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Deep Fission is developing the Gravity Reactor to supply electricity initially to hyperscale data centers and other digital infrastructure. The design places a water-cooled nuclear reactor deep underground in a vertical borehole, using the water column’s pressure and surrounding geology to support operation and shielding. It has not deployed a commercial reactor or generated revenue.
Under its planned model, power users would pay reactor projects for electricity through long-term purchase agreements or similar arrangements. Deep Fission would retain equity in some projects to receive a share of their cash flows. It also plans to charge customers and project partners for reactor delivery and development work, followed by recurring technology-licensing and operation-and-maintenance services. It has not signed binding commercial power-sale arrangements, so these remain prospective revenue sources.
Commercial deployment depends on validating the design, securing suitable underground sites, obtaining fuel and raising substantial additional capital. The company has financed operations primarily by selling equity and has not secured fuel supplies for ongoing large-scale deployment. Its current U.S. Department of Energy authorization covers development, demonstration and testing—not commercial operation. Commercial operation in the United States requires a Nuclear Regulatory Commission license, which the company does not have.
The risk section is the longest, dullest part of the filing. This keeps only what can really hurt you: where it hits, how hard, when it plays out.
Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
NuScale Power competes with Deep Fission for buyers seeking modular nuclear power plants; both are developing reactors based on pressurized light-water technology. Watch NuScale’s progress toward commercial deployment of its above-ground modules as a comparison for Deep Fission’s still-developing underground design.
Oklo competes with Deep Fission on a plan to sell electricity from small nuclear plants to customers under long-term power purchase agreements. Watch Oklo’s Aurora electricity-sales plans: it intends to earn mainly from selling power and heat rather than reactor designs, while Deep Fission expects to share project cash flows through retained ownership.
X-Energy competes with Deep Fission for data-center, industrial and utility customers seeking electricity from modular nuclear reactors. Its first Xe-100 projects for Dow and Amazon are worth watching for progress in markets Deep Fission hopes to enter but has not yet served with commercial reactors.
Nano Nuclear Energy Inc. competes with Deep Fission for customers seeking small nuclear reactors instead of conventional large power plants. Watch development of the KRONOS and LOKI reactor technologies it acquired; those reactor programs, rather than its separate fuel and consulting businesses, provide the comparison with Deep Fission.
Fervo Energy Company offers hyperscalers and utilities reliable geothermal electricity, competing with the supply Deep Fission plans to provide from nuclear reactors. Fervo has binding power purchase agreements covering 658 MW; watch its separate Google data-center framework for potential electricity purchases, which is not a binding power purchase agreement.
Constellation Energy already sells nuclear electricity to commercial and industrial customers that Deep Fission hopes to serve with new reactors. Its retail business supplied about 147 TWh of electricity in 2025, primarily to commercial and industrial customers—a measure of the established customer base Deep Fission faces.
Deep Fission, Inc. earningsThis company
Deep Fission’s report will show whether its cash use and reactor-development spending remain within a pace its capital can support.
Read operating cash use, the cash balance and research and development spending together. Controlled cash use alongside continued development would show that funds are lasting longer; faster cash use and rising research spending without corresponding progress would point to mounting pressure. The conclusion is whether Deep Fission can keep developing its reactor with available funds or needs to raise more capital sooner.
NuScale Power Corporation earningsSMR
NuScale Power’s report will show how far its above-ground modules have moved toward commercial deployment, giving Deep Fission a direct competitor to compare against.
Look for disclosed progress toward commercial deployment and whether development is continuing. Clear progress would show that a modular nuclear design is moving closer to customers, raising the bar for Deep Fission as it seeks buyers. Limited progress or delays would show that commercialization remains difficult, but would not prove that Deep Fission’s underground design will face the same outcome. The takeaway is a benchmark for commercial progress, not validation of Deep Fission’s reactor.
X-Energy, Inc. earningsXE
X-Energy’s report will show how its modular nuclear projects for Dow and Amazon are progressing, giving Deep Fission a read on whether industrial and data-center customers are advancing nuclear plans toward deployment.
Look for updates on the Dow and Amazon projects. Progress toward deployment would show that industrial and data-center customers Deep Fission hopes to serve are advancing modular nuclear plans, but it would not mean those customers will choose Deep Fission. Stalled or delayed projects would show that customer interest is not the same as a project moving ahead. The takeaway is whether nuclear projects in Deep Fission’s target markets are advancing, not whether Deep Fission has won customers.
