Hadron Energy
Hadron Energy is a US-based developer of the 10 MWe Halo Micro-Modular Reactor, a factory-built light-water integral pressurized-water reactor targeting AI data centers, industrial sites, defense installations, and remote communities. The company is pre-revenue, went public via SPAC on Nasdaq (HDRN) in May 2026, and targets NRC licensing in 2029 with commercial operations in 2030.
- Company typePublic
- Founded2024
- HeadquartersSan Francisco, United States
- Headcount1–10
- GTM typeB2B
- OfferingHardware or Manufacturing
What Hadron Energy does
Hadron Energy is a US-based developer of micro-modular nuclear reactors founded in July 2024 and headquartered in Redwood City, California, with a secondary office in New York. The company went public on May 26, 2026 via a business combination with GigCapital7 Corp., trading on Nasdaq under tickers HDRN and HDRNW as the first publicly traded light-water micro-modular nuclear reactor company at a pro-forma equity valuation of approximately $766 million.
The company's flagship product is the Halo Micro-Modular Reactor (Halo MMR), a 10 MWe integral pressurized-water reactor in which the reactor core, steam generator, pressurizer, and primary coolant are housed within a single transportable reactor pressure vessel partially submerged in a below-grade suppression pool serving as the passive ultimate heat sink. Each 3m x 12m module is factory-fabricated, truck- or rail-transportable, fueled by Low-Enriched Uranium Plus (~8 wt% U-235) on a 10-year refueling cycle with a 50-year operating life, and protected by five engineered containment layers including passive emergency core cooling. The Halo MMR targets commercial operations in 2030 after NRC license issuance targeted for 2029 under 10 CFR Part 52.
Hadron is pre-revenue and pursues a capital-intensive business model centered on long-term Power Supply Agreements (PSAs) and behind-the-meter deployment frameworks with AI data center operators, industrial sites, defense installations, and remote communities. Disclosed commercial milestones include a 1 GW data center PSA (February 2025), a 300 MW power-supply deal (April 2025), and a non-binding MOU with Smartland Energy covering up to five ~150 MWe projects (~1.8 GWe aggregate by 2035) plus a strategic equity investment. Commercial readiness is supported by stacked supplier and deployment partnerships with ConverDyn (domestic UF6 fuel), Paragon Energy Solutions / Mirion (I&C architecture), GSE Solutions (training simulator), and Smartland Energy (behind-the-meter deployment). Customer identities are not publicly disclosed and pricing is contract-specific.
Hadron Energy firmographics
Firmographics- Name
- Hadron Energy
- Legal name
- Hadron Energy Inc.
- Website
- https://hadronenergy.com
- Company type
- Public
- Founded year
- 2024
- Operating status
- Ipo
- Headcount range
- 1–10 employees
- Short description
- Hadron Energy is a US-based developer of the 10 MWe Halo Micro-Modular Reactor, a factory-built light-water integral pressurized-water reactor targeting AI data centers, industrial sites, defense installations, and remote communities. The company is pre-revenue, went public via SPAC on Nasdaq (HDRN) in May 2026, and targets NRC licensing in 2029 with commercial operations in 2030.
- Ownership category
- akta.pro rank
Hadron Energy industry classification
Industry- Product category
- Micro Modular Nuclear Reactors
- NAICS
- Turbine and Turbine Generator Set Units Manufacturing (333611), Engine, Turbine, and Power Transmission Equipment Manufacturing (3336)
- SIC
- Engines & Turbines (3510), Special Industry Machinery, Nec (3559)
- akta.pro primary industry
- Gen IV / Advanced Reactor Systems (SFR, LFR, GFR, MSR, HTGR, Microreactors) (EUAKADAC)
- akta.pro secondary industries
- Reactor Refueling & Fuel Handling Systems (Cranes, Machines, Transfer Systems) (EUAKADAN), Containment, Civil Structures & Modular Construction Systems (EUAKADAJ), Spent Fuel Pool (SFP) Operations & Upgrades (EUAKAHAA), Fast Neutron Reactor (SFR/LFR) Power Generation (EUACADAE)
Keywords
Where Hadron Energy is headquartered
LocationHeadquarters
- HQ city
- San Francisco
- HQ country
- United States
- HQ region
- North America
Offices2 records
Markets served
Hadron Energy business model
Business model- GTM type
- B2B
- Offering type
- Hardware or Manufacturing
- Cost components
- Technology or R&D, Personnel, Operations, Marketing or Sales, Infrastructure, Others
Revenue model
- Power Supply Agreements (PSAs) / Long-Term Offtake Contracts: Future primary revenue stream via multi-year Power Supply Agreements under which Hadron supplies continuous baseload electricity (and optionally process heat up to 300°C) from deployed Halo MMRs to data centers, industrial sites, defense installations, and remote communities. Example disclosed deals include a 1 Gigawatt Data Center Power Supply Agreement (Feb 12, 2025) and a 300MW Power Supply Deal (April 11, 2025). Customer identities are not publicly disclosed; contracts are bespoke, multi-year, and indexed to MWh delivered.
