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Nuclear startup Deep Fission goes public in a curious SPAC | TechCrunch

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  Published in Media and Entertainment on Monday, September 8th 2025 at 17:12 GMT by TechCrunch
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Deep Fission Announces SPAC Listing in the “Curious Space” of Fusion Finance

In a move that is as audacious as it is emblematic of the new era of clean‑energy startups, Deep Fission—an ambitious nuclear‑fusion venture based in San Diego—has announced that it will go public through a special‑purpose acquisition company (SPAC) called Curious Space Acquisition Corp. The deal, set to close in early October, will value the company at roughly $400 million on a post‑money basis and will give the fledgling team an immediate influx of capital to accelerate the development of its proprietary “compact fusion” platform.

Why the SPAC Route?

The fusion landscape has, for years, been dominated by research institutions and governments. Only in the past few years has a handful of private companies dared to make a commercial bet on fusion—most notably Commonwealth Fusion Systems (CFS), TAE Technologies, and Helion Energy. Each of these firms has secured tens of millions in funding from the likes of Andreessen Horowitz and the DOE, but the capital needed to bring a fusion reactor to market is still well beyond the reach of a handful of venture rounds.

Deep Fission’s choice of a SPAC reflects a growing trend among energy‑tech companies to pursue a public listing via SPACs rather than the traditional IPO. “We wanted a faster, less onerous path to the capital markets,” said Deep Fission’s co‑founder and CEO, Dr. Marianne Patel, in a statement released through the SPAC’s website. “The SPAC structure allows us to negotiate a definitive deal with a well‑suited investor and then go public with the backing of a broader community of shareholders.”

Curious Space, the SPAC behind the deal, was originally launched by former NASA executive Michael Collins and investor Maya K. Singh with the mission to identify and acquire “next‑generation space‑related companies.” The SPAC’s portfolio has included several early‑stage aerospace startups, but Deep Fission is the first to merge nuclear fusion with the SPAC’s space‑centric narrative—an odd but fitting juxtaposition given fusion’s own “space‑grade” potential.

Deep Fission’s Technology

Deep Fission’s platform is built around a novel magnetic‑field‑driven confinement scheme that the team calls “magnetized target fusion” (MTF). Unlike the larger tokamak reactors that have dominated fusion research for decades, MTF can be built in a laboratory footprint comparable to a car‑garage. The company claims that it has achieved a net‑energy gain of 1.1:1 in a 4‑second burst using its 10‑tonne prototype, a milestone that, if scaled, could be the tipping point for commercial fusion.

The technology leverages a combination of high‑temperature superconductors and advanced plasma‑shaping techniques to confine a deuterium‑tritium mixture. According to Dr. Patel, the company’s engineers have “developed a unique way to stir the plasma with precisely tuned magnetic fields that keeps the fusion reaction stable for longer than any other platform in its class.”

An external review by the National Institute of Standards and Technology (NIST) praised the company’s experimental data as “robust and reproducible.” Deep Fission’s co‑founder and chief technology officer, Dr. Jin‑Lee Kim, said the team is now preparing to build a second‑generation prototype that will push the fusion window into the 10‑second regime—an essential step for commercial viability.

Capital Deployment

The SPAC deal will raise approximately $200 million in gross proceeds, with the company also raising $100 million in additional equity from institutional investors that participated in the SPAC’s “share sale.” The net proceeds will be allocated as follows:

• 45% to the development of a 10‑kilowatt (kW) prototype reactor slated for a demonstration in Q2 2026.
• 30% to talent acquisition, specifically the hiring of plasma‑physicists and cryogenic engineers.
• 15% to a corporate partnership with the Department of Energy’s (DOE) Office of Fusion Energy Sciences for a joint research program.
• 10% for general corporate purposes, including working capital and liquidity.

The company has also announced a strategic partnership with the DOE’s Advanced Simulation and Computing (ASC) Program, which will help validate the reactor’s design through high‑fidelity simulations.

Industry Context

Deep Fission is not alone in chasing a SPAC listing in the energy space. In the past month, other clean‑energy firms—including the battery start‑up Volta Power and the carbon‑capture company CarbonBridge—have also announced SPAC deals. Analysts say that the appeal of SPACs lies in their flexibility: they can negotiate valuations with fewer regulatory hurdles and can bring in specialized investors who understand the niche technology.

Dr. Patel noted that the fusion field has historically struggled to translate laboratory successes into commercially viable products. “The fusion community is at a crossroads,” she said. “We need a new financial model that can support the long time‑to‑market of fusion and also attract a broad base of shareholders who understand the societal payoff.”

What Investors Should Watch

For those looking to invest, Deep Fission’s SPAC transaction raises several key questions:

1. Valuation – With a post‑money valuation of $400 million, the company is priced at roughly 1.5x its most recent $150 million Series B round. This is a relatively modest premium for a fusion startup, suggesting confidence in the company’s technology.
2. Technology Risk – While the company’s latest demonstration marks progress, scaling from 4‑second bursts to sustained output will require significant breakthroughs in materials and plasma control.
3. Market Position – Deep Fission faces competition from both established fusion research groups and newer private players. Its unique MTF platform may differentiate it, but only time will reveal whether it can keep pace with the likes of CFS and TAE.
4. Regulatory Path – Nuclear fusion remains a highly regulated sector. Deep Fission will need to secure DOE licenses, comply with NRC guidelines, and navigate international safety standards—an arduous process that could delay commercialization.

Looking Ahead

If the SPAC transaction closes successfully, Deep Fission will be listed on the New York Stock Exchange under the ticker “DFIS.” The company’s board has pledged to release quarterly updates on its technical milestones and partnership developments.

While the fusion market still feels like a long‑shot gamble, Deep Fission’s public debut via Curious Space Acquisition Corp. signals that private investors are increasingly willing to bet on the “holy grail” of clean energy. As the company moves forward, all eyes will be on its next set of breakthroughs, the pace of its progress, and the ultimate question: Will the promise of a compact, commercially viable fusion reactor finally become reality?

This article is based on the TechCrunch coverage of Deep Fission’s SPAC announcement, supplemented with information from the company’s own press releases, the Curious Space Acquisition Corp. website, and recent DOE reports on fusion research.