PiggyGPT

Private companiesCovered

Radiant

El Segundo, CA · Founded 2020

Radiant builds Kaleidos, a 1-megawatt nuclear microreactor shipped by truck, to replace diesel generators at military bases, data centers and remote sites. The Army has an agreement for 15 units under its Janus program, and the Air Force selected it for Buckley Space Force Base.

Profile

What it builds and who buys it

  • ·Kaleidos is a 1 MWe, helium-cooled microreactor fueled with HALEU TRISO fuel. It is factory-built and arrives as a sealed, fueled unit.POWER, Aug 27, 2026
  • ·The company says each unit runs up to five years before refueling and has a 20-year operating life. It plans to handle refueling and spent-fuel storage away from customer sites.POWER, Aug 27, 2026
  • ·Kaleidos also delivers 1.9 megawatts of heat for buildings or desalination, and needs no on-site water.Interesting Engineering, Feb 13, 2026
  • ·In August 2026 the Army, with the Defense Innovation Unit, selected Radiant for Fort Benning, Georgia, one of five vendors in its $2.2 billion Janus microreactor program.World Nuclear News, Aug 27, 2026
  • ·Radiant says its Janus agreement is worth up to $750 million to develop and deploy up to 15 Kaleidos microreactors.World Nuclear News, Aug 27, 2026
  • ·Janus pays fixed-price milestones under Other Transaction Authority agreements through fiscal 2031. Radiant plans a first three-unit deployment at Fort Benning and told POWER its first Janus units should supply power in 2028.POWER, Aug 27, 2026
  • ·In August 2025 Radiant signed an agreement with the Defense Innovation Unit and the Department of the Air Force under the Advanced Nuclear Power for Installations program to deliver a microreactor to a U.S. military base.Radiant (company release), Aug 6, 2025
  • ·In April 2026 the Air Force selected Radiant to develop and operate a microreactor at Buckley Space Force Base in Aurora, Colorado, with the first reactors due by 2028.Radiant (company release), Apr 22, 2026
  • ·Equinix signed a preorder agreement and paid deposits for 20 Kaleidos units in August 2025.Radiant (company release), Aug 14, 2025
  • ·At its Series C in November 2024 the company said it had production commitments for more than 10 reactors through 2030.Radiant (company release), Nov 14, 2024
  • ·The Department of Energy selected Kaleidos in July 2025 as the first new reactor design to be tested in the DOME test bed at Idaho National Laboratory.Radiant (company release), Jul 2, 2025
  • ·The DOE gave Radiant exclusive use of DOME for one year for a full-scale, full-power, extended-duration test.POWER, Aug 27, 2026
  • ·The DOE approved its safety analysis for the DOME test in February 2026, the first approval granted for a full-power test under the DOE’s new authorization pathway.Radiant (company release), Feb 9, 2026
  • ·The first TRISO fuel for the test, made to Radiant’s specifications, arrived at DOME in July 2026.Interesting Engineering, Jul 2, 2026
  • ·Kaleidos left El Segundo for Idaho by truck on August 12, 2026. The five-phase test runs from zero-power criticality to a 150-hour full-power run without operator intervention, and the company targeted completion in the third quarter of 2026.World Nuclear News, Aug 18, 2026
  • ·A September 2024 demonstration tested the passive cooldown system, which lets the reactor shut down and cool off without power.Radiant (company release), Oct 15, 2024
  • ·Its R-50 factory in Oak Ridge, Tennessee sits on part of the K-27 and K-29 Manhattan Project sites. The company plans first production in 2028 and 50 reactors a year within a few years.Radiant (company release), Oct 13, 2025
  • ·The NRC accepted its Part 70 license application for the R-50 facility in May 2026, with a goal of finishing its review within eight months.Radiant (company release), May 5, 2026
  • ·The DOE selected Radiant in April 2025 as one of five companies to receive HALEU fuel. Radiant was the first of them to sign the contract, in August 2025.Radiant (company release), Aug 21, 2025
  • ·Radiant signed a HALEU enrichment services agreement with Urenco in September 2025, which the two call the first binding commercial contract of its kind by a U.S. advanced reactor developer.Radiant (joint release with Urenco), Sep 15, 2025
  • ·Standard Nuclear agreed in August 2026 to fabricate TRISO fuel for Radiant under a binding, multi-metric-ton agreement running through 2031.POWER, Aug 27, 2026
  • ·Centrus Energy signed a multi-year contract in September 2026 to supply Radiant with domestic HALEU before the end of the decade. Radiant makes prepayments to Centrus under it.Centrus Energy (joint release with Radiant, filed with the SEC), Sep 8, 2026
  • ·Rita Baranwal, a former Assistant Secretary for Nuclear Energy, joined as chief nuclear officer in 2025.Radiant (company release), Dec 17, 2025
  • ·Tori Shivanandan is president and chief operating officer.World Nuclear News, Aug 27, 2026

