Deep Fission signs Kansas power deal for up to 150 MW
Park-tenant demand drives electricity purchases, and the agreement includes no minimum purchase obligation.
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Rhea-AI Filing Summary
Deep Fission, Inc. entered a binding 25-year Master Energy Purchase Agreement with the Great Plains Development Authority for a planned commercial power project at the Great Plains Industrial Park in Parsons, Kansas. The agreement turns the parties’ December 2025 letter of intent into a definitive contract and commits Deep Fission to pursue the project and supply electricity once licensed and operating, subject to the agreement’s terms and conditions.
The initial phase is up to 150 MW, with commercial operation targeted for September 30, 2028. Later phases could bring capacity to up to 2,000 MW by 2031, pending further demand growth. The Authority is to purchase electricity generated and made available to meet park tenants’ needs, up to contracted capacity; there is no minimum purchase obligation, and purchases depend on actual tenant demand. The Authority may assign purchase obligations to qualifying tenants. The project is subject to regulatory approvals and other conditions to commercial operation. Deep Fission describes its Gravity reactor as a pressurized water reactor using standard low-enriched uranium fuel, designed for placement approximately one mile underground.
8-K Event Classification
Key Figures
Key Terms
Master Energy Purchase Agreement financial
commercial operation technical
low-enriched uranium technical
Reactor Pilot Program regulatory
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
How much capacity does FISN’s Great Plains power agreement cover?
When is Deep Fission’s Kansas project targeted to begin commercial operation?
Does the FISN power agreement require minimum electricity purchases?
Can the Great Plains Development Authority assign purchase obligations under the FISN agreement?
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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Item 7.01 – Regulation FD Disclosure
Press Release
On October 20, 2026, Deep Fission, Inc. (the “Company”) issued a press release announcing that it had entered into a Master Energy Purchase Agreement (the “Agreement”) with the Great Plains Development Authority relating to a planned commercial nuclear power project at the Great Plains Industrial Park in Parsons, Kansas. The Agreement is subject to regulatory approvals and other conditions to commercial operation, and electricity purchases will depend on actual tenant demand, with no minimum purchase obligation. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K (this “Current Report”) and is incorporated herein by reference.
Investor Presentation
On October 20, 2026, the Company held an investor update call. A copy of the presentation used in connection with the call is furnished as Exhibit 99.2 to this Current Report and is incorporated herein by reference.
The information in this Item 7.01, including Exhibits 99.1 and 99.2, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly provided by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits
| Exhibit No. | Description | |
| 99.1 | Press Release dated October 20, 2026 | |
| 99.2 | Investor Presentation dated October 20, 2026 | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| DEEP FISSION, INC. | |
| Date: October 20, 2026 | /s/ JON GORDON |
| Jon Gordon | |
| General Counsel & Secretary |
Exhibit 99.1
Deep Fission Signs Binding 25-Year Master Energy Purchase Agreement for Planned Commercial Project
Agreement with Great Plains Development Authority covers an initial phase of up to 150 MW, targeted for September 2028 and up to 2GW by 2031
Management to host business update call today, October 20th, at 11:00 a.m. ET
PARSONS, Kan. – October 20, 2026 – Deep Fission, Inc. (Nasdaq: FISN) today announced a Master Energy Purchase Agreement with the Great Plains Development Authority (GPDA), a quasi-municipal entity that owns the Great Plains Industrial Park in Parsons, Kansas. It converts the parties’ December 2025 letter of intent into a definitive contract for a commercial project at the site of Deep Fission’s Department of Energy (DOE) pilot. The agreement binds Deep Fission to pursue the project and to supply power once licensed and operating, subject to the agreement’s terms and conditions. Under the agreement GPDA will purchase electricity generated and made available by Deep Fission to satisfy the electricity requirements of industrial park tenants, up to the contracted capacity, with no minimum purchase obligation. The agreement also permits GPDA to assign its purchase obligations to qualifying tenants.
The initial phase is anticipated to be 150 MW with a target date of commercial operation on September 30, 2028, and grow through later phases to a total of 2,000 MW pending further demand growth.
“This agreement turns a shared vision into a binding commitment,” said Liz Muller, CEO and Co-Founder of Deep Fission. “Our approach is to bring firm power directly to where it’s needed. Great Plains has been with us since we broke ground, and we’re proud to take this next step together as we deliver reliable, clean, 24/7 power, with our Gravity reactor.”
