a finalist in the Pentagon’s Advanced Nuclear Power for Installations program and is pursuing deployments on Air Force bases in Colorado and Montana. The company plans to bring its first electricity-producing reactor online next year and targets military deployments in 2028. Financially, Antares has raised a total of $604 million to date, including a $96 million Series B in December and the $470 million Series C. The broader advanced nuclear sector faces challenges such as an immature U.S. supply chain and near-term cost competitiveness concerns; Lazard estimates new SMRs could cost about $214 per megawatt-hour, and Antares has not disclosed pricing.

Total raised

$566M

Funding rounds

4

Latest round

Debt Financing

Latest activity

Jul 2026