- Reactor Unit / Hardware Sales: Sale of factory-fabricated Halo MMR units to behind-the-meter project developers and customers under framework agreements (e.g., Smartland Energy MOU covering up to five 150 MWe projects / ~1.8 GWe aggregate demand by 2035). Implies both unit-capex and recurring power-offtake revenue.
- Strategic Equity Investments from Deployment Partners: Pre-revenue capital infusions from strategic deployment partners that take equity stakes in Hadron alongside PSAs/MOUs (e.g., Smartland Energy's initial strategic investment, undisclosed size, tied to deployment framework). These are non-recurring but signal long-term customer alignment.
- Pre-Commercial / Pre-Revenue Status: As of latest disclosures (June 2026), Hadron is pre-revenue. The Halo MMR is targeting NRC licensing issuance in 2029 and commercial operations in 2030. Approximately $24.5M of cash on the balance sheet supports approximately one year of operations from May 2026 closing.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Outcome Based/ Performance | Multi-year contract | Not publicly disclosed — bespoke multi-year contracts (PSAs and deployment MOUs) |
Go-to-market motion3 records
Distribution channels4 records
Marketing channels9 records
Hadron Energy product offering
Product offeringCore offering
Hadron Energy designs, develops, and intends to manufacture the Halo Micro-Modular Reactor (Halo MMR), a 10 MWe integral pressurized-water light-water reactor. Each unit is factory-fabricated, truck/rail-transportable (3m x 12m), fueled by LEU+ on a 10-year refueling cycle with a 50-year operating life, and designed for behind-the-meter deployment at AI data centers, industrial sites, military/defense installations, remote communities, and municipal/utility customers. Hadron sells the reactor units and supplies long-term power via bespoke multi-year Power Supply Agreements, targeting NRC commercial operations in 2030.
Product overview
Hadron Energy offers a single flagship product, the Halo Micro-Modular Reactor (Halo MMR), rather than a platform-plus-modules architecture. The Halo MMR is a 10 MWe factory-built, truck-transportable integral pressurized-water micro-modular reactor designed to deliver continuous carbon-free baseload power for up to 10 years without refueling, with a 50-year useful life, using Low-Enriched Uranium Plus (LEU+) fuel. Hadron's commercialization program wraps a set of supplier and deployment partnerships around the Halo MMR — ConverDyn for domestic uranium hexafluoride conversion supply, Paragon Energy Solutions (a Mirion Technologies company) for the Instrumentation & Control (I&C) architecture, GSE Solutions for the full-scope high-fidelity training simulator, and a multi-project deployment framework with Smartland Energy for behind-the-meter deployment — all of which are layered onto a single underlying reactor product being advanced through a 10 CFR Part 52 NRC licensing pathway that includes a Quality Assurance Program Description (QAPD), a Principal Design Criteria (PDC) White Paper, and a target Manufacturing License plus combined Construction Permit and Operating License.
Differentiator
Problem solved
Functional benefit
Brands
- Halo Micro-Modular Reactor (Halo MMR / Hadron Halo): Hadron's flagship 10 MWe light-water Micro-Modular Reactor product line — a factory-built, truck-transportable integral pressurized-water reactor designed for continuous carbon-free power with a 10-year refueling cycle and 50-year useful life.
Products and services
- Halo Micro-Modular Reactor (Halo MMR) The Halo MMR is a 10 MWe integral pressurized-water light-water reactor (iPWR) of the 'reactor-in-a-pool' configuration. The reactor core, steam generator, pressurizer, and primary coolant are housed within a single reactor pressure vessel (RPV) enclosed in a close-fitting cylindrical containment vessel and partially submerged in a below-grade stainless-steel-lined flooded pool that serves as the passive ultimate heat sink. Each module is factory-fabricated, measures 3m x 12m, ships by conventional road or rail, fits in less than one acre, and uses Low-Enriched Uranium Plus (LEU+, ~8 wt% U-235) on a 10-year once-through fuel cycle with a 50-year operating life. It supports process heat delivery up to 300°C and continuous baseload electricity for AI data centers, industrial hubs, defense installations, remote communities, and municipal/utility applications.
Quantifiable outcome
- 10 MWe per unit, occupying 3m x 12m per module and less than one acre of land
- +10 more outcomes
Companies that use Hadron Energy
Customer profileSegments6 records
Ideal customer profiles5 records
Hadron Energy technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature9 records
Hadron Energy partnerships and signals
Strategic signalPartnerships
Nine partnerships are on record, tiered core, flagship (regulatory), minor (transaction-specific), flagship (core), flagship (credibility) and flagship (regulatory/program).