The Great Plains Industrial Park covers more than 14,000 acres in Labette County on the site of a former U.S. Army ammunition plant, with existing rail access, utilities and space for large industrial users. Deep Fission held a groundbreaking ceremony at the park in December 2025 on its pilot reactor under the U.S. Department of Energy (DOE) Reactor Pilot Program.
“Dependable, affordable power is what draws employers to Southeast Kansas, and it’s what the companies we’re talking to are asking for,” said Brad Reams, Park Director, Great Plains Development Authority. “Deep Fission’s Gravity reactor is designed to provide firm, carbon-free electricity right here at the park, and this agreement gives us a long-term energy plan to offer.”
Deep Fission's Gravity™ Nuclear Reactor is a pressurized water reactor that runs on standard low-enriched uranium fuel. Placing it approximately one mile underground is designed to allow the surrounding water column and rock to provide pressure control, cooling and shielding, potentially reducing the need for much of the surface infrastructure that conventional nuclear plants require.
Deep Fission management will discuss the Agreement on its previously announced business update call on today Tuesday, October 20, 2026, at 11:00 a.m. ET. U.S. toll free: 1-877-425-9470. International: 1-201-389-0878. A live webcast will be available in the Investor Relations section of the Company's website at https://www.deepfission.com/investors.
About Deep Fission
Deep Fission is developing technology that places a small modular pressurized water reactor in a borehole approximately one mile underground. The Company's Gravity™ Nuclear Reactor approach combines established pressurized water reactor technology with a novel underground deployment model designed to simplify construction, enhance safety, and support scalable commercial deployment. Deep Fission is focused on delivering reliable, low-carbon baseload power to meet growing electricity demand from utilities, industrial customers, and data centers. The Company is currently advancing the development of its first reactor project in Parsons, Kansas, and was selected for the U.S. Department of Energy's Reactor Pilot Program.
About the Great Plains Development Authority
Great Plains Industrial Park provides large-scale, flexible environments located directly on the Union Pacific main line designed to support advanced industry, testing, and innovation. With significant room for expansion and a focus on next-generation infrastructure, Great Plains is emerging as a premier destination for enterprises shaping the future of industry and technology.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the federal securities laws. Forward-looking statements include, but are not limited to, statements regarding Deep Fission’s business strategy, technology development plans, potential commercial deployments, expected regulatory activities, planned project milestones, potential commercialization, potential revenue recognition, and the timing, feasibility, scalability, safety, and performance of the Company’s technology. These statements include the anticipated development, capacity, commercial operation date, expansion and performance of the Kansas project, the timing and volume of electricity purchases under the GPDA agreement, and the potential realization of revenues from that agreement. These statements are based on current expectations and assumptions and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied.
Important factors that may cause actual results to differ materially include, among others, risks related to the Company’s early stage of development; the Company’s ability to negotiate and enter into definitive commercial agreements; technical, engineering, drilling, construction, regulatory, licensing, financing, supply chain, and deployment risks; the Company’s ability to obtain required approvals from the NRC, DOE, and other governmental authorities; market adoption of the Company’s technology; and the other risks described under “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in Deep Fission’s filings with the Securities and Exchange Commission. Important factors may also include the absence of minimum electricity purchase obligations under the GPDA agreement; dependence on electricity demand from tenants at the Great Plains Industrial Park; the ability to satisfy the conditions to commercial operation, including NRC licensing, Kansas regulatory approvals and required delivery arrangements; and the possibility that the project may be delayed, reduced in scope or not completed.
Forward-looking statements speak only as of the date of this press release. Deep Fission undertakes no obligation to update any forward-looking statements, except as required by law.
