Antares Secures $470 Million to Deploy Military Nuclear Reactors

This latest funding injection, split between $370 million in equity and $100 million in debt, saw heavy backing from Paradigm, Caffeinated Capital, and Point72 Ventures. The company’s technology centers on TRISO fuel—uranium encased in carbon and ceramic shells—which is designed to withstand extreme temperatures without melting. Their demonstration unit, the Mark-0, successfully reached criticality at the Idaho National Laboratory this past June.

Antares is competing for a spot in the Pentagon’s Advanced Nuclear Power for Installations program, with plans to test its units at Air Force bases in Colorado and Montana. While the broader market for small modular reactors faces stiff competition from cheaper gas turbines, the military’s role as a price-insensitive customer provides a unique path to commercialization. With a total funding tally now exceeding $600 million, the company aims to deliver its first electricity-producing reactor by next year, targeting full military deployment by 2028.