Vivek Ramaswamy's nuclear startup Atlas Atomics valued at $1.9bn

Atlas Atomics, a nuclear energy startup co-founded and backed by the US politician and entrepreneur Vivek Ramaswamy, has raised approximately $400 million in its Series A funding round, valuing the company at around $1.9 billion.

The massive capital injection, first reported by Bloomberg, represents one of the largest early-stage funding rounds in the nuclear sector this year. General Catalyst is leading the investment round, with Andreessen Horowitz also participating, according to people familiar with the transaction.

Representatives for Atlas Atomics, General Catalyst, and Andreessen Horowitz all declined to comment on the funding.

Who is behind Atlas Atomics?

Atlas Atomics has operated in deep stealth mode since its inception, keeping its specific technology, reactor design, and development timeline closely guarded. However, the startup has secured a veteran hand at the helm. It is co-founded and led by Kevin Gan, who spent more than 15 years investing in energy companies before taking on the leadership role at Atlas.

The involvement of Ramaswamy adds high-profile political and business dimensions to the venture. Ramaswamy, who rose to prominence during his run for the 2024 Republican presidential nomination, is currently running for governor of Ohio. Before his political career, he built a reputation as a prolific company builder, most notably founding the biotechnology firm Roivant Sciences.

Why are VCs backing nuclear energy?

The enormous valuation for a stealth-mode startup reflects a broader, aggressive rush by Silicon Valley into nuclear energy. The sudden surge in interest is largely driven by the explosive growth of artificial intelligence. AI data centres require immense, uninterrupted supplies of electricity, putting unprecedented strain on local power grids.

Because solar and wind power are intermittent, tech giants and their financial backers are increasingly looking to nuclear energy as a viable source of continuous, carbon-free baseload power. In recent months, tech giants like Microsoft, Google, and Amazon have signed major deals with nuclear operators to restart closed reactors or build new, advanced generation facilities.

Venture capital firms have responded by pouring hundreds of millions of dollars into nuclear startups. For investors like General Catalyst and Andreessen Horowitz, backing Atlas Atomics aligns with a broader shift towards "hard tech" and "national resilience"—sectors like defence, space, and energy that require heavy capital up front but promise massive strategic importance.

With $400 million in fresh capital now reportedly secured, Atlas Atomics has the financial runway to recruit top engineering talent and advance its designs. It remains unclear, however, when the company plans to emerge from stealth and detail how its technology will compete in an increasingly crowded nuclear startup field.