Mike Laufer

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Kairos Power secures $643M for Hermes 2 reactor in Tennessee

Announced the $643 million funding package in October 2026

Kairos Power raised $643 million for its Hermes 2 reactor in Oak Ridge, Tennessee: $368 million from private investors including Google Ventures, DCVC and Samsung C&T, and $275 million from the US Department of Energy. Bloomberg reported the total in October 2026, quoting chief executive Mike Laufer. Kairos has not issued its own release on the round.

Updated Oct 19

America rebuilds its uranium enrichment industry

Built World

As of May 2026: Building Hermes demonstration reactor in Oak Ridge

The United States performed less than 1% of global uranium enrichment when the Department of Energy announced $2.7 billion in contracts to three companies on January 21, 2026. Russia controls 44% of global enrichment capacity and supplied roughly a quarter of American reactor fuel until Congress banned imports in 2024. The last U.S.-owned enrichment facility shut down in 2013.

Updated May 22