Antares raises $470M to build nuclear reactors for the US military

The first SMRs, which are expected to enter service in the early 2030s, are unlikely to be cost competitive with most new power plants. Lazard, which analyzes the cost of energy for a variety of technologies, expects new SMRs to cost about $214 per megawatt hour. At that price, they would cost more than all but the most expensive gas turbines.

Antares hasn’t disclosed its pricing. But given the realities of the market, it’s not surprising that the startup decided to chase contracts for the U.S. military, a famously price-insensitive customer.