Deep Fission Sets 2027 Deployment Target
The company now targets initial commercial deployment as early as 2027 of up to 5 MWe, with a 150 MW Great Plains contract aimed at September 2028, after the DOE approved its Nuclear Safety Design Agreement.
Deep Fission, Inc. (FISN), an early-stage nuclear energy technology company developing a small modular reactor for deep boreholes, now targets initial commercial deployment as early as 2027 of up to 5 MWe connected directly to transmission lines.
That first deployment is separate from a Master Energy Purchase Agreement with the Great Plains Development Authority covering an initial phase of 150 MW at the Great Plains Industrial Park, targeted for commercial operation in September 2028. The prior quarter’s discussion had described a phased plan designed to move toward commercialization in the next three years without a dated 5 MWe first deployment.
In July 2026, the U.S. Department of Energy approved the company’s Nuclear Safety Design Agreement for the Gravity Reactor, allowing it to advance to the next phase of DOE review, including submission of a Preliminary Documented Safety Analysis. The company had disclosed only a conditional approval after the June quarter-end. Subject to further DOE authorization, Deep Fission said it intends to demonstrate the Gravity Reactor and apply for a commercial license with the U.S. Nuclear Regulatory Commission in the first half of 2027, converting the same pilot reactor to commercial operation. It is working with both agencies to align demonstration and licensing rather than advancing them in sequence.
Field work continued at the Kansas Site, a long-term lease of approximately 100 acres in Parsons. The company had already completed a first data acquisition well to 6,000 feet and was advancing a second, near full-scale proof-of-concept well. In September 2026 it entered a non-binding memorandum of understanding with Youngquist Brothers, LLC to evaluate drilling and borehole-construction methods, and it lowered a full-size prototype canister into a 34-inch-wide borehole, aligned it, and brought it back to the surface. Neither party is obligated to enter a definitive agreement. The balance of 2026 and into 2027 will focus on delivery of well casing, the reactor canister, and heat exchanger, as well as LEU fabrication and loading.
Operating expenses in the three months ended September 30, 2026 were $21.6 million, down from $31.6 million in the three months ended June 30, 2026. The operating loss narrowed to $21.6 million from $31.6 million, and net loss was $20.9 million. Research and development expenses were $11.4 million, down from $18.3 million. General and administrative expenses were $10.2 million, down from $13.3 million.
Against the year-earlier three months ended September 30, 2025, research and development expenses were $11.4 million versus $1.9 million, and general and administrative expenses were $10.2 million versus $6.8 million. The company said the year-over-year increase in research and development was primarily attributable to advancement of its operating plans and progression of the first phase of its phased deployment plan, including increased reactor pilot project manufacturing, construction, design, and pre-operational activities, as well as higher personnel costs and non-cash stock-based compensation associated with increased headcount. General and administrative expenses rose on legal, accounting, audit, listing and compliance costs, marketing, insurance, and personnel, partially offset by a decrease in non-cash stock-based compensation. Net loss was $20.9 million versus $45.4 million a year earlier, as the year-ago period included a $36.7 million loss from the change in fair value of SAFE Notes that was absent after conversion in the September 2025 merger. Interest income was $676 thousand, consisting primarily of interest on February 2026 private-placement and IPO funds.
Cash and cash equivalents were $63.4 million as of September 30, 2026, down from $93.0 million as of June 30, 2026. It also reported $8.3 million of available-for-sale securities. On June 22, 2026 it completed an IPO of 2,500,000 shares at $16.00, for $40.0 million gross and $34.3 million net; the 375,000-share over-allotment option expired unexercised on July 17, 2026.
The company reiterated substantial doubt about its ability to continue as a going concern for the twelve months following issuance, stating that existing cash plus February 2026 private-placement and IPO proceeds are not likely sufficient absent additional financing or material changes to the operating plan. It said it will need to raise substantial additional capital in the near term and is evaluating equity issuances, debt financing, strategic partnerships, and other capital-raising transactions.
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