- GSE Solutions (GSE Performance Solutions, LLC)coreSelected as the supplier for the design, development, delivery, installation, and commissioning of a full-scope, high-fidelity training simulator for the Halo MMR. The agreement expands the relationship between Hadron and GSE from a prior MOU into a committed strategic alliance. The simulator will prepare future operators for NRC licensing exams under 10 CFR Part 55 and serve as the principal training platform for Hadron's FOAK and subsequent commercial units. GSE brings 50+ years of nuclear plant simulation experience; CEO: Ravi Khanna.
- U.S. Nuclear Regulatory Commission (NRC)flagship (regulatory)Hadron is in active pre-application and licensing engagement with the NRC under 10 CFR Part 52. NRC accepted Hadron's QAPD Topical Report for review (December 2025); issued a final safety evaluation accepting Revision 3 of the QAPD (June 4, 2026) — a first for a light-water microreactor; Hadron submitted its Principal Design Criteria Whitepaper (April 10, 2026). NRC pre-application meeting on December 17, 2025 provided positive feedback on Hadron's regulatory approach.
- Duane Morris LLPminor (transaction-specific)Legal advisor to Hadron Energy on the SPAC business combination with GigCapital7 Corp. providing transaction legal counsel during the deSPAC.
- DLA Piper LLP (US)minor (transaction-specific)Legal advisor to GigCapital7 Corp. on the SPAC business combination; counterparty to Hadron's legal counsel (Duane Morris LLP) on the deSPAC transaction.
- ConverDyn, GPflagship (core)Uranium Conversion Services Agreement securing domestic nuclear fuel supply for Hadron's Halo MMR. ConverDyn is the exclusive marketing agent for Solstice Advanced Materials' Metropolis Works uranium hexafluoride (UF6) conversion facility in Metropolis, Illinois — the only commercial UF6 conversion facility in the United States. Provides high-purity UF6 supporting Hadron's fuel fabrication pathway beginning with the First-of-a-Kind (FOAK) deployment, with potential to expand across subsequent commercial units as Hadron scales. Establishes a fully domestic, non-replicable supply chain moat for the Halo MMR's LEU+ fuel cycle.
- Smartland Energy, LLCflagship (core)Non-binding Memorandum of Understanding (MOU) establishing a portfolio-scale framework to evaluate deployment of Hadron's Halo MMR technology across up to five qualified Smartland behind-the-meter power projects over time. Smartland is advancing a pipeline of ~150 MWe per project across 12 projects targeted by 2035 (~1.8 GWe aggregate). Initial deployment targeted for early 2030s subject to diligence. Smartland has also made an initial strategic equity investment in Hadron Energy and may consider additional participation in future financing rounds. Smartland CEO: Vadim Kleyner.
- Paragon Energy Solutions (a Mirion Technologies Company)flagship (core)Non-binding MOU for the design, development, and implementation of the Instrumentation & Control (I&C) architecture for Hadron's Halo MMR program. Paragon will develop the I&C system architecture — safety and non-safety platform integration, control logic, HMI, and cybersecurity — and supply physical instrumentation devices (sensors, transmitters, control cabinets, networking). Collaboration spans Hadron's FOAK deployment with potential expansion to subsequent commercial units. Paragon is a Mirion Technologies company with 30+ years of nuclear industry experience.
- The White House (U.S. Administration)flagship (credibility)Hadron received an official White House communication recognizing its 10 MW light-water MMR program as aligned with the Administration's strategic energy and security goals and as supporting deployment to mission-critical DoD installations and AI data centers. Validates Hadron's technical roadmap and opens the door for deeper collaboration with federal partners.
- U.S. Department of Energy (DOE)flagship (regulatory/program)Hadron engaged with the DOE across multiple programs: accepted into the DOE Phase 0 Program (December 6, 2024); recognized by the DOE's Gateway for Accelerated Innovation in Nuclear (GAIN) Program (June 13, 2025); welcomed as a member of the DOE's HALEU Consortium (June 27, 2025); and is positioned to support the DOE's Janus Project for MMR installation at U.S. Armed Forces military bases.
Scale indicators17 records
Recent moves9 records
Expansion highlights6 records
Hadron Energy competitors and assessment
Company assessmentDirect peers
- NuScale Power: Publicly traded (NYSE: SMR) light-water SMR developer whose VOYGR design shares Hadron's LWR fuel cycle and NRC 10 CFR Part 52 licensing pathway. Direct competitor for data center and utility-scale customers pursuing modular nuclear.
- Westinghouse Electric Company (eVinci): Develops the eVinci microreactor — a heat-pipe transportable design targeting remote and distributed applications. Hadron's COO Ken Canavan previously led eVinci at Westinghouse; this is the closest direct competitor to the Halo MMR in size and use case.
