FundraiseOct 9, 2026, 16:02 UTC

Ramaswamy's nuclear startup Atlas Atomics raises $400M at $1.9B value

What's the deal? Atlas Atomics, a nuclear startup cofounded and backed by Ohio gubernatorial candidate Vivek Ramaswamy, has raised about $400 million in a series A round, according to people familiar with the matter. The deal values the company at around $1.9 billion.

Who's backing it? General Catalyst is leading the round, with Andreessen Horowitz participating. Atlas Atomics, General Catalyst, and Andreessen Horowitz all declined to comment.

What's the company? Atlas remains in stealth mode. It is helmed by cofounder Kevin Gan, who spent over 15 years investing in energy companies, most recently at hedge fund Millennium and previously at D.E. Shaw & Co. Balendra Sutharshan, a former chief operating officer of Oak Ridge National Laboratory, serves as chief nuclear officer. The company is developing improved heavy water reactor technology that does not rely on enriched uranium, a design that may be cheaper to build and operate than conventional reactors and is similar in principle to Canada's CANDU and India's IPHWR-220 fleets.

The signal: A $1.9 billion valuation for a stealth-stage startup underscores investor appetite for nuclear power. The round also ties two of venture's biggest names to a company led by a prominent political figure.

Image credit: FirstEnergy Corp.