Invest in Energy Pre-IPO Companies

IPO CLUB gives accredited investors and qualified purchasers access to private energy companies, spanning advanced nuclear, nuclear fuel, grid-scale storage, and AI data-center power, through America 2030, a diversified fund across six sectors, and through single-name SPVs when an allocation is open. Becoming a member is free; the next step is registering interest inside the Data Room.

• Coverage spans advanced nuclear, nuclear fuel, storage, and firm power for data centers.
• Access is available through America 2030 or single-name SPVs when open.
• Membership is free; live deal access requires accredited investor or qualified purchaser status.

A wave of nuclear startups is racing to build reactors, but nearly all of them depend on enriched fuel someone else has to supply. With this many reactors being built at once, the fuel becomes the real bottleneck, high-assay low-enriched uranium in particular, where Western supply is only now being built. We invest across the firm-power stack, but we lean into the fuel layer, because that is where the constraint, and the durable position, sits.

• Most advanced reactors depend on externally supplied enriched fuel.
• HALEU supply has been dominated by Russia; domestic capacity is early.
• We back the fuel layer alongside the reactors, not only the reactors.

HALEU, high-assay low-enriched uranium, is the fuel most advanced reactors and microreactors are designed to run on. It has been enriched to a higher level than conventional reactor fuel, and until recently supply was dominated by Russia. Building Western HALEU capacity is now a national priority, which makes domestic enrichment one of the highest-leverage positions in the entire nuclear buildout.

• HALEU is the fuel next-generation reactors and microreactors require.
• Supply has been concentrated in Russia, creating a strategic bottleneck.
• Domestic enrichment capacