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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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Gov Adeleke’s NURTW directive breached constitution — Osun APC

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Osun State chapter of the All Progressives Congress, APC, has criticised Governor Ademola Adeleke’s directive suspending all activities of the National Union of Road Transport Workers, NURTW, across the state.

The opposition party, in a statement issued on Thursday by its Director of Media and Information, Kola Olabisi, described the order as unconstitutional, illegal and beyond the governor’s powers.

The party also argued that the directive given to security agencies to halt NURTW operations and arrest anyone presenting themselves as a union official was not supported by the law.

DAILY POST had reported that Governor Adeleke had issued a directive after a security meeting, instructing the police and other security agencies to immediately stop all NURTW activities in Osun and arrest individuals claiming to be executives or officials of the union at motor parks.

The directive by Governor Adeleke preceded the announcement by the Association of Local Governments of Nigeria, ALGON, Osun State chapter, aligned with the All Progressives Congress, APC, installing a caretaker management committees for transport unions as part of measures aimed at restoring order following a leadership crisis.

The APC maintained that the governor’s action followed the recent leadership crisis within the NURTW, which led to the suspension of the union’s leadership and transport union activities in the state by local government authorities pending consultations with the union’s national leadership.

According to the party, “chairmen of the 30 local government councils and the Ife-East Area Office, Modakeke, had met with transport unions, including motorcycle and tricycle operators, and resolved to establish a caretaker management committee pending the emergence of substantive state leaders.”

The party alleged that the governor’s intervention amounted to interference in the affairs of a legally registered association and questioned the legal advice being provided to the state government.

It argued that “the directive contravened Section 40 of the 1999 Constitution of the Federal Republic of Nigeria, as amended, which guarantees the right to freedom of association.

“The latest illegal directive issued by the outgoing Governor Adeleke dabbling into the affairs of the management of the motor parks by the NURTW across the state which is an association duly registered puts to question the quality of those offering legal advice to the embattled governor.”

The APC expressed confidence that security agencies would not enforce what it described as an unlawful directive, insisting that any disputes involving the union should be resolved through the courts rather than executive orders.

The party cited a Court of Appeal judgment involving the Oyo State Government and the NURTW, where the appellate court declared Governor Seyi Makinde’s 2019 suspension of the union’s activities unlawful and unconstitutional.

According to the APC, “the appellate court ruled that while state governments have a constitutional responsibility to maintain law and order, such powers must be exercised within the limits prescribed by law and cannot justify suspending the activities of a registered association without legal authority.”

Quoting part of the judgment, the party noted that “the Court of Appeal held that allegations of violence alone were insufficient to justify the suspension of the union without concrete evidence. Any unlawful conduct should instead be addressed through the appropriate security agencies and lawful judicial processes.”

The APC urged the governor to reverse the directive, insisting that the order was “repugnant, ultra vires, illegal, overreaching and grossly unconstitutional.”

It also maintained that it would not withstand judicial scrutiny if challenged in court. 

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Karate Federation President Chukwudi Dimkpa Seeks God’s Protection For Team Nigeria’s Athletes At 2026 Commonwealth Games

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The President of Karate Federation of Nigeria (KFN), Engineer Chukwudi Elekwachi Dimkpa has added a spiritual angle to Nigeria’s pursuit of medals at the 2026 Commonwealth Games in Glasgow, Scotland, as the recently confirmed top shot prayed for God’s protection over the country’s athletes.

Sports247 reports that, while acknowledging that Team Nigeria had solid preparations heading into the Games and the contingent is saturated with immense talents, Dimkpa reasoned that they still need the hand of God and His guidance during their various events at Glasgow 2026.

Read Also: Glasgow 2026 Begins! Team Nigeria’s Medal Chase Starts Friday as Boxers, Para Powerlifters and 3×3 Basketball Stars Take Centre Stage

Dimkpa also commended director-general of the National Sports Commission (NSC), Honouurable Bukola Olopade, for his commitment to the welfare of Nigeria’s athletes and praised the officials for working tirelessly to ensure the team got all necessary technical, medical and logistical support.

The KFN president added that, though karate is not featuring at the Glasgow Games, the federation stands firmly behind Team Nigeria and fully supports the country’s representatives, who he believes will return home with many medals that would inspire the next generation of athletes.
He asserted, “I have no doubt that our athletes possess the talent, discipline, determination and resilient Nigerian spirit of ‘never say never’ to win gold medals and secure several podium finishes for our country. My prayers are with every athlete and official for God’s protection throughout the Games.”

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