Deep Fission Signs Binding 25-Year 2 GW Energy Purchase Agreement in Kansas
FISN is trading near its 52-week low of $2.8 (1.4% above the low) on elevated volume (5.7× avg).
Summary
Deep Fission signed a binding 25-year energy purchase agreement with the Great Plains Development Authority for up to 2 GW at its Kansas site, with a 150 MW first phase targeted for September 2028. No minimum purchase obligation applies, and the deal still requires NRC licensing and financing.
Key Events · M&A and Partnerships · FISN
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First Binding Offtake Signed
A 25-year Master Energy Purchase Agreement with the Great Plains Development Authority converts the December 2025 LOI into a definitive contract for up to 2,000 MW at the Great Plains Industrial Park in Parsons, Kansas.
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150 MW Phase Targeted for 2028
The initial phase of up to 150 MW targets commercial operation on September 30, 2028, with later phases scaling to 2,000 MW pending demand growth.
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No Minimum Purchase Obligation
GPDA buys only the electricity park tenants actually require, and the agreement remains subject to NRC licensing, Kansas regulatory approvals and other conditions to commercial operation.
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Unit Economics Disclosed
The investor deck shows illustrative NOAK economics of $84M upfront capital, ~$20M/yr revenue over the first ten years and ~$10M/yr operating cash flow at a $110/MWh price point.
Analysis · FISN · Energy & Transportation
What matters here is that Deep Fission has converted its December 2025 letter of intent with the Great Plains Development Authority into a definitive 25-year Master Energy Purchase Agreement — its first binding offtake contract. The initial phase targets 150 MW by September 30, 2028, scaling to 2,000 MW, giving the pre-revenue company a named customer and a schedule to build against. The catch: the contract carries no minimum purchase obligation and depends on tenant demand, NRC licensing and Kansas approvals, so it is a credibility milestone rather than contracted revenue. First hard unit economics arrive in the accompanying investor deck — $84M upfront capital per NOAK reactor, ~$20M/yr revenue and ~$10M/yr operating cash flow at a $110/MWh price point — plus a previously undisclosed $20M Blue Owl equity investment. Set against a going-concern warning and $52.4M net loss disclosed in the August 10-Q, this is the strongest commercial validation the company has produced, but it does not by itself fund the build.
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At the time of this filing, FISN was trading at $2.84 on NASDAQ in the Energy & Transportation sector, with a market capitalization of approximately $167.3M. The 52-week trading range was $2.80 to $15.50. This filing was assessed with positive market sentiment and an importance score of 7 out of 10.