Media Contact Gabriella Velez media@deepfission.com
Investor Relations Contact Jen Stakich, IR@deepfission.com, (858) 794-9500
Elevate IR, (720) 330-2829, IR@deepfission.com
Exhibit 99.2
| 1 DeepFission.com October 2026 Nasdaq: FISN Business Update |
| This presentation includes forward-looking statements within the meaning of federal securities laws, including the Private Securities Litigation Reform Act of 1995. Forward-looking statements describe future expectations, plans, results or strategies and can often be identified by the use of terminology such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "plan," "potential," "project," "seek," "should," "target," "will," "would," and similar expressions, although not all forward-looking statements contain these identifying words. These statements include statements regarding Deep Fission's technology development, regulatory activities, commercialization plans, anticipated reactor deployments, strategic partnerships, market opportunities, future operating performance, financing plans and growth strategy. Forward-looking statements are based on current expectations and assumptions and involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied. Important factors include Deep Fission's ability to obtain financing, secure regulatory approvals, develop and deploy its technology, achieve anticipated technical and economic performance, secure customers and commercial agreements, obtain fuel and critical supplies, manage costs and timelines, and other risks described in Deep Fission's filings with the Securities and Exchange Commission. Deep Fission's forward-looking statements are based on information available as of the date of publication. Except as required by law, Deep Fission does not undertake any obligation to update these statements. This presentation is not an offer to buy or sell, or the solicitation of an offer to buy or sell, any securities of Deep Fission, Inc. or any other person. 2 Forward-looking statements |
| Straight to commercial power. Key updates: Regulatory NSDA approved & published for transparency Commercial Siting Master Energy Purchase Agreement signed in Kansas Fuel Standard LEU contract with Urenco Construction Commercial drilling & non-nuclear testing underway Customers Multi GWe pipeline of non-binding letters of intent 3 |
| Long -term demand is obvious. Our focus is delivery at scale by 2028. Utilities, data centers, and defense are adding load faster than expected growth in supply. |
| Deep Fission is moving to fill the immediate generation gap . 5 Signed a first binding, conditional energy offtake agreement in October 2026. Total pipeline includes data centers, industrial parks, co - developers and strategic partners, signaling discerning buyer belief in Deep Fission’s capability to deliver on time and at scale. |
| Leveraging three mature technologies. Deep Borehole Drilling Decades -proven commercial drilling techniques for containment one mile underground. Geothermal Technology Using established processes for energy transfer to compact surface infrastructure. Pressurized Water Reactor (PWR) Commercial PWR using LEU fuel first went critical in August 1960. 1 Currently 64 PWRs producing 64 GWe in the U.S.2,3 1Library of Congress 2Nuclear Regulatory Commission 3Energy Information Administration Deep Fission aims to simplify nuclear reactor deployment — deep underground, designed to scale. The goal is to reduce reliance on surface infrastructure to advance nuclear power today. 6 |
| d Primary Heat Exchanger Reactor Canister LEU Fuel Assemblies Unique innovations and novel concepts Gravity does the work. 40+ Pending patent applications 26+ Patents issued 3 Passive safety by design. Large -diameter borehole is cased and cemented from surface to total depth of ~6000 ft. Cooling is always present with the reliability of gravity, eliminating large - break loss -of -coolant as a credible accident scenario. Pressure from a mile -long water column. Water pressure at one mile deep is ~160 atm and the reactor operates at ~160 atm. This equalization of pressure inside and outside improves safety of PWR. Standard nuclear core, made simple. The reactor uses conventional PWR physics and LEU fuel, and the heat transfer system consists of three fully -isolated, closed loops. The primary loop transfers heat from the reactor to a heat exchanger that sits directly above the reactor. The secondary loop picks up heat at the downhole heat exchanger and rises naturally to meet the steam loop at the surface. 123 7 |
| Development is already underway 8 Prototype canister installation demonstrated 2 GWe Master Energy Purchase Agreement at Great Plains ~6,000 ft. first data acquisition well |
| Targeting six months from drilling to delivery for one single NOAK reactor, capable of powering a neighborhood. Phased deployment of ten reactors powers an industrial site. Minimal surface buildout of five boreholes per turbine/generator. 100 reactors on a single site can power a hyperscale campus. Continuous multi-well execution can pace deployment with demand. Our goal is speed at scale: From drilling to delivery in months, not years. 15 MWe 2 GWe 9 150 MWe 1.5 GWe |
| The most affordable way to build is not to build at all. Utility-scale solar is ~7,000 acres per gigawatt. The most recent conventional PWR is ~700 acres per gigawatt. Deep Fission is designed for ~100 acres per gigawatt. Conventional Above-Ground Pressurized Water Reactor 10 X Containment Building X Pressurizer X External Backup Power X External Emergency Core Cooling Systems |
| Commercialization target: up to 5 MWe by December 2027 à Prove it • Wellbore Engineering • Wide-Diameter Drilling • Feasibility of Design, Construction, Assembly and Installation 2026: NON-NUCLEAR à License it • Safety • Fuel & Supply Chain • Operations & Maintenance 2027: NUCLEAR à Scale it • Cost • Deployment Time • Repeatability 2028: NOAK 11 |
| 2026 2027 2028 S O N D J F M A M J J A S O N D J F M A M J J A NSDA approval Completed Aug 6, 2026 Prototype PWR run Completed Sep 3, 2026 Multi-reactor license submission Non-nuclear wellbore construction DSA submittal NRC licensing submission Thermal and instrumentation testing and demo DOE authorization Pilot well drilling and completion LEU fuel fabrication Reactor delivery and on-site assembly Pilot Program PWR installation Pilot demonstration Surface construction Turbine/generator delivery PDSA approval Long-term fuel partner Grid interconnection / commercial conversion NRC commercial license issued Regulatory Siting Fuel Construction Commercialization Milestones Commercial Operation Date (COD) Target Completion Date Estimates Master energy purchase agreement Completed Oct 16, 2026 12 |
| Liz Muller CEO & Co-Founder “Large diameter drilling to these depths is a method we’ve refined since 1971.” Flooded reverse-circulation drilling Borehole sections 30-60 inches diameter. Custom large-diameter drill bits Manufacture of project-specific reverse-circulation bits 30-60 in. Grid-connected electric drilling rig Reduced diesel consumption, onsite combustion emissions & energy costs. Custom, precision-controlled cementing system Controlled cement placement procedures between casing & borehole. Large-diameter well-control equipment Manage artesian flow & handle large drilling tools, including the arrangement described in four US Patents. Youngquist Technology Deep Fission Application Harvey Youngquist, CEO Youngquist Brothers Collaboration: Advancement and application of technology and methods for constructing large-diameter boreholes à 13 |
| Commercial drilling at scale: Financial catalysts and key programs 1234 14 Location Customization Optimizing the drilling approach to site geology to achieve high drill speed (ROP) with limited ris k Design Evolution Streamlined wellbore architecture and materials drive down cost Rig Management Management of our drilling rig fleet High Volume Procurement Once operating at 150MW scale, significant supply chain efficiencies |
| Build-Own-Operate Business Model Project-Level Equity Participation For certain projects, we plan to retain an ownership interest in the project company. This would allow us to benefit from project-level cash flows associated with electricity generation and sale over the operating life of the facility, driven by long-term power purchase agreements or similar offtake arrangements. Intellectual Property Licensing & Services Recurring licensing fees associated with the use of our proprietary technology, and revenues from long-term reactor services such as refueling, operations, and regulatory support. 15 |
| Illustrative Unit Economics (NOAK): Critical Parameters Power output: up to 15 MWe Development timeline: Approx. 2 years Upfront capital cost: $84M at 2024 economics Run-rate revenue: $20M per year avg. first ten years Operating cash flow: $10M per year; $600M over project life Project financing: 60% of upfront capital at 8% Investment Tax Credits: 30%, monetized at 90% Optimizes neutron efficiency, thermal transfer and a fuel cycle of 7–10 years Wide-diameter drilling technology exists today Less labor-intensive NOAK design, engineering and supplier development; learning-curve efficiencies; optimized drilling and surface infrastructure $110 per MWh price point at 2024 economics Refueling expenses amortized over 7 years; reasonable estimates of O&M expenses Project cash flow supports this amount or greater, and project finance leverages equity returns Bring in a tax equity partner or monetize directly RATIONALE & ASSUMPTIONS: 16 These reactor-level estimates are solely to illustrate certain internal estimates and assumptions used in developing the Company’s business model and are based on a range of assumptions including, among others, a 40-year design life; that output achieves target levels (i.e., 15 MWe and 8 MWe for 3x3 configuration and 2x2 configuration, respectively); approximately 93% operation uptime; PPAs for entire amount of assumed output, at initial pricing of $110 per MWh; that reactor design remains standardized and repeatable; construction and commissioning periods; and that deployment conditions remain constant. Actual results may differ materially. See "Cautionary Note on Forward-Looking Statements” on [slide 3] of this presentation and "Risk Factors-Risks Related to Our Business and Industry" and "Business-Reactor Architecture" in our Registration Statement on Form S-1 filed with the SEC. |
| Fuel Manufacturing Engineering Leveraging mature supply chain Drilling & Completion MOU Signed Designing the instrument hub + electronics for monitoring the reactor Enriched uranium product (EUP) procured Engineering, Procurement, Construction Construction manager for the demonstration reactor Delivered the prototype reactor 17 |
| 18 |
| Energy Resilience for All DeepFission.com |
