Antares raises $470M for nuclear reactors for U.S. military

Nuclear power technology startup Antares announced Monday it has raised $470 million to construct small reactors for U.S. military bases.

The funding round, led by Paradigm and Caffeinated Capital, signals growing investor interest in advanced nuclear startups. This trend is fueled by the boom in AI data center construction and the demand for new power sources. The total funding includes $370 million in equity and $100 million in debt.

Antares is developing a small modular reactor (SMR) capable of producing between 100 kilowatts and 1 megawatt of electricity, enough to power up to 750 homes. The company aims to provide reliable, carbon-free energy, particularly for military installations.

The company's reactor design utilizes TRISO fuel, which encapsulates uranium within carbon and ceramic shells, touted as a safer alternative to traditional nuclear fuel. Antares's demonstration reactor, the Mark-0, achieved criticality on June 4 at the Idaho National Laboratory. The company is one of three finalists in an Air Force advanced nuclear power initiative.