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

With the nuclear gold rush in full swing, fueled by AI companies’ desperate need for electricity, pick and shovel sellers are also starting to cash in.

By the end of 2025, nuclear startups have raised $1.1 billion, all for small modular reactors. This deal flow is now expanding to key suppliers of the nuclear industry. And Standard Nuclear, which manufactures the nuclear fuel that supplies these reactors, is one of them.

The company announced 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 closed in two installments of $70 million each, a company spokesperson told TechCrunch, after Standard Nuclear reached a milestone sooner than expected following President Donald Trump’s nuclear executive orders last year.

The new round comes seven months after Standard Nuclear emerged from “stealth” with $42 million in funding. An air quote is required here. Standard Nuclear is built on the remains of Ultra Safe Nuclear Corporation (USNC), which went bankrupt in October 2024. The bankrupt company had been working for years to commercialize a nuclear fuel called TRi Structured Isotropic Particle Fuel (TRISO). Decisive Point founder Thomas Hendrix purchased USNC’s fuel-related assets in a bankruptcy auction for $28 million.

TRISO fuel was first conceptualized in the 1950s. Poppy seed-sized uranium particles are coated with ceramic and carbon. Then they are packed into larger balls. Overall, the fuel pellet design is believed to be more resistant to melting.

TRISO is now less commonly used. Nevertheless, many nuclear startups say they will use TRISO for their reactors. Standard Nuclear announced non-binding sales of $100 million in 2027. The company’s customers include Radiant Energy, another Decisive Point portfolio company, and Nano Nuclear Energy, which purchased USNC’s nuclear reactor assets.

Standard Nuclear’s years of experience could put it in the lead. But if the nuclear startups fail to deliver large numbers of nuclear reactors on their promised schedules (all companies face tough challenges in scaling up production), Standard Nuclear, like its predecessors, could end up being too far ahead of the pack.