Venture funding for nuclear energy startups — both fusion and advanced fission — is surging.

By the numbers: Global investment is over $4.5 billion for 81 companies so far this year, according to PitchBook, putting 2026 on pace to smash last year's record haul of $6.2 billion for 93 companies.

• Most of that is in the U.S., including yesterday's $370 million Series C round for California-based microreactor developer Antares (which also added $100 million in new debt funding).

Behind the scenes: The top driver is rising energy demands, but there also are some FOMO fears that long regulatory timelines could create winner-take-all markets (some big, some niche).

• The U.S. Nuclear Regulatory Commission took about six years to approve the first advanced small reactor design, from fission developer NuScale.
• President Trump has sought to accelerate the process, aiming for 18 months. But that still could give first movers a major advantage in locking down contracts with data centers and electric utilities.

The bottom line: "Investors are betting that war chests — and, for some, political connections — will help get them approved first," Axios Pro energy tech reporter Alan Neuhauser explains. "This is particularly true for advanced nuclear fission reactors, including small ones, but also applies to fusion."

• Axios Pro's Katie Fehrenbacher adds: "There are companies building reactors of various capacities for different applications. Once more companies are commercial, it'll probably look more like the gas turbine market, with a handful of large manufacturers...
• "But given the sheer number of small module reactor startups right now, there will definitely be some shakeout."

Ares Management (NYSE: ARES) has held talks to acquire Los Angeles-based buyout shop Leonard Green & Partners, per the FT.

Why it's the BFD: Private equity is an AUM weak spot for Ares, when compared to other listed alt asset firms. Adding Leonard Green would help it fill the hole.

By the numbers: Ares reports that over 65% of its $644 billion in AUM is in private credit, while another 22% is in real assets. Only 4% is in private equity.

• Leonard Green, which was founded in 1989, has over $85 billion in AUM and currently is raising a 10th flagship fund that's expected to be sized around the $15.2 billion it raised for Fund IX in 2022.

The bottom line: "Every public firm is looking at areas where they don't have strengths ... The current zeitgeist is bigger is better." — Antoine Gara, FT

• Spur Intelligence, a Lake Mary, Fla.-based IP intelligence platform, raised $200m from Insight Partners. axios.link/3Tt8B2E

🚑 Claris Bio, a Jersey City, N.J.-based developer of a corneal disease treatment, raised $118m in Series B funding, per Axios Pro. Samsara Biocapital and Catalio Capital Management led, joined by Adage Capital Management, Sofinnova Investments, Aisling Capital, and ADAR1 Capital Management. axios.link/4z2eYKP

• Dwelly, a London-based residential letting agency, raised $95m in Series B funding. EQT Growth and General Catalyst led, joined by s16vc, Begin Capital, and DVC. It also secured $75m in debt from Trinity Capital. axios.link/4fBV2FD

• Enigma, an AI research lab focused on robot engagement, raised $70m in seed funding. Index Ventures and Ribbit Capital led, joined by Conviction Partners. axios.link/4q1mD85

• Act Security, an Israeli cloud security startup, raised $40m in Series A funding, per Axios Pro. Notable Capital led, joined by StartPoint Capital and SVCI. It also disclosed a $20m seed from Team8, Bessemer Venture Partners, Hetz Ventures, and Claltech. axios.link/3TppfAe

• AegisAI, an email security company, raised $36m in Series A funding. Battery Ventures led, joined by insiders Accel and Foundation Capital. axios.link/4fUWG6q

• ProphetX, a B2B sports prediction market, raised $35m, per Axios Pro. Parlay Capital and Data Point Capital led, joined by FDJ Ventures, Greenwave Ventures, Connexa Capital, Impellent Ventures, the Operating Group, Sharp Alpha Advisors, Chicago Trading Company Ventures, Belvedere Trading, Ematiq, and principals at White Swan Data and Consolidated Trading. axios.link/4fz5w8v

🚑 Flourish Health, a Richmond, Va.-based mental health provider for young people with complex needs, raised $26m in Series A funding led by B Capital, F-Prime, and Cherryrock Capital. axios.link/4wl0pQt

• ZuriQ, a Swiss quantum computing spinout of ETH Zürich, raised $25.5m in seed funding. Quantonation led, joined by Forward.one, Extantia, and Firgun Ventures. axios.link/4fW9mKi

• Mate, an Israeli cybersecurity startup, raised $25m in Series A funding from Canaan Partners, Insight Partners, and Team8, per Axios Pro. axios.link/4h2hZUH

🚑 Healia, a Columbus, Ohio-based health benefits company, raised $14m in Series A funding, per Axios Pro. 111° West Capital led, joined by First Round Capital, Y Combinator, Pioneer Fund, and North Coast Ventures. axios.link/4fYIedD

• Sent, an AI messaging infrastructure startup, raised $12m in Series A funding. Companyon Ventures led, joined by Bessemer Venture Partners, UIF, and CP Overture. axios.link/3TfF9x8

• Pilot Protocol, an SF-based agentic network developer, raised $4.5m in seed funding. Version One Ventures led, joined by Precursor Ventures, Night Capital, and Todd & Rahul Capital. axios.link/4fkzqP6

🚑 Dopl Technologies, a Bothell, Wash.-based developer of telerobotic ultrasound systems, raised $6.3m in seed funding. SpringTide Ventures led, joined by WRF Capital, Tacoma Venture Fund, HeartX, Transform Health Ventures and Precursor Ventures. axios.link/4fXS5jW

⚡ Perceptual Robotics, a U.K. wind turbine inspection startup, raised over £4m from Investing for Purpose, Loggerhead Ventures and One Planet Capital, and Innovate UK. axios.link/3RZ39Eg

• 5U AI, a German freight logistics platform, raised $3.2m in pre-seed funding led by Emerge Capital. axios.link/4yZn5aW

• ETN, a European streaming show about tech (e.g., TBPN), raised $1.6m in seed funding from backers like Powerhouse Capital and Axel Springer. axios.link/4c2T7Zu

🚑 BC Partners agreed to buy a co-control stake in Swiss biotech InfoRLife at a reported $1.5b valuation. axios.link/4bLPV4o

• Carlyle acquired Secturion Systems, a Centerville, Utah-based provider of hardware encryption solutions that protect sensitive and classified information. axios.link/4yKCzzj

• Cinven and La Caisse agreed to acquire Optio Group, a London-based specialty-risk managing general agent. axios.link/45s1lXs

🚑 Curium, a French portfolio company of CapVest Partners, is in talks to buy Bedford, Mass.-based radiopharma company Lantheus (Nasdaq: LNTH) for around $7b, per Bloomberg. axios.link/4wsA43e

🍦 GlacierPoint Enterprises, a Mill Point Capital portfolio company, bought Arctica Frozen Solutions, a Miami-based ice cream delivery company. axios.link/4vSMUXq

⚡ H.I.G. Capital acquired Avove, a U.K. infrastructure services and engineering firm focused on the water and power markets, from Rubicon Partners. axios.link/3TmnPqd

• Honeywell (Nasdaq: HON) closed the sale of its warehouse and workflow solutions business to American Industrial Partners. axios.link/4yKn6PC

• InterVest acquired Kapitus, a provider of SME financing solutions. axios.link/45uIo6o

⚡ Strategic Value Partners agreed to acquire a minority stake in South Field Energy, a natural gas-fired combined-cycle generation facility in Ohio. axios.link/3Rkne7U

• TPG is in exclusive talks to buy Houston-based Netrality Data Centers from Macquarie Group for $2b-$3b, per Bloomberg. axios.link/4x0aXo3

• Wynnchurch Capital agreed to acquire materials maker Luxfer (NYSE: LXFR) for $463m in cash, or $17.34 per share. axios.link/3TkO0xv

• Catalyst Acquisition Corp., a media SPAC led by Steven Beeks (ex-Lionsgate) and Nicolas van Dyk (Nexon, Disney), raised $200m in its IPO. axios.link/4eQVSPJ

• River City Bank, a Sacramento, Calif.-based commercial bank, set IPO terms to 2.75m shares at $48-$51. It would have a $703m market cap, were it to price in the middle, and plans to list on the Nasdaq (RCBC). axios.link/4vOOJV1

• Zhongji Innolight (SHE: 300308), a Chinese optical transceivers company, raised around $6.8b in a Hong Kong cross-listing. axios.link/4vSc5ZW

• Cyera, valued by VCs at $12b, agreed to acquire Oasis Security, an Israeli startup that helps manage non-human accounts, for around $1b. Cyera had raised nearly $200m from firms like Craft Ventures, Sequoia Capital, Accel, and Cyberstarts. axios.link/4wwTeVy

• KKR is exploring a sale of LS Automotive India, an Indian auto parts maker that could fetch up to $500m, per Bloomberg. axios.link/4yJivx5

• Midjourney, an AI image and video generation lab, acquired Co-Star, a social astrology app that had raised over $20m from firms like Spark Capital, Maveron, Imagination Capital, and Founders Fund. axios.link/44TpTsb

• Payward, Kraken's parent company, agreed to acquire the embedded wallet infrastructure business of Magic Labs, which has raised over $80m from firms like PayPal Ventures, Synchrony Financial, Kx Systems, Cherubic Ventures, Volt Capital, and Northzone Ventures. axios.link/4pKPeOG

• THL Partners completed the $1.65b sale of firmware and management software developer AMI to Lattice Semiconductor (Nasdaq: LSCC). axios.link/4fBIb62

• TransDigm (NYSE: TDG) agreed to acquire Prince & Izant, a Cleveland-based maker of brazing alloys and specialty metal components, from Industrial Growth Partners for $1.07b in cash. axios.link/3TkUU5T

• Corient, a multi-family office, acquired Seven Bridges Advisors, an NYC-based RIA with $4.9b in AUM. axios.link/3TIvK14

• NPD Logistics, a logistics and supply chain solutions provider, acquired Urban Direct, an NYC-based overnight shipping company. axios.link/4yYsDT4

• Align Ventures raised $125m for its second early-stage fund focused on consumer startups. axios.link/4pFTSxi

• Nicholas Dunstone joined Jones Day as an Australia-based partner focused on restructuring. He previously was with Milbank. axios.link/3S3eoLX

• Rachel Phillips joined Paul Weiss as a partner in the law firm's capital markets group. She previously was with Ropes & Gray. axios.link/45ofPYn

• Christopher Scavone joined Gibson Dunn as a partner in the law firm's investment funds practice. He previously was with Simpson Thacher. axios.link/4h5cdSp