Atlas Atomics Raises $400 Million at $1.9 Billion Valuation

Atlas Atomics, a nuclear energy startup co-founded and backed by Vivek Ramaswamy, raised about $400 million in Series A funding on October 9, 2026, at a valuation of approximately $1.9 billion, according to Bloomberg. The company is developing reactor technology intended to expand nuclear power options.

The funding round was led by General Catalyst, with participation from Andreessen Horowitz, according to people familiar with the transaction cited by Bloomberg. Atlas Atomics and the two investment firms declined to comment on the reported financing.

Atlas Atomics remains in stealth mode, and details about its development schedule and commercial plans have not been publicly disclosed, according to Bloomberg and Billionaires Africa. The company is working on improved heavy-water reactor technology that does not rely on enriched uranium.

The startup's technology could reduce reliance on uranium enrichment processes used by many conventional nuclear plants, according to Billionaires Africa. The company has not publicly established specific cost advantages or confirmed a commercial deployment timeline.

Atlas Atomics is led by co-founder Kevin Gan, who has more than 15 years of experience investing in energy companies, according to the reports. Balendra Sutharshan, a former chief operating officer of Oak Ridge National Laboratory, serves as the company's chief nuclear officer.

In a letter to the Utah Governor’s Office of Energy Development, Gan said the company aims to deliver reliable power, increase production of medical and industrial isotopes, and support nuclear fuel recycling.

Ramaswamy, who is also a candidate for governor of Ohio, has promoted nuclear energy expansion as part of his campaign platform. Last year, he published a video describing nuclear energy as leading to "America’s next revolution," according to the source report.

The financing comes as investors increase interest in US nuclear startups. Bloomberg reported that US nuclear companies have attracted $4.6 billion from investors this year amid efforts to expand nuclear capacity.

The reported valuation reflects the terms of the funding round rather than evidence of commercial success, according to Billionaires Africa. Atlas Atomics still faces engineering, safety, regulatory and commercial challenges before its technology can be deployed.