A nuclear energy startup, Valar Atomics, has secured a massive US$130 million investment from a consortium of high-profile backers, including Anduril Industries founder Palmer Luckey and a Lockheed Martin Corp. board member. This significant funding round highlights the growing investor confidence in advanced nuclear technology as a solution for clean, reliable power.
Major Backers and Ambitious Plans
The investment was led by Snowpoint Ventures, the venture capital firm run by Doug Philippone, the former head of global defence at Palantir. Other participants included Palantir's Shyam Sankar, Day One Ventures, Dream Ventures, and Lockheed Martin board member John Donovan. The deal comprised a mix of equity and US$25 million in debt.
Founded just last year in 2023 and based in Hawthorne, California, Valar Atomics is moving quickly. The company, which currently employs 50 people and expects to double its headcount within a year, has already begun construction on its first reactor in Utah. The startup is targeting an ambitious milestone: to demonstrate 100 kilowatts of thermal energy by July 4, 2025.
Mass Manufacturing for a Gigawatt Future
Valar's long-term vision extends far beyond a single reactor. The company aims to mass-manufacture small modular reactors (SMRs) and cluster them at large-scale gigasites. These sites are intended to provide substantial power to energy-intensive customers, including the booming artificial intelligence data centre industry and large industrial manufacturers.
This strategy positions Valar to capitalize on soaring electricity demand. According to Bloomberg Intelligence, the data centre boom and other factors are expected to drive a staggering US$350 billion in U.S. nuclear spending by 2050.
Riding the Wave of Nuclear's Resurgence
Valar Atomics is part of a broader resurgence in nuclear energy investment. Investor appetite has grown substantially, fueled by technological advances, renewed government support, and a pressing need for carbon-free power sources that do not contribute to climate change.
The startup is also a participant in the U.S. Energy Department's Nuclear Reactor Pilot Program, which challenges companies to achieve a self-sustaining nuclear reaction, known as criticality, by this summer. Valar's founder and CEO, Isaiah Taylor, confirmed this is a key Series A goal, stating, "It’s a Series A goal to make critical power from a nuclear reactor we built."
Doug Philippone, who is joining Valar's board, sees a "sweet spot" for the technology in meeting the U.S. Defense Department's need for reliable, off-grid energy on military bases. "If you had one of these you could power a whole base," he said, adding that a successful demonstration in six months could "set the stage for a generational company."
While Valar is part of a crowded field that includes ventures backed by billionaires like Bill Gates (TerraPower) and Sam Altman (Helion), its rapid progress and substantial funding round signal its potential to be a major player in the race to redefine nuclear power for the 21st century.
