Deep Fission, Inc. · NASDAQ:FISN
Deep Fission — Investor Presentation (February 2026)
30 slides from Deep Fission's investor presentation, Feb 10, 2026
Slide 1: Powering Humanity from a Mile Underground
Powering Humanity from a Mile Underground DeepFission.com Investor Presentation January 2026
Slide 2: Legal Disclaimer - Forward-Looking Statements
Legal Disclaimer— Forward-Looking Statements This presentation contains forward-looking statements within the meaning of the U.S. federal securities laws, including, among other things, statements regarding Deep Fission, Inc.’s development plans, anticipated project timelines, cost objectives, comme
Slide 3: Risk Factors
An investment in Deep Fission involves a high degree of risk, including, without limitation, risks related to: •Unproven nuclear reactor technology, engineering, construction, manufacturing, and scale-up risks •Early-stage company status, limited operating history, no revenue to date, history of ope
Slide 4: Core Idea and Origin Story
Core Idea and Origin Story The Economist Pilot Reactor Development Fox Business Network CEO Overview EnerCom Denver Conference 3 Initial Planned Sites World Nuclear News 12.5 GW in Pipeline Bloomberg $30M Financing, Go-Public Transaction Bloomberg | Power Technology | Press Release Deep Fission is l
Slide 5: Integrating three established technologies
5 Integrating three established technologies. Geothermal Technology Deep Borehole Drilling + + Hydrostatic pressure from one-mile-deep column of water provides 160 atm of reliable pressure, safely and naturally. PWR uses readily available low-enriched uranium (LEU) fuel. Novel deployment approach ap
Slide 6: Transaction Overview
Transaction Overview Issuer Deep Fission, Inc. Offering Regulation D (506(b)) – Private placement Securities Offered Common Stock Offering Size Min: $20.00 million (~1.33 million shares) Max: $40.00 million (~2.66 million shares) Offer Price $15.00 per share Valuation Pre-Money: $825 million (exclud
Slide 7: Capital Formation Evolution
Proprietary and Confidential | 7 $80M Sep 2024-Apr 2025 $160M Sep 2025 ~$825M Jan 2026 TBD Targeting Q2 2026 Capital Formation Evolution Value creation through technology readiness and commercialization execution milestones. Capital Raised: TBD • Finalize integrated reactor and borehole design, comp
Slide 8: Regulatory Advantage: DOE Nuclear Reactor Pilot Program
8 Regulatory Advantage: Deep Fission selected as one of 10 companies for the U.S. Department of Energy Nuclear Reactor Pilot Program— A fast-track initiative to design, build, and operate advanced test reactors, with the ambitious goal of reaching criticality by July 4, 2026. “U.S. DEPARTMENT OF ENE
Slide 9: Management Team
9 Mark Pérès VP Engineering 40+ years in Nuclear Engineering Michael Brasel COO 30 years across nuclear, fossil, renewable energy Anya Scuderi Strategic Finance 10 years experience in energy capital markets Rani Franovich VP Regulatory Strategy 30 years at NRC Mark Schmitz CFO 40+ years global finan
Slide 10: World-Class Board of Directors
World-Class Board of Directors 10 Elizabeth Muller CEO and Co-Founder Board Chair Jonathon Angell CEO of Angell Investments Compensation Committee Chair Thomas Glanville Managing Partner of Eschelon Advisors, LP Audit Committee Chair Blake Janover Board Member and CCO of DeFi Development Corporation
Slide 11: Expert Advisory Board
Expert Advisory Board Steve Koonin Special Government Employee, DOE Former Chief Scientists at BP and Former Undersecretary of Energy Patrick Huston Brig. Gen. (Ret.) FBI Scientific Working Group on AI Steve Chu Nobel Laureate Former Secretary of Energy Kristin Sverchek Former President, General Cou
Slide 12: Demand is quickly surpassing supply
Demand is quickly surpassing supply, in part due to the surge in capital expenditure from AI-driven data centers and hyperscalers. We are at a point where shortfalls in energy supply are becoming critical. Fast deployments of nuclear power with Deep Fission technology may provide a compelling low-co
Slide 13: Traditional, SMR and novel reactor barriers
Traditional/Surface Level Reactors Credibility, cost & complexity are barriers— We are in a race against time. Credible, safe solutions that take decades to build, maximize “not-in-my-backyard” pushback, and often amplify costs to the point of cancellation. Next-Gen SMRs Small modular reactors are h
Slide 14: Nuclear Reactor Landscape: At-A-Glance
Nuclear Reactor Landscape: At-A-Glance 14 6-10 years 3-4 years Target ~6 months (single reactor) $15B+ for 1GW $8-9B for 1GW Est. $2.5-3B for 1GW LEU (readily available) HALEU (hard to source) LEU (readily available) Long, complex Regulatory uncertainty (still new tech) Aligns with DOE and NRC refor
Slide 15: Public and private nuclear company comparison
Company Design Fuel Announced Customers Valuation/Funding Business Model Public Companies Oklo Sodium Fast Reactor 15-75 MWe HALEU 14 GW pipeline (of which 12 GW with Switch) $14.1 B (as of 1/6/2026) Build/Own/Operate (BOO) NuScale Power Light Water Reactor (LWR) 77 MWe LEU 6 GW with TVA $5.7 B (as
Slide 16: The Gravity Nuclear Reactor breakthrough
The Gravity Nuclear Reactor may be the biggest scientific breakthrough in nuclear power of the last 50+ years. Standard Fuel Assemblies with readily available LEU fuel Deep PWR Optimized Borehole drilled utilizing oil & gas technology and expertise Deep Geo Vault Steam Generator leveraging conventio
Slide 17: Cost comparison versus PWRs and SMRs
New Pressurized Water Reactors are still not cost-effective Deep Fission engineered to achieve compelling economics across the board Reactor Pressure Vessel $$$$$ $ Emergency Core Cooling Systems $$$ $ Reactor Containment Building $$$$$ $ Nuclear Construction and Quality Assurance $$$$ $ Supply Cost
Slide 18: Ready to be profitable from day one
Not just viable—ready to be profitable from day one of commercial service. Source: US Energy Information Administration (2023); Lazard’s LCOE Report (2024); DOE Pathways to Commercial Liftoff: Advanced Nuclear Including energy, capacity, and environmental attributes Deep Fission Target Contracted Sa
Slide 19: Gravity Reactor deployment speed
Traditional Reactor Pace From breaking ground to completion in 6-10 years SMR Pace From breaking ground to completion in 3-4 years Gravity Reactor Speed Fully-built in Est. 6 months Drilling 3-4 weeks Installation 8-10 weeks Deployment Speed: Targeting a 6-month completion cycle (one reactor) from b
Slide 20: Regulatory Speed: Tailwinds from Executive Orders
Regulatory Speed— Tailwinds from Executive Orders 1 Speed up Reactor Licensing Creates expedited pathway to approve reactors tested by DoD and DOE. Establishes NRC deadline to license within 18 months. Deep Fission’s regulatory strategy aligns with DOE’s streamlined authorization framework for react
Slide 21: Commercial Roadmap: Rapid Scale from First Reactor
1.5GWe Design Commercial Roadmap— Rapid Scale from First Reactor to First Focus: Data Centers Larger Borehole Project Commercial Plant Operational 21 First Commercial Project Commercial Plant Operational 2027-28 2029 DOE Nuclear Reactor Pilot Authorization 2026 Reactor Pilot Project First Unit Achie
Slide 22: Landmark Partnership With Endeavour
Deep Fission is partnering with Endeavour, a sustainable data center infrastructure company, to co-develop 2 GW of nuclear energy, + supporting sales to major cloud providers. This partnership creates a direct commercial pathway for Deep Fission reactors in one of the fastest-growing electricity dem
Slide 23: Accelerated Innovation
Accelerated Innovation— Deep Fission is a new class of infrastructure. Deep Subsurface Reactor Emplacement and Borehole Design Reactor Module Configuration, Thermal-Hydraulic Systems, and Passive Safety Features Drilling, Casing, and Emplacement Techniques for Nuclear Applications Instrumentation, C
Slide 24: Business model and revenue streams
24 We aim to provide a new approach to delivering clean, reliable energy. Our business model supports revenue from development and construction, technology licensing and services, and long-term revenue from electricity sales. We expect to utilize third-party project financing to support reactor depl
Slide 25: Project Economics
Project Economics Single 15MW Reactor 15 MWe 1 GW* Power Project Capital and Ownership Costs2 $65M $4.3B Capital and Ownership Costs ($/kW) $4,335 Initial Fuel Load3 $18M $1.2B Total Upfront Costs $83M $5.5B Annual Project Revenue4 $13.5M $900M Annual Project Expenses5 $6M $400M Annual Project Cash
Slide 26: Summary Investment Thesis
Scalable Broad-range market serviceability from 15MWe to 1.5GWe. Readiness DOE pilot program selection obtained. Pilot facility targeted in 2026. Secured LOIs for 12.5GW in pipeline. Affordable Nth-of-a-kind target of $50-70 per MWh for continuous supply. Speed Estimated 6 months (one reactor) from
Slide 27: Powering Humanity from a Mile Underground
Powering Humanity from a Mile Underground For investor inquiries, contact: Bob Prag IR@deepfission.com (858) 794-9500 For media inquiries, contact: Chloe Frader VP Strategic Affairs chloe.frader@deepfission.com The Fastest Path to Scale Nuclear Power
Slide 28: Appendix
Appendix
Slide 29: Summary Balance Sheet & Capitalization Table
Proprietary and Confidential | Summary Balance Sheet & Capitalization Table 29 57.55% Common Stock (Outside Investors) 31,700,516 34.81% Restricted Shares 19,173,573 1.07% Warrants to Placement Agents 586,666 2.65% Equity Pool (Approved & Issued) 1,461,062 3.92% Equity Pool (Approved & Not Issued) 2
Slide 30: 2026-2027 Spending Plan: Use of Proceeds
2026 2027 ($M, USD) Q1 Q2 Q3 Q4 Total Q1 Q2 Q3 Q4 Total 2026 & 2027 Beginning Cash 23.7 (57.0) (98.1) (122.1) (147.2) (169.8) (191.8) (213.5) Reactor Pilot Project 65.1 24.0 4.2 2.2 95.5 2.1 1.6 - - 3.7 99.2 Larger Borehole R&D 0.6 2.3 7.5 10.5 20.9 10.5 10.5 10.5 10.5 42.0 62.9 DOE Review 4.3 4.3 1