Deep Fission, Inc. (Nasdaq: FISN), a company developing small modular pressurized water reactors installed one mile underground, announced it has signed non-binding letters of intent with data centers, co-developers, industrial parks, and strategic partners representing up to 18.5 gigawatts of potential generation capacity.

The letters of intent do not contain commitments to purchase electricity, finance projects, construct facilities, grant exclusivity, or deploy a specified number of reactors. Either party may terminate the arrangements without penalty.

The company is advancing its first reactor project at the Great Plains Industrial Park in Parsons, Kansas, as part of the U.S. Department of Energy's Reactor Pilot Program. Deep Fission has completed drilling of its first data acquisition borehole to approximately 6,000 feet deep. The company's next milestones include demonstrating the ability to drill a commercial-scale borehole and safely deploy a prototype reactor.

Subject to technical progress, financing, and regulatory approvals, the company plans to apply for a commercial license with the U.S. Nuclear Regulatory Commission in the first half of 2027, with first commercial operations targeted for 2027 to 2028.

"The growing pipeline is a testament to the urgent interest in our mile-deep deployment model," said Liz Muller, CEO and co-founder of Deep Fission. "Data center developers and other industrial partners need a solution that can be deployed quickly and then scaled rapidly."

The company noted that the timing and scope of any commercial deployment, definitive customer contracts, and future revenues will depend on successful completion of development and testing activities, regulatory approvals, construction, and other factors.