Deep Fission under fire re nuclear project’s costs and safety

• October 26, 2026
• Jane Stoever
• nuclear

By Ruth de la Garza, contributing writer

Deep Fission (NASDAQ: FISN) shares fell more than 50% following a Sept. 24, 2026, report by Iceberg Research that described the company as a “money pit.” The report alleged underestimated costs, overstated economic potential, and significant regulatory and demand risks. A mile-deep borehole near Parsons, KS, is the planned site for a new experimental nuclear reactor, announced by Deep Fission in late 2025.

Ann Suellentrop, vice-chair of the PeaceWorks KC Board, warned of the long-term dangers of nuclear waste. “Deep Fission is playing with fire. Radioactive waste is forever deadly and dangerous, lasting thousands and thousands of years,” she said.

Iceberg Research estimated that Deep Fission’s electricity costs could reach $148–$289 per megawatt-hour (MWh), far above the company’s projected $50–$70. The report also questioned whether the Nuclear Regulatory Commission (NRC) could approve the technology quickly and challenged demand forecasts for the Great Plains Industrial Park in Kansas. Deep Fission rejected the report as “highly misleading.”

Suellentrop also criticized the federal government’s handling of nuclear issues, saying, “The Department of Energy (DOE) has misled the public for decades.” She pointed to what she described as a long history of secrecy, cover-ups, and misinformation.

Deep Fission’s technology uses a nuclear reactor designed to operate approximately one mile underground in solid granite. The company argues that a tall column of water can provide pressure, potentially reducing the need for expensive conventional equipment. The surrounding rock could also offer physical protection, passive cooling, and lower construction costs.

However, these potential advantages remain subject to engineering validation, regulatory approval, and successful commercial deployment. Significant challenges include retrieving or refueling a highly radioactive reactor core through a narrow, mile-deep shaft, managing corrosion caused by high pressure and harsh underground conditions, and developing a regulatory pathway for a technology the NRC has not previously licensed under an established framework.

The company must also demonstrate that it can deliver competitive electricity costs, meet regulatory requirements, and secure dependable customers. Until independent evidence validates its claims, Deep Fission faces substantial technical, financial, and execution risks.

“This is not merely a Kansas issue, but a national one, as officials aim to expand the model nationwide,” Suellentrop added.

Critics argue that Deep Fission’s promises could prove financially disastrous for investors and raise serious public-safety concerns. The allegations have also drawn legal attention, with five law firms reportedly seeking investors to participate in a proposed class-action lawsuit.

Whether the company’s technology can deliver on its promises—or whether investors have been misled—remains to be established. The allegations in the Iceberg Research report and any potential legal claims have not, by themselves, established fraud.

–Ruth de la Garza, an award-winning journalist, brings more than 25 years of experience in broadcasting, public relations, and mass media to the PeaceWorks KC Communications Team. Her reporting for regional and national outlets has examined politics, health policy, and community issues across Chicago and Northwest Indiana. Driven by a commitment to public health and grassroots civic movements, she focuses on revealing how legislation affects everyday lives and elevating the stories that matter most to the communities she serves.