Nuclear power startup Antares has raised $470 million in a Series C funding round to build small modular reactors (SMRs) for US military bases, reflecting growing investor appetite for advanced nuclear technology amid an AI-driven data centre boom and rising electricity demand. The round, led by Paradigm and Caffeinated Capital with participation from Industrious Ventures, Point72 Ventures and Shine Capital, positions Antares to compete for Pentagon contracts as it develops reactors capable of powering military installations.

The funding comprised $370 million in equity and $100 million in debt, bringing Antares's total funding to $604 million. Its reactor design produces between 100 kilowatts and 1 megawatt of electricity, enough for up to 750 homes, and uses TRISO fuel, in which uranium is encapsulated in carbon and ceramic shells for added safety. The company's demonstration reactor, the Mark-0, reached criticality in June at Idaho National Laboratory, and Antares is one of three finalists in the Pentagon's programme testing SMRs at Air Force bases in Colorado and Montana, with deployment targeted for 2028. Despite the investment surge, analysts note SMRs face an immature supply chain and are unlikely to be cost-competitive with conventional power sources in the near term, making the price-insensitive military market an attractive early customer.