Standard Nuclear raises $140 million as nuclear power enters the era of the gold rush

As the nuclear power gold rush enters its peak – driven by artificial intelligence companies’ desperate need for electricity – “pick and shovel” vendors are starting to make money, too.

By the end of 2025, nuclear startups have achieved this Raised $1.1 billionAll for small modular reactors. The deal flow now extends to these important suppliers in the nuclear industry. and Standard nuclearWhich produces nuclear fuel to feed those reactors is one of them.

The company said it has raised $140 million in a Series A round led by Decisive Point with participation from Andreessen Horowitz, Chevron Technology Ventures, Crucible Capital, Fundomo, StepStone Group, Washington Harbor Partners, Welara and XTX Ventures.

The round was completed in two tranches of $70 million each after Standard Nuclear hit milestones sooner than expected in the wake of President Donald Trump’s nuclear-related executive orders last year, a company spokesperson told TechCrunch.

The new round comes seven months after the nuclear record He came out of “Ghost” with $42 million In finance. Air quotes are required here; Standard Nuclear was built on the ruins of Ultra Safe Nuclear Corporation (USNC), which went bankrupt in October 2024. The bankrupt company had been commercializing a nuclear fuel called TRI Structural Isotropic Particle Fuel, or TRISO, for years. Decisive Point founder Thomas Hendricks bought USNC’s fuel-related assets at a bankruptcy auction for $28 million.

Triso fuel was originally conceived in the 1950s. The uranium particles, about the size of a poppy seed, are coated in ceramic and carbon. It is then packaged into larger spheres. Overall, the design of the fuel pellets should be more resistant to melting.

TRISO is not widely used today. However, several nuclear startups say they will use TRISO in their reactors. Standard Nuclear said it has uncommitted sales of $100 million for 2027. Its clients include Radiant Energy, another company in Decisive Point’s portfolio, and Nano Nuclear Energy, which bought USNC’s reactor assets.

Standard Nuclear’s years of experience can put it ahead of the curve. But if nuclear startups can’t deliver large numbers of reactors on the timelines they promised, everyone will struggle. Severe challenges in scaling up manufacturing — Standard Nuclear, just like its predecessor, could find itself well ahead of the disc.