Kairos Power: Funding Rounds + Capital Stack
| Round | Date | Amount | Lead Investors | Notes | |
|---|---|---|---|---|---|
| Founder + early-stage equity | 2017-2020 | ~$60M cumulative | Founders + early-stage strategic + family offices | Pre-DOE ARDP scale; UC Berkeley + MIT spinout origins | |
| DOE ARDP Phase 1 award | Oct 2020 | $30M (initial Pathway 2 award) | DOE Office of Nuclear Energy | Smaller than TerraPower + X-energy initial awards but ramped through subsequent modifications | |
| Series A + extensions | 2020-2022 | ~$150M cumulative | Multiple Tier-1 strategic + financial investors | Growth equity through Hermes design | |
| Series B | 2022-Q4 | $303M | Schmidt Family Foundation + multiple strategic | Largest single private round through Hermes construction permit | |
| DOE ARDP Phase 2 ramp | 2022-2025 (multi-year) | Up to $700M cumulative (DOE share) | DOE Office of Nuclear Energy | Ongoing cost-share through Hermes operational + KP-FHR design certification | |
| Bridge + pre-Google round | Late 2023 - mid 2024 | ~$150M | Existing investors + new strategic | Bridge to Google deal | |
| Google strategic investment + PPA (Oct 2024) | Strategic investment amount not disclosed; PPA covers up to 500 MWe across 6-7 plants 2030-2035 | Google (Alphabet) | Marquee advanced-reactor + hyperscaler PPA; largest single SMR offtake commitment | ||
| Total capital raised (private equity + DOE cost-share) | ~$1.4B+ cumulative | Through 2025-Q3 | Combined public + private financing stack | Second-most-funded advanced reactor developer after TerraPower + X-energy | |
| Cash runway implied | ~$500M+ cash + STI estimated 2025-Q3 | Quarterly burn ~$30-50M (Hermes construction + KP-FHR design) | Estimated 10-12 quarters runway absent additional raise | Likely additional raise before commercial FOAK COD ~2030 | |
| Editorial. Why this matters | Strategic context | Kairos Power's capital stack reflects DOE cost-share + private equity + Google strategic investment - the same advanced-reactor + hyperscaler convergence as X-energy + Amazon. Marquee question: does the existing $1.4B+ stack carry Kairos through Hermes (2026-2027) + first Google plant FOAK (2030)? |
Updated at 2025-Q3
Kairos Power: Hermes Demonstration + Google PPA Delivery Schedule
| Milestone | Original Target | Current Target | Status | |
|---|---|---|---|---|
| Hermes construction permit (NRC) | 2023 stated | Achieved December 2023 | Complete (first US non-LWR construction permit) | |
| Hermes site construction begun (Oak Ridge TN) | 2023-Q4 | Achieved 2023-Q4 | Complete; construction continuing | |
| Hermes mechanical completion | 2026-Q3 | On schedule (2026-Q3 to Q4) | On schedule per current Kairos roadmap | |
| Hermes first criticality | 2026-Q4 to 2027-Q1 | On schedule | Demonstration scale; not for commercial electricity | |
| KP-FHR design certification (NRC) | Target 2027-2028 | On schedule per current Kairos statements | Required before commercial KP-FHR LRIP | |
| Google PPA announced (Oct 2024) | Up to 500 MWe across 6-7 plants 2030-2035 | Binding commercial off-take | Largest single SMR-developer PPA in industry | |
| First Google KP-FHR plant COD | 2030 (Google PPA terms) | On schedule per Kairos current statements; consensus 2030-2031 | FOAK commercial plant; site TBD (likely Oak Ridge area) | |
| Subsequent Google plants (2nd through 6-7) | 2031-2035 stated cadence | On schedule per Kairos current statements; consensus 2031-2035 | Each plant 70 MWe to ~150 MWe depending on configuration | |
| TVA partnership (announced 2024) | Multi-plant deployment study | Active partnership; no signed plant contracts yet | TVA-funded engineering studies for Tennessee deployment | |
| TRISO-X partnership (X-energy) | TRISO fuel supply for KP-FHR commercial plants | Active partnership; fuel supply from Oak Ridge TRISO-X facility 2027+ | TRISO-X facility under construction (X-energy) | |
| Editorial. Why this matters | Strategic context | Kairos achieved the first US non-LWR construction permit (Dec 2023), validating the regulatory path for advanced fluoride-salt reactors. The Google PPA (Oct 2024) is the largest commercial off-take commitment to any SMR developer. Marquee question: does Kairos deliver Hermes (2026-2027) + first Google KP-FHR plant (2030) on schedule, validating the full advanced-reactor commercial path, or does any slip cascade through the 6-7 plant Google deployment + reset the broader SMR commercialization narrative? |
Updated at 2025-Q3