- TerraPower: Bill Gates-backed developer of the Natrium sodium-cooled fast reactor and was developing a molten chloride fast reactor. Pursues advanced reactor licensing with HALEU fuel; competes directly with Hadron for data center and industrial customers and for advanced-reactor talent (Olivia Hand moved from TerraPower to Hadron).
- X-energy: Developer of the Xe-100 high-temperature gas-cooled microreactor (4 reactors per plant, 200 MWe total) pursuing data center and industrial process heat customers. Uses TRISO fuel and competes with Hadron for the same AI/hyperscaler pipeline.
- Oklo: Publicly traded (NYSE: OKLO) advanced nuclear developer pursuing microreactor designs for data centers and defense customers. Aurora-INL is targeting Idaho National Laboratory; Aurora powerhouse products overlap with Hadron's data center and remote-community segments.
- Last Energy: Private microreactor developer pursuing small modular PWR designs for European data center customers. Overlaps with Hadron on the modular light-water reactor concept targeting behind-the-meter deployment.
- Holtec International (SMR-300 / SMR-160): Develops the SMR-300 (a 300 MWe LWR) and SMR-160 (a 160 MWe LWR) — both light-water designs that compete directly with Hadron's approach for industrial and utility-scale customers. Holtec has substantial nuclear manufacturing depth.
- Rolls-Royce SMR: UK-based developer of a 470 MWe light-water SMR pursuing UK, Central European, and emerging-market deployments. Competes with Hadron in the broader LWR SMR/MMR category for utility and industrial customers; Hadron board member Ralph Hunter is a former Rolls-Royce SMR director.
Broad incumbents
- BWX Technologies (BWXT): Established nuclear components and fuel manufacturer developing the BANR microreactor and supplying fuel fabrication services for advanced reactor developers including HALEU/TRISO pathways. Competitor and potential supplier/customer to Hadron across multiple advanced reactor programs.
- Constellation Energy: Largest U.S. nuclear operator (Calpine merger) pursuing behind-the-meter nuclear power supply agreements with data center customers. As the dominant fleet operator and the entity behind the Crane Clean Energy Center restart, Constellation is both a potential competitor for and customer of microreactor developers like Hadron.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat6 records
Key risks7 records
Key highlights7 records
Customer concentration
Hadron Energy social profiles
Digital presenceHadron Energy compliance and trust
Trust signalCompliance8 records
Hadron Energy financial estimates
Financial estimateRevenue estimate
Valuation estimate
Hadron Energy leadership team
Management profileNumber of profiles
Profiles17 records
Hadron Energy funding detail
Funding detailFunding overview
Funding rounds4 records
Investors2 records
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Hadron Energy M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Hadron Energy
What does Hadron Energy do?
Hadron Energy designs, develops, and intends to manufacture the Halo Micro-Modular Reactor (Halo MMR), a 10 MWe integral pressurized-water light-water reactor. Each unit is factory-fabricated, truck/rail-transportable (3m x 12m), fueled by LEU+ on a 10-year refueling cycle with a 50-year operating life, and designed for behind-the-meter deployment at AI data centers, industrial sites, military/defense installations, remote communities, and municipal/utility customers. Hadron sells the reactor units and supplies long-term power via bespoke multi-year Power Supply Agreements, targeting NRC commercial operations in 2030.
Is Hadron Energy a public or private company?
Hadron Energy is a public company. It is classified as public and is currently ipo.
When was Hadron Energy founded?
Hadron Energy was founded in 2024. It employs 1 to 10 people.
Where is Hadron Energy based?
Hadron Energy is headquartered in San Francisco, United States, in the North America region.
How does Hadron Energy make money?
Four revenue lines are on record. Power Supply Agreements (PSAs) / Long-Term Offtake Contracts are the primary driver. The others are reactor Unit / Hardware Sales, strategic Equity Investments from Deployment Partners and pre-Commercial / Pre-Revenue Status.
Who are Hadron Energy's main competitors?
Direct peers on record are NuScale Power, Westinghouse Electric Company (eVinci), TerraPower, X-energy, Oklo, Last Energy, Holtec International (SMR-300 / SMR-160) and Rolls-Royce SMR. Broad incumbents are BWX Technologies (BWXT) and Constellation Energy.
Does Hadron Energy have an API?
No public API is recorded for Hadron Energy.
What industry is Hadron Energy in?
Hadron Energy's product category is Micro Modular Nuclear Reactors. Its primary akta.pro industry code is EUAKADAC, Gen IV / Advanced Reactor Systems (SFR, LFR, GFR, MSR, HTGR, Microreactors), with a secondary code of EUAKADAN, Reactor Refueling & Fuel Handling Systems (Cranes, Machines, Transfer Systems). Its NAICS code is 333611 and its SIC code is 3510.