U.S. billionaire Vivek Ramaswamy’s Atlas Atomics raises $400 million at $1.9 billion valuation

Atlas Atomics, a nuclear energy startup co-founded and backed by American billionaire Vivek Ramaswamy, has raised about $400 million in a Series A funding round at a valuation of approximately $1.9 billion, according to Bloomberg.

The financing was led by venture capital firm General Catalyst, with Andreessen Horowitz also participating. Atlas Atomics and the two investment firms declined to comment on the reported transaction.

The fundraising places a substantial valuation on the privately held startup as investors look for new technologies to address growing electricity demand and interest in nuclear power. However, the company remains in stealth mode, and details about its development timeline and commercial plans remain limited.

Atlas Atomics is developing improved heavy-water reactor technology that does not rely on enriched uranium. The approach could reduce dependence on the uranium enrichment process used by many conventional nuclear power plants, although the company’s specific design and its potential cost advantages have not been publicly established.

Heavy-water reactors are an established category of nuclear technology, with designs already used in countries including Canada and India. Atlas Atomics is seeking to improve the technology, but it will need to demonstrate that its approach can meet technical, safety, regulatory and commercial requirements.

The company is led by co-founder Kevin Gan, who has more than 15 years of experience investing in energy businesses. He previously worked at Millennium and D. E. Shaw. Balendra Sutharshan, a former chief operating officer of Oak Ridge National Laboratory, serves as its chief nuclear officer.

Ramaswamy, who is also a candidate for governor of Ohio, is a co-founder and backer of the startup. His ownership percentage has not been disclosed, so the reported valuation does not establish the value of his personal stake.

The reported financing highlights investor interest in nuclear energy ventures, which can require substantial capital for engineering, testing and regulatory approval before commercial deployment. For Atlas Atomics, the next challenge will be translating its reactor technology into a commercially viable product.

The $1.9 billion valuation reflects the reported terms of the financing rather than proof of the startup’s commercial success. The company has not publicly confirmed the round.