Antares Nuclear Completes $470 Million Series C Financing Led by Paradigm and Others

Antares Nuclear, a nuclear energy startup, has completed a $470 million Series C financing round, with Paradigm and Caffeinated Capital co-leading the investment. Industrious Ventures, Point72 Ventures, and Shine Capital also participated, which includes $370 million in equity and $100 million in debt. Antares is developing small modular reactors (SMRs) with power outputs ranging from 100 kilowatts to 1 megawatt, utilizing TRISO fuel. The company plans to launch its first power-generating reactor next year, with deployment to U.S. military bases expected by 2028. Antares completed a $96 million Series B financing round last December, bringing its total funding to $604 million. The first batch of SMRs is expected to be operational in the early 2030s, with costs estimated at $214 per megawatt-hour, higher than most new power plants except for the most expensive gas turbines.