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Nuclear startup Deep Fission says it’s going public, again, and I have questions

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One news headline this week had a whiff of déjà vu about it. Nuclear startup Deep Fission announced that it was going public, hoping to garner investor support to build subterranean reactors to power AI data centers.

Wait, didn’t I already write that story? I could have sworn that I did. 

Oh right, I did. Last September, Deep Fission said that it had gone public via a reverse merger with Surfside Acquisition, a Delaware shell company, a transaction in which a private company acquires an existing publicly listed entity to gain a stock market listing — raising $30 million in a concurrent private placement at $3 a share. Now it’s seeking $157 million in a Nasdaq IPO at $24 to $26 a share. You can see my confusion.

Turns out the previous public listing was public in name only. The reverse merger with Surfside was completed, making Deep Fission a reporting company with SEC obligations, but its stock never actually traded. The company had said it intended to list on the OTCQB, a marketplace for developing companies that don’t meet the listing requirements of major exchanges like the NYSE or Nasdaq. But searches for Deep Fission on OTCQB don’t return any results, and the company, in its S-1, denied that its stock had ever been publicly traded.

In response to questions from TechCrunch, Deep Fission declined to comment, citing the quiet period before its IPO.

Deep Fission’s new public offering on Nasdaq is following the more traditional IPO route, with an offering that would value the company at up to $1.66 billion. It’s a sizable figure for a company that one year ago was struggling to raise a $15 million funding round.

Stranger still, the picture painted in the S-1 filed on May 20 is arguably bleaker than the one outlined in the December filing with the SEC. Its timeline for turning on its first reactor has slipped. Further, back in December, it had hoped to achieve criticality — the point at which a nuclear chain reaction becomes self-sustaining — by July 2026. Now, it won’t provide an estimate. 

Deep Fission does point out that it is drilling a test well. It has also lost a lot of money. 

One thing that hasn’t changed: The new S-1 statement contains the same “going concern” warning present in December. If Deep Fission doesn’t complete the IPO, it could run out of money in the next 12 months.

In fact, the startup’s financial position has worsened in recent months. As of March, its deficit had grown to $88.1 million from $56.2 million. In the last month and a half, the company’s cash and cash equivalents declined by $6.4 million, or about 7%.

On the technical front, Deep Fission says it is now prioritizing drilling, perhaps a tacit admission that making holes in the ground isn’t as easy as it sounds. 

The company says it started drilling the first of three test wells in March. The well will be used to collect data “up to 6,000 feet deep.” At eight inches in diameter, it’s quite a bit smaller than will be needed at commercial scale. 

The challenges in moving from a test well to commercial scale are likely to be significant. Deep Fission says it will need boreholes 30 to 50 inches in diameter and a mile deep, though it hasn’t settled on a specific dimension yet. Even at the low end, its boreholes will be larger than what’s typically used in the oil and gas industry. And until Deep Fission knows how large of a hole it can drill, it’ll have a hard time finalizing its reactor design.

So what has changed since December that would spur a bigger offering at a nine-figure valuation? The company did receive an $80 million equity investment, including $20 million from data center developer Blue Owl, which also signed a non-binding MOU for future power plants. Still, that wasn’t enough to stave off the going concern warning. It’s possible that Deep Fission is sitting on some positive information that it omitted from the S-1, though that’s hard to believe given what’s riding on the IPO.

It’s more likely that the company and its backers are seeking to capitalize on investor excitement over fission power. Just last month, nuclear fission startup X-energy went public in an upsized IPO. But unlike Deep Fission, X-energy is generating revenue and is significantly farther along in the Nuclear Regulatory Commission’s licensing process — a contrast that serves as a useful reminder that in a sector where enthusiasm can run well ahead of technical and regulatory reality, valuation and progress aren’t the same thing.

It isn’t exactly clear what factors are driving Deep Fission toward its IPO, but technological or commercial progress doesn’t seem to be among them.

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Party Deregistration: ADC youth wing petitions NJC, demands Lifu’s removal

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The National Youth Wing of the opposition African Democratic Congress, ADC) has written a formal petition against Justice Peter Odo Lifu, demanding his removal “from any and all adjudicatory matters, reviews, or decision-making roles concerning the ADC.”

The petition, dated June 18, 2026, was addressed to the Executive Secretary, National Judicial Council (NJC), and signed by the ADC’s national youth leader, Comrade Balarabe Rufai. 

While reading the content of the petition to media in front of the ADC National Secretariat, Comrade Rufai, who was represented by Comrade Ibrahim Garba Wala, alleged that there were attempts to prevent them from submitting the petition at the NJC. 

According to him, all roads leading to the NJC, on Thursday were barricaded by heavily armed security agents; hence, the need to present the petition to the public. 

The petition reads, “We demand the immediate, total removal of Hon. Justice Peter Odo Lifu from any and all adjudicatory matters, reviews, or decision-making roles concerning the ADC. Furthermore, given his pattern of flagrant judicial rascality, we explicitly demand that the National Judicial Council recommend his absolute dismissal from the Nigerian judiciary to preserve the fading credibility of the bench.

“Our democratic architecture is under a coordinated assault by compromised custodians of the law. Under suit number FHC/ABJ/CS/2637/2026, Hon. Justice Peter Odo Lifu delivered a highly controversial ruling ordering the Independent National Electoral Commission (INEC) to deregister the ADC and four other political parties. This judgment is not an honest legal error; it is a calculated, politically motivated act designed to shrink the democratic space in Nigeria and artificially consolidate a two-party monopoly.”

While lamenting what he described as “legal distortions and judicial rascality tying Justice Lifu to this systemic compromise,” the ADC Youth leader said, “Justice Lifu brazenly proceeded with this judgment despite a binding Court of Appeal order that explicitly stayed proceedings on this matter, a move that subverts the sacred doctrine of stare decisis and constitutes gross misconduct.”

“The bench looked away as the plaintiffs, the Incorporated Trustees of the National Forum of Former Legislators, clandestinely altered their legal personality midway through the process without a valid court order.

“While the NJC has previously dismissed certain claims due to standard procedural hurdles, the persistence of these identical accusations across multiple petitions—including those by the Chairman of the Boot Party—proves a systemic erosion of public trust.

“We cannot watch the political rights of millions of young Nigerians be auctioned off by compromised benches. The continuous involvement of Justice Lifu in ADC affairs completely destroys public trust and makes a mockery of fair hearings. As the protectors of our nation’s future, we declare that when the bench compromises its integrity, the youth will become the courtroom of public conscience. The ballot box belongs to us, and we will not allow any court to rob us of our political expression.”

“Until the Council acts to protect institutional integrity, enforces discipline, completely recuses this individual from our affairs, and begins the process for his immediate sack from the bench. Respectfully submitted on behalf of the Nigerian youth during a live protest.”

This comes as Lifu, in a judgment, ordered the Independent National Electoral Commission to deregister five opposition parties, including ADC. 

However, following widespread condemnation, the appeal court ordered a stay of execution of the judgment. 

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IPCR, SFCG urge action to save democracy from conflict drivers

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The Institute for Peace and Conflict Resolution (IPCR) and Search for Common Ground (SFCG) have called for efforts to address conflict drivers threatening democracy.

The organisations made the call on Thursday in Abuja at a joint news conference to commemorate the 2026 Democracy Day.

The Director-General of IPCR, Dr Joseph Ochogwu, said democracy remained the best form of government and depended on active citizen participation.

According to him, weak civic engagement, voter apathy and poor democratic culture continue to challenge democratic consolidation in Nigeria.

Mr Ochogwu said IPCR’s conflict assessments showed that many pressures on democracy stemmed from citizen disengagement rather than democracy itself.

He urged Nigerians, especially youths, to participate actively in elections and governance processes to strengthen democratic institutions.

The IPCR boss described electoral violence, intimidation and coercive political practices as serious threats to democratic development.

He called on political actors, electoral institutions, security agencies, media organisations and civil society groups to promote peaceful political engagement.

Mr Ochogwu also expressed concern over the increasing monetisation of politics, saying it excluded ordinary citizens from meaningful participation.

He identified terrorism, banditry, organised crime and violent extremism as major threats undermining governance and public confidence in institutions.

Responding to questions, Mr Ochogwu said insecurity would not prevent the conduct of elections in 2027.

He urged Nigerians not to lose hope in the country and to continue supporting democratic processes.

The Director of Programmes, Search for Common Ground,  Gift Omoniwa, said protecting democracy required addressing insecurity and conflict drivers.

Mrs Omoniwa said banditry, kidnapping and violent extremism continued to threaten peace, stability and democratic governance across Nigeria.

She stressed the need for inclusive approaches that address root causes of conflict and promote peaceful coexistence.

According to her, vulnerable youths remain targets for recruitment by violent groups, posing risks to national security and democracy.

She advocated greater youth empowerment, economic opportunities and meaningful participation in governance processes.

Mrs Omoniwa disclosed that SFCG and IPCR recently conducted conflict assessments in Benue, Nasarawa, Plateau and Taraba states.

She said the findings were being shared with stakeholders to support evidence-based interventions and conflict prevention efforts.

The interventions include strengthening early warning systems, peace committees and livelihood programmes in affected communities.

Mrs Omoniwa expressed confidence that the measures would support peaceful and credible elections in 2027.

She reaffirmed SFCG’s commitment to working with government institutions, civil society groups and communities to promote peace and democratic governance. 

(NAN)

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