Atlas Atomics, a nuclear energy startup co-founded and backed by Vivek Ramaswamy, has reportedly raised around $400 million in a Series A funding round at a valuation of approximately $1.9 billion.
The development was reported by Bloomberg on October 8, 2026, citing people familiar with the matter.
General Catalyst is leading the funding round, while Andreessen Horowitz is also participating. Atlas Atomics, General Catalyst and Andreessen Horowitz declined to comment on the reported deal.
The startup remains in stealth mode and is led by co-founder Kevin Gan, who has more than 15 years of experience investing in energy companies. Balendra Sutharshan, former chief operating officer of Oak Ridge National Laboratory, serves as the company's chief nuclear officer.
Atlas Atomics is developing advanced heavy-water reactor technology that does not rely on enriched uranium. The approach could potentially reduce costs compared with some conventional reactor designs. However, the company has not publicly disclosed extensive details about its technology, deployment timeline or commercial plans.
The reported funding comes amid growing investor interest in nuclear energy technologies, as demand for reliable electricity rises alongside expanding data centres and other energy-intensive industries.