Atlas Atomics reportedly raises $400M at a $1.9B valuation

Atlas Atomics is designing heavy-water reactors for organizations that need steady electricity and supplies of medical or industrial isotopes. Investing.com, relaying a Bloomberg report based on people familiar with the matter, says the startup raised about $400 million in a Series A at a roughly $1.9 billion valuation.

Atlas described a three-part ambition in a March letter supporting Utah’s proposed nuclear-innovation campus. Its planned reactor technology would generate baseload electricity, support domestic isotope production and enable spent nuclear fuel to be recycled and used.

The Bloomberg account says the design does not depend on enriched uranium and may therefore be cheaper. That remains a proposed advantage, not a disclosed operating result: Atlas is still in stealth, and its public website provides neither reactor specifications nor a deployment schedule.

The Utah letter points toward an integrated deployment model. Chief Executive Kevin Gan argued for putting fuel-cycle work, power generation and isotope production at the same campus, making the surrounding nuclear infrastructure part of the project. The letter supports Utah’s proposal; it does not announce a customer or reactor site.

Gan previously spent more than 15 years investing in energy companies, including roles at Millennium and D.E. Shaw. Chief Nuclear Officer Balendra Sutharshan formerly served as chief operating officer of Oak Ridge National Laboratory. The report identifies Vivek Ramaswamy as a cofounder and backer.

General Catalyst led the financing and Andreessen Horowitz participated, according to the report. Atlas has not announced the transaction, so the round size and valuation remain reported rather than company-confirmed.