Founders and leadership

  • Doug BernauerFounder and chief executive

    Joined SpaceX in 2007 as an avionics engineer and worked on the Grasshopper reusable-rocket prototype, then on projects including Hyperloop and fuel production for Mars. He left SpaceX in 2019 to found Radiant, Forbes reported. The company gives 2020 as its founding year.Forbes España, May 20, 2023

Prospects, after the August 2026 Janus award

Prepared by PiggyGPT, as of Oct 12, 2026

  • ·The defense business on file is two programs that begin delivering in 2028: the Army’s Janus agreement for up to 15 units and the Air Force’s reactor at Buckley Space Force Base. The Janus figure of up to $750 million is a ceiling paid on fixed-price milestones, not revenue.POWER, Aug 27, 2026
  • ·Both programs follow the first fueled test. The company targeted completion of the five-phase DOME campaign in the third quarter of 2026, and no result from it is on file.World Nuclear News, Aug 18, 2026
  • ·The commercial order on file is Equinix’s preorder for 20 units with deposits. No revenue figure is on file, and every Form D declined to disclose revenue.SEC EDGAR (Form D), Dec 30, 2025
  • ·Fuel is contracted from several suppliers: DOE HALEU for the test, enrichment from Urenco and Centrus, and TRISO fabrication from Standard Nuclear through 2031.Centrus Energy (joint release with Radiant, filed with the SEC), Sep 8, 2026
  • ·TechCrunch reported a valuation of more than $1.8 billion at the December 2025 Series D. Clarity shows a $68.54 estimate and Nasdaq Private Market $36.21 as of September 24, 2026.
  • ·For the acquisition read, the ties on file are investor stakes: Lockheed Martin through Lockheed Martin Ventures and Chevron through Chevron Technology Ventures. Neither has reported interest in a deal, and no talks or approach are reported. The posture is watch.

A summary of what the figures on this page add up to, prepared by PiggyGPT from the record on file and its cited sources. Not the Street's view, and not advice.

Funding

Last valuation

$1.8B

Post-money, Series D, reportedTechCrunch, Dec 17, 2025

Last round or tender

$300Mraised

Series DRadiant (company release), Dec 17, 2025

Announced as more than $300 million, the floor recorded here, led by Draper Associates and Boost VC, with Founders Fund, ARK Venture Fund and Chevron Technology Ventures. The Form D filed December 30, 2025 records $268,805,033 sold to 40 investors from December 15, 2025, out of a $350,000,018 offering. Lockheed Martin Ventures joined the round in February 2026, which the company says further oversubscribed it, with no amount stated. The company stated no valuation. TechCrunch reported that the round values Radiant at more than $1.8 billion, the floor recorded here.

Latest revenue figure

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Valuation to revenue

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Post-money valuation by round

Fewer than two dated figures on file to plot; the table carries what there is.

DateRoundRaisedPost-money
Dec 17, 2025Series DAnnounced as more than $300 million, the floor recorded here, led by Draper Associates and Boost VC, with Founders Fund, ARK Venture Fund and Chevron Technology Ventures. The Form D filed December 30, 2025 records $268,805,033 sold to 40 investors from December 15, 2025, out of a $350,000,018 offering. Lockheed Martin Ventures joined the round in February 2026, which the company says further oversubscribed it, with no amount stated. The company stated no valuation. TechCrunch reported that the round values Radiant at more than $1.8 billion, the floor recorded here.$300M$1.80Breported
May 29, 2025Series C extensionThe company announced the close of its Series C at $165 million in total, adding StepStone, Giant Ventures, Hanwha Asset Management Venture Fund, SGA, Crossbeam Venture Partners, Align Ventures, ARK Venture Fund, Gigascale Capital, HartBeat Ventures and Pax Ventures. ESG Today reported the close on May 29, 2025, with total venture funding at $225 million. The Form D records $66,049,991 of equity sold to 30 investors from February 13, 2025, the amount recorded here. No valuation was stated.$66M—
Nov 14, 2024Series CLed by DCVC, with Andreessen Horowitz, Union Square Ventures, Felicis, Washington Harbour Partners, Chevron Technology Ventures, Founders Fund, Decisive Point, McKinley Alaska, Boost VC and Also Capital. The company put total venture funding at $160 million after it. The Form D records $99,999,999 of equity sold to 27 investors from October 23, 2024. No valuation was stated.$100M—
Apr 18, 2023Series BAnnounced as $40 million, led by Andreessen Horowitz. Forbes España put total capital raised at $55 million after it. The Form D records $40,714,963 of equity sold to 12 investors from April 4, 2023, out of a $45,075,413 offering. No valuation was reported.$41M—
Mar 3, 2022Series AThe Form D records $12,619,987 of equity sold to 34 investors from February 18, 2022, and names no round. Orrick, the company’s counsel, lists it as a $12.6 million Series A. No valuation was reported.$13M—

Primary capital across the rounds on file: $519M

Revenue

No citable revenue figure on file.

Secondary venues

  • Clarity (formerly Hiive)public page seen Oct 12, 2026

    Clarity Price $68.54, as of Oct 12, 2026

    Clarity calls the figure a per-security model-derived indicative price estimate. The page dates it no further than a "last updated" line reading August 28, 2026. The page shows +730.79% all time.

  • Nasdaq Private Marketpublic page seen Oct 12, 2026

    NPM Price $36.21, as of Sep 24, 2026

    The dated figure in the page text. The page title showed an undated $36.30.

  • Caplightpublic page seen Oct 12, 2026

    No price on the public page.

    Listed as Radiant Nuclear. No public MarketPrice. Historical pricing is behind a login, and the page shows only Caplight’s last-round figures.

A venue is listed when its public page named the company on the date shown. A price is the figure that page showed, under the venue’s own name for it and dated as the venue dated it; it is a level the venue publishes, not a trade. Nothing is recorded from behind a login.

Reads

Acquisition: Watch

A cited tie to a plausible buyer: a strategic partner, an investor stake, a tender offer, a stated appetite. Nothing reported.

Prepared by PiggyGPT, as of Oct 12, 2026

Signals

  • Nov 14, 2024Chevron Technology Ventures joined the Series C as a new investor, from Chevron’s $300 million Future Energy Fund II.Radiant (company release), Nov 14, 2024
  • Aug 14, 2025Equinix signed a preorder agreement and paid deposits for 20 Kaleidos microreactors.Radiant (company release), Aug 14, 2025
  • Dec 17, 2025Chevron Technology Ventures invested again in the Series D, led by Draper Associates and Boost VC.Radiant (company release), Dec 17, 2025
  • Feb 17, 2026Lockheed Martin made a strategic investment in Radiant through Lockheed Martin Ventures. The general manager of Lockheed Martin Ventures said portable nuclear power could make warfighters more resilient.Radiant (company release), Feb 17, 2026

Named counterparties

  • Lockheed MartinHolds a stake through Lockheed Martin Ventures, which the company calls a strategic investment. No interest in a deal has been reported.Radiant (company release), Feb 17, 2026
  • ChevronChevron Technology Ventures invested in the Series C and the Series D. No interest in a deal has been reported.Radiant (company release), Dec 17, 2025

Counterparties are named for a cited reason: a partnership, an investment, or a stated appetite. Naming is not a forecast.

A summary of what the figures on this page add up to, prepared by PiggyGPT from the record on file and its cited sources. Not the Street's view, and not advice.

Sources

Researched Oct 12, 2026