Nuclear energy company Deep Fission, the company building an underground nuclear reactor just across the Oklahoma state line near Parsons, Kansas, indicated it hopes to raise more than $40 million from its initial public offering announced a few weeks ago.
In the process of drilling a mile-deep site for construction of a nuclear power plant, the company has offered 2.5 million shares. A recent filing with the Securities and Exchange Commission revealed Deep Fission lowered its initial target price of $24. to $26 down to an expected price range of $16 to $18 per share.
The company is headquartered in California and partnered with the U.S. Department of Energy to build a Gravity Reactor in boreholes a mile underground in the Great Plains Industrial Park at Parsons. The listing will be on Nasdaq under the symbol FISN, according to the filing. But it will first need approval of Nasdaq.
“Investing in our common stock involves a high degree of risk,” the filing said. “Our Gravity Reactor is unproven, and our design, borehole development activities, planned pilot reactor, and future commercial applications may fail, progress more slowly than projected, or encounter delays or changes that increase costs and capital requirements.”
In its filing, Deep Fission said it has drilled its first well to gather data, reported the Kansas Reflector.
“Next, we will demonstrate our ability to drill a commercial-scale borehole and safely deploy a prototype reactor,” the company said. “We continue to advance our reactor design in parallel with these activities, including planning additional drilling activities and conducting related engineering and emplacement work, and we are targeting completion of these activities in the coming months.”
The company expects to apply for its commercial license with the U.S. Nuclear Regulatory Commission in early 2027, the filing said.
By placing the reactor deep underground, Deep Fission says surrounding geology provides billions of tons of natural shielding and containment. According to the company, this approach significantly reduces the surface footprint, visual impact, and infrastructure costs typically associated with traditional nuclear plants.
The company started drilling in early December 2025. It expects the reactor to achieve criticality by July 4, 2026. Criticality refers to the point at which a nuclear reactor reaches a self-sustaining chain reaction, as defined by the Nuclear Energy Agency.
“This pilot is an exciting first step toward an energy-abundant America,” said Liz Muller, co-founder and CEO of Deep Fission. “Our Gravity reactor is designed to deliver safer, faster, and dramatically cheaper energy.”
The SEC filing offered more details of the drilling project:
