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Rounds, investors, government money and in-kind support.

recordconfirmed No tax incentive for the Carbon campus found: Inland Port areas in Carbon name other firms and exclude the parcel
2026-09 · csite-029 · Utah Inland Port Authority, Valar Atomics, Carbon County

The Utah Inland Port Authority's Castle Country Project Area (adopted 24 June 2024; amended 6 January 2025, 23 April 2026 and 21 May 2026) lets UIPA use property-tax incentives in parts of Carbon and Emery counties, Wellington and Green River; UIPA says its second amendment adds 2,383 acres in Carbon County tied to Tyr Energy power projects, Wildcat Rail and land next to the Savage rail terminal, for about 15,323 acres in all (the adopted plan gives 2,431.59 acres added and 15,370.25 in all). UIPA's public 'Project Areas' map layer, checked in late September 2026, returned no project area at the center or corners of Section 16, and the legal descriptions in the adopted plan (Amendment #3, 21 May 2026) include no land in Township 14 South, where Section 16 lies. UIPA's 10 September update says Valar's more than 100 acres beside the Emery lab lie inside the project area (mine-018); Emery County's commission passed a resolution on 19 May 2026 removing that parcel from the project area, and the records disagree. The state tax credit approved in July is for Emery County (csite-024). No UIPA, state or county incentive for the Carbon County campus was found in the UIPA, state economic development board and Carbon County commission records read as of late September 2026.

In plain termsUtah has several ways to give companies tax incentives for building in rural areas. The port authority counts Valar's expansion land beside the Emery lab inside one of them, though Emery County voted in May 2026 to remove that parcel and the records disagree; the state has approved tax credits for its Emery operations, paid only out of new state tax revenue. The Wellington parcel is not inside the inland-port tax area on the map we checked, and no vote on an incentive for it was found in the public records read as of late September 2026. The port authority's plan says all its incentives must be approved by its board in a public meeting.
verified 2026-10-02: Holds. Re-read in late September 2026: three UIPA pages (the 'Builds Momentum' update is dated 10 Sept 2026 on UIPA's news index and gives about 15,370 acres; the amendment page gives 15,323); layer metadata (last edited 16 Sept 2026; Castle Country 12,930.77 acres) and five points checked in Sec. 16: no project area. Date set to the as-of date of the finding.
recordconfirmed No Form D from Valar Atomics Inc. was found on EDGAR for any round, $1B included; only nine outside investment pools filed; the SEC ties the notice to Regulation D sales, and which exemption Valar used was not found
2026-09 · fund-010 · Valar Atomics, U.S. Securities and Exchange Commission, Sydecar, CGF2021 LLC

EDGAR, the SEC's filing system, has no registrant named Valar Atomics, Inc.: its company search for 'valar atomics' returns seven series of CGF2021 LLC (investment pools administered by Sydecar) and nothing else, and a full-text search of all filings for 'Valar Atomics' (31 hits, re-run in late September 2026) finds Form D notices only from nine such pools (ten filings: eight CGF2021 series and one Alumni Ventures fund), plus lenders' and other companies' reports that mention Valar. So no Form D from the company was found for any of the six funding rounds in the records read (among them fund-004, fund-006 and fund-007), including the $1 billion Series B. The SEC's guidance says a company selling under Rule 504 or 506 of Regulation D 'must file this notice within 15 days after the first sale of securities'. The SEC's pages describe Rule 506(b) as a 'safe harbor' under Section 4(a)(2) of the Securities Act, which exempts sales 'not involving any public offering', and tie the Form D notice to the Regulation D rules; they do not say that every private sale needs one. Which exemption Valar used was not found in public records. The Form D itself asks for each executive officer, director and promoter (Item 3) and the amount sold (Item 13); without one, Valar's board and round totals are known only from the company's own announcements, press and investors, not from an SEC filing. This is a gap in the public record and nothing more.

In plain termsWhen a U.S. company sells shares privately under the SEC's Regulation D rules, it files a short public notice called a Form D, listing its officers and directors and how much it sold. None from Valar was found on the SEC's EDGAR system, even for a $1 billion round; only small investment pools that bought into Valar filed them. The SEC's pages tie the notice to those rules, not to every private sale, so its absence does not show that a filing was required or missed. But it means Valar's directors and the amounts it raised cannot be checked against an SEC filing.
verified 2026-10-02: Re-verified in late September 2026: EDGAR company search (7 CGF2021 series) and full-text searches (31 hits; 10 Form Ds, 9 entities, none by Valar) re-run. The claim about what a Form D names was not in the pages first cited: now sourced to the SEC's Form D; the line on other exemptions was reworded to what the SEC pages say. Corrected in late September 2026: closing sentence now states the gap only.
company claimconfirmed The $1B plan in Valar's words: fleets 'en masse', then thousands a year; no site, model, factory or date is named
2026-08-04 · plan-020 · Valar Atomics, U.S. Department of Energy, U.S. Nuclear Regulatory Commission · Series B equity, as announced by Valar: $1,000,000,000

Valar's Series B post (4 August 2026) says the money lets it move from demonstrating one integrated reactor to 'producing fleets of them en masse', with each reactor shortening the next until Valar produces 'tens, then hundreds, then thousands of reactors per year' in factories 'filled wall to wall' with small modular reactors, and that it will make its own fuel beside its reactors. It names no next reactor design or size, no factory site, no customer and no date. The concrete signs of the next step are elsewhere: a manager for 'one of Valar's first commercial projects' in Utah on the job board, a turbine program, the Carbon lease, a state tax-credit application projecting $1.3 billion of investment and 275 jobs in Emery County, and the 'Commercial Deployment by 2028' target in Valar's July 2025 Emery County slide deck (orig-045). DOE's July 2026 fact sheet, in its paragraph on Antares's Mark-0, says that demonstration set a baseline for 'subsequent reactors' to produce electricity 'in 2027 and the following years'; it gives no electricity date for Valar. Any reactor that sells power would need an NRC license under DOE's own terms; no NRC application or pre-application from Valar was found in public records as of late September 2026.

In plain termsValar raised a billion dollars on the promise of mass-producing reactors, eventually thousands a year. The announcement does not say what the next reactor is, where it will be built, or when. To sell power legally, a reactor needs a license from the Nuclear Regulatory Commission, and no application from Valar was found in public records as of late September 2026.
verified 2026-10-02: Checked in late September 2026: Series B post, DOE fact sheet and the July 2025 deck (1295975.pdf, 12 pages) re-read; quotes exact. Fixed: the fact sheet's 2027 sentence sits in its Antares paragraph and was described too broadly.
recordconfirmed Series B, Aug 2026: $1B led by Sequoia; Valar gave no valuation; Bloomberg's $6B is repeated by others
2026-08-03 · fund-007 · Valar Atomics, Sequoia Capital, Shaun Maguire, Liam Corrigan, Apandion, Atreides Management, Conviction, Dream Ventures · Series B equity (company-announced): $1,000,000,000; valuation (reported by Bloomberg; not disclosed by Valar): $6,000,000,000

Valar's post dated 4 Aug 2026 (TechCrunch reported it on Monday 3 Aug) announces 'the closing of a $1 billion Series B financing led by Sequoia Capital', with Apandion, Atreides Management, Conviction, Dream Ventures, HOF Capital, Point72, Riot Ventures, Snowpoint Ventures and Valor Equity Partners, plus unnamed investors, and says Sequoia partner Shaun Maguire joins the board. Valar's law firm, Goodwin Procter, published a matching deal announcement naming the same investors. Sequoia's own portfolio page lists Valar as 'Partnered 2026', names partners Shaun Maguire and Liam Corrigan, and says Valar 'sells power rather than reactors'. TechCrunch says the company did not disclose a valuation and that Bloomberg reported $6 billion; The Next Web gives $6 billion and calls it three times the $2 billion of the spring (fund-006). Sacra's page quotes Bloomberg as saying the deal 'values Valar at $6 billion, including the money being invested', that is, a post-money figure. The Bloomberg and Axios reports behind the $6 billion were not reviewed. Before the close, TechCrunch (17 July) reported, from three sources, that part of the $1 billion had been raised earlier at a lower valuation; Valar's post does not break the round into tranches, but Sacra's share-class table does. The post says the money moves Valar from one demonstrated reactor to 'producing fleets of them en masse', with its own fuel production.

In plain termsIn August 2026 Valar announced $1 billion from investors led by Sequoia, one of Silicon Valley's best-known venture firms, plus a $200 million loan facility. The company did not say what the deal valued it at; the widely repeated $6 billion figure comes from a Bloomberg report, and counts the new money in. Reporters were told that some of the '$1 billion' had actually been collected months earlier at a lower price, so the headline number may overlap with the spring raise.
verified 2026-10-02: Re-verified in late September 2026: Valar post, Goodwin, Sequoia, both TechCrunch items and TNW re-read; quotes exact. Removed 'Growth stage' (no stage label on Sequoia's page as read); added Sacra's relay of Bloomberg's post-money wording.
recordreported March 2026: $450M ($340M equity, $110M debt) at a $2B valuation, known only from Bloomberg as relayed by others
2026-03-31 · fund-006 · Valar Atomics, Bloomberg · March 2026 raise (reported): $450,000,000; equity part (reported): $340,000,000; debt part (reported; lender not named): $110,000,000; valuation (reported by Bloomberg): $2,000,000,000

The Next Web (Cristian Dina, 1 Apr 2026) wrote that on Tuesday (31 March) Valar announced it had raised $450 million at a $2 billion valuation, 'according to Bloomberg', made up of $340 million in equity and $110 million in debt; it named Luckey and Sankar as investors. TechCrunch (17 July 2026) repeats the same figures 'per a Bloomberg report in March', and says three sources told it that 'part of that capital', meaning the $1 billion round then being raised, had been raised earlier at a lower valuation. The Bloomberg article itself was not reviewed, no post about this raise was found in Valar's online library (read in late September 2026), and no lender, investor or filing read names who provided the $110 million of debt or who led the equity. Records from the same weeks fit a raise in progress: six investment pools named for Valar filed Form D notices between 13 March and 23 April 2026 (fund-010). Confidence stays 'reported': every figure traces to one original report.

In plain termsIn spring 2026 Valar was reported to have raised another $450 million, part of it borrowed, at a price that valued the whole company at $2 billion. All of these numbers come from one Bloomberg story that others repeated; no publication of them by Valar itself was found, and who lent the $110 million was not found in public records.
verified 2026-10-02: Re-verified in late September 2026: TNW and TechCrunch re-read; TechCrunch says 'a Bloomberg report in March' (not dated 31 March), corrected; TNW title corrected to the page's own; EDGAR Form D dates re-checked (six 2026 pool filings, 13 Mar to 23 Apr).
recordconfirmed NOVA ran on a federal lab's machine, staff and site, with the core and fuel Valar provided; who paid for the lab's part, and under what agreement, was not found in public records
2025-11-17 · fund-012 · Valar Atomics, Los Alamos National Laboratory, National Criticality Experiments Research Center, NNSA Nevada Field Office

Valar's joint release with Los Alamos (18 Nov 2025) divides the work: Valar supplied the reactor core, the TRISO fuel and the system configuration; Los Alamos's National Criticality Experiments Research Center, which the release calls the United States' only general-purpose critical-experiments facility, supplied the critical assembly, the facility safety envelope, experimentalists, instruments, the experiment platform and reflectors, data analysis and validation oversight, under the oversight of NNSA's Nevada Field Office. The release adds that the center is supported by DOE's Nuclear Criticality Safety Program, 'funded and managed by the National Nuclear Security Administration for the Department of Energy', and quotes DOE's deputy assistant secretary for nuclear reactors on 'leveraging all DOE capabilities' for the pilot program. ANS Nuclear Newswire's report describes the same split, adds that Los Alamos 'also provided many of the components used', and quotes Valar's chief executive, in a statement to Wired, saying the pilot program gives Valar access to sites, national-lab expertise and federal oversight. Neither names the agreement type (for example a Cooperative Research and Development Agreement or a Strategic Partnership Project) or says who paid for the lab's time. No NOVA-related award was found on USAspending as of late September 2026. The NOVA result is one of the 'firsts' Valar used in its Series B pitch (fund-007).

In plain termsValar's first chain reaction happened inside a government laboratory, on government equipment, run by national-laboratory scientists at a federal site in Nevada. By the release's account, Valar provided the core and the fuel. Whether Valar paid the full cost of the lab's time, or taxpayers covered some of it, is not in any public document found.
verified 2026-10-02: Re-verified in late September 2026: NOVA release and ANS re-read; quotes exact. Added the release's own line that the center is NNSA-funded, which bears on who carried the cost.
recordconfirmed Series A, Nov 2025: $130M co-led by Snowpoint, Day One and Dream; total raised then 'more than $150 million'
2025-11-10 · fund-004 · Valar Atomics, Snowpoint Ventures, Day One Ventures, Dream Ventures, Doug Philippone, Palmer Luckey, Shyam Sankar, John Donovan · Series A (reported): $130,000,000; total funding after the Series A ('more than', as reported): $150,000,000

ANS Nuclear Newswire (13 Nov 2025) reported a $130 million Series A 'led by venture capital groups Snowpoint, Day One, and Dream', with Snowpoint co-founder Doug Philippone joining the board and total funding above $150 million. Tech Startups (10 Nov 2025) gives the same three leads, names Palmer Luckey (Anduril's founder) and Palantir CTO Shyam Sankar as backers, says Lockheed Martin director and former AT&T executive John Donovan joined the round, and says the raise pushed Valar's total funding to more than $150 million. Contrary Research (an investor, 11 Nov 2025) credits the lead to Philippone at Snowpoint and lists Luckey, Sankar, Dream, Day One and Contrary itself, with a 'Total Funding' figure of $150M. The sum of the earlier rounds ($1.5M + about $19M + $130M) matches the $150 million total. No valuation for this round appears in any source read; The Next Web later said only that the Series A valued Valar at 'a fraction' of its March 2026 price. No Series A article by Valar itself was found in its online library (read in late September 2026); its Series A items link to a LinkedIn post by Taylor (a TBPN clip), a paywalled Bloomberg story, an Axios Pro Rata item and an LA Times B2B story, none of which was reviewed.

In plain termsIn November 2025 Valar raised $130 million from three venture firms and several well-known defense-technology figures, bringing its total to about $150 million. No valuation for this round was found in the news and investor reports read. Its backers include the founders or top executives of Anduril and Palantir, two major defense contractors, and a Lockheed Martin board member.
verified 2026-10-02: Re-verified in late September 2026: ANS, Tech Startups, Contrary and The Next Web re-read; quotes exact. Fixed a quote-style rendering of Contrary's total and added the Axios item the library also links.
recordreported Feb 2025: Valar leaves stealth with an $18M-19M seed led by Riot Ventures and a Philippine pilot-site contract
2025-02-20 · orig-020 · Valar Atomics, Riot Ventures, AlleyCorp, Initialized Capital, Day One Ventures, Steel Atlas, Philippine Nuclear Research Institute · seed round (reported): $19,000,000

TechCrunch (Mike Butcher, February 20, 2025) reported Valar had raised a $19 million seed round led by Riot Ventures, with AlleyCorp, Initialized Capital, Day One Ventures and Steel Atlas, to develop its first test reactor. It reported an initial contract with the Philippine Nuclear Research Institute to build a reactor in that country, and quoted the company saying its thermal test unit took about 10 months to design and build. The article described the technology as helium-cooled and reaching up to 900 C. It did not say where the company is based. Initialized Capital, an investor, gave the round as $18 million.

In plain termsValar came out in public in February 2025 with $18-19 million from investors (published figures differ) and a deal to build a reactor in the Philippines.
verified 2026-10-02: Second check, late September 2026: TechCrunch re-read: $19M seed, investors, PNRI contract, ~10-month thermal unit, helium to 900 C, no base city named. All match.