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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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Army arrests two soldiers over alleged ammunition racketeering

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The Nigerian Army has apprehended two soldiers over alleged ammunition racketeering, while troops recovered an AK-47 rifle during separate operations in Zamfara and Kaduna.

An operational report made available to journalists on Thursday said the soldiers were arrested by troops of Operation Fansan Yamma after allegedly attempting to transfer 60 rounds of 7.62mm special ammunition to a suspected civilian buyer.

According to the report, one of the soldiers allegedly handed the ammunition to the other in the presence of the suspected buyer.

The report said the suspects, attached to the headquarters of Operation Fansan Yamma and 223 Battalion, were arrested at about 7:50 p.m. on Wednesday.

It added that troops recovered four mobile phones, two empty magazines, an ATM card, a motorcycle, a cutlass, keys, recharge cards and other items from the suspects.

According to the report, the suspects and recovered items were handed over to the 1 Brigade Provost Company for further investigation.

“Meanwhile, troops of 1 Division operating along the Abuja-Kaduna highway engaged suspected terrorists after detecting their movement with a long-range camera.

“The troops engaged the terrorists in bushes across the Abuja-Kaduna railway line, forcing them to withdraw.

“During a follow-up operation, troops recovered an AK-47 rifle, a magazine loaded with 13 rounds of 7.62mm special ammunition and other items.

“The recovered items included a military jungle hat, magazine carrier, civilian clothing, prayer mat and other sundry items,” it said.

The report also revealed that troops of Operation Delta Safe raided a suspected illegal bunkering dump at Otom Community Waterside, Ibeno Local Government Area of Akwa Ibom.

It said the troops recovered 40 drums containing about 12,000 litres of suspected illegally refined automotive gas oil, estimated at N14 million.

According to the report, troops also recovered a drum of engine oil and two tanks, which were handled in line with extant regulations.

In Plateau, the army said troops responded to an attack on commuters at Dindiyes village, Mangu Local Government Area, forcing the suspected attackers to withdraw.

It added that troops subsequently recovered the corpse of a civilian around the area, while efforts continued to apprehend the perpetrators. 

(NAN)

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WAFU – B U-17: Adegbuyi, Oparanmegwa Fire Flamingos Past Côte d’Ivoire

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Nigeria’s Flamingos maintained their perfect run at the 2026 WAFU-B U17 Girls Cup with a commanding 2–0 victory over hosts Côte d’Ivoire in Yamoussoukro on Thursday.

Oluwakemi Adegbuyi gave Nigeria the perfect start when she struck in the fourth minute, putting the Flamingos in front at the Lycée Scientifique.

The early goal allowed Nigeria to settle into the contest as the Flamingos protected their advantage through the remainder of the first half.

Côte d’Ivoire pushed for a response after the restart, but Nigeria remained disciplined and continued to threaten on the counter.

The Flamingos eventually doubled their advantage in the 83rd minute, with Pattra Oparanmegwa finding the back of the net to put Nigeria firmly in control.

The victory extends Nigeria’s perfect record in the competition, with the Flamingos now having won all four of their matches.

Nigeria had earlier opened their campaign with a 5–0 victory over Niger Republic before defeating Ghana 4–2 and overcoming Burkina Faso 2–0.

Against Burkina Faso, Mary Dunstan broke the deadlock in the 82nd minute before Adegbuyi struck in stoppage time to seal the win.

The victory over Côte d’Ivoire therefore represents another impressive display from the Flamingos, who have continued to combine attacking quality with defensive discipline throughout the tournament.

The hosts entered Thursday’s encounter as Nigeria’s closest challengers in the standings, having collected six points from their opening three matches. Côte d’Ivoire had also demonstrated their attacking threat with a 9–0 victory over Niger Republic before facing the Flamingos.

Nigeria, however, maintained their superiority in the decisive encounter, with Adegbuyi’s early strike and Oparanmegwa’s second-half finish securing another three points.

The result takes the Flamingos to 12 points from four matches, strengthening their position at the top of the WAFU-B U17 Girls Cup standings.

Nigeria will now turn their attention to their final fixture of the competition against Guinea, as coach Hakeem Busari’s side look to complete the tournament with another victory.

The WAFU-B competition is also serving as valuable preparation for Nigeria ahead of the 2026 FIFA U-17 Women’s World Cup in Morocco, where the Flamingos will compete against North Korea, Puerto Rico and Poland in Group B.

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