Here are 1-3 brief analogies to describe Deep Fission:

• Imagine NuScale Power, but for nuclear reactors designed to be buried a mile underground.

• It's like a utility such as Constellation Energy, but focused on developing and deploying small, modular nuclear reactors deep below the earth's surface to provide power.

• Gravity Reactor: A small modular reactor (SMR) designed for deep borehole emplacement, leveraging subsurface conditions to produce up to 15 MWe of electric power.

Deep Fission (FISN) is a nuclear energy technology company currently in the development stage. According to the provided description, the company was incorporated in July 2023, and the Gravity Reactor remains in conceptual and early engineering stages. Deep Fission has not yet constructed or operated a commercial reactor or generated revenue.

Therefore, Deep Fission currently does not have any major customers. The company aims for commercialization in the next three years.

Based on the nature of their product—small modular reactors (SMRs) designed to produce 15 megawatts of electric power output (MWe) for standalone installations or clustered sites capable of supplying hundreds to thousands of MWe—their prospective customers would be entities requiring substantial, reliable electricity generation. These would likely include:

1. Electric utility companies
2. Large industrial enterprises (e.g., data centers, manufacturing facilities)
3. Government agencies or military installations

Liz Muller, Co-Founder & CEO, Board Chair
As Co-Founder and CEO of Deep Fission, Liz Muller leads the development and commercialization of an underground nuclear energy system. She is a serial nuclear entrepreneur with a track record of building organizations, and previously co-founded and served as CEO of Deep Isolation, a nuclear waste disposal company, where she now serves as Board Chair. Muller also co-founded Berkeley Earth, a climate science nonprofit.

William Mark Schmitz, Chief Financial Officer
William Mark Schmitz brings over 40 years of financial leadership experience across various capital-intensive industries to Deep Fission. He has served as CFO for major organizations including Goodyear, Itron, Plug Power, and Alghanim Industries, and has experience scaling companies and leading financial turnarounds. He also held leadership roles across multiple international markets.

Rich Muller, Co-Founder & CTO
Rich Muller is a co-founder and CTO of Deep Fission, and also a co-founder of Deep Isolation. He is a Professor Emeritus of Physics at the University of California, Berkeley, and a prolific inventor with over 80 issued patents. His research on deeply buried nuclear waste has earned him numerous awards, including the MacArthur “Genius” Prize.

Mike Brasel, Chief Operating Officer
Mike Brasel possesses nearly three decades of experience in the nuclear industry, having held senior roles at NuScale Power where he managed multi-billion-dollar nuclear projects and led supply chain development. His background also includes serving as Plant Manager of the La Crosse Boiling Water Reactor and as a U.S. Navy Nuclear Plant Operator.

Stacy Tarver Patterson, Chief Marketing Officer
Stacy Tarver Patterson leads narrative strategy, market positioning, and go-to-market development for advanced nuclear energy deployment at Deep Fission. She has 19 years of experience in global marketing strategy, digital product growth, and brand transformation for technology and consumer platforms.

Key Risks to Deep Fission (FISN)

1. Technical and Operational Execution Risk: Deep Fission is in the early conceptual and engineering stages, having not yet constructed or operated a commercial reactor. The company faces significant, unproven technical and operational challenges in demonstrating its core technology, including successfully drilling commercial-scale boreholes, safely deploying a prototype reactor a mile underground, and integrating it into an energy ecosystem within an ambitious timeline.
2. Regulatory Approval and Licensing Risk: The commercial viability of Deep Fission's Gravity Reactor is entirely contingent on obtaining authorization from the U.S. Department of Energy (DOE) and commercial licenses from the U.S. Nuclear Regulatory Commission (NRC) for its novel deep borehole small modular reactor (SMR) design. The company is targeting aggressive timelines for these approvals, with a commercial license application to the NRC in the first half of 2027 and high-volume commercial licensing as early as 2027, which presents a substantial risk given the stringent and often lengthy regulatory processes for nuclear technologies.
3. Commercialization and Revenue Generation Risk: As a development-stage company with no commercial reactor operations or generated revenue, Deep Fission faces significant challenges in transitioning from development to commercial deployment. Even if technical and regulatory hurdles are overcome, there there is a risk in achieving high-volume commercial deployment, securing market adoption, and realizing revenue targets, particularly given the anticipated lag between the start of construction and revenue recognition.

Deep Fission (FISN) anticipates several key drivers for future revenue growth over the next 2-3 years, stemming directly from its phased commercialization strategy for the Gravity Reactor:

1. Conversion of Pilot Reactors to Commercial Operation: Deep Fission aims to demonstrate the Gravity Reactor and apply for a commercial license with the U.S. Nuclear Regulatory Commission (NRC) in the first half of 2027, intending to convert the same pilot reactor to commercial operation. This initial commercial operation of pilot wells is expected to be the company's first source of revenue.
2. High-Volume Commercial Licensing and Clustered Deployment at Single Sites: As part of its third deployment phase, the company targets seeking high-volume commercial licensing with the NRC as early as 2027 for the deployment of multiple reactors at a single site through clustered boreholes. This strategy allows for larger installations capable of supplying hundreds and potentially thousands of MWe of generation capacity, driving significant revenue growth per site.
3. Expansion to Multiple Sites: Following initial single-site deployments, Deep Fission plans to expand its commercial operations to multiple sites, increasing its overall market reach and power generation capacity across different locations.
4. Capitalizing on AI-Driven Energy Demand: Deep Fission is strategically positioning its Gravity Reactor to meet the rapidly increasing demand for energy, particularly from AI-driven sectors. The ability to achieve deployment milestones on a timeline sufficient to address this surge in demand is a critical objective for the company, indicating a large potential market for its power generation.

Inbound Investments

• Deep Fission is currently participating in the U.S. Department of Energy (“DOE”) Reactor Pilot Program, through which it expects to demonstrate its system.

Capital Expenditures

• Deep Fission has commenced initial field development activities at its Kansas Site, including drilling its first data acquisition well up to 6,000 feet deep.
• The company plans to focus the balance of this year and into early 2027 on the delivery of key components for full-system installation, including well casing, its reactor canister, heat exchanger, and LEU fabrication and loading.
• Deep Fission has a long-term lease for approximately 100 acres located within the Great Plains Industrial Park in Parsons, Kansas, for its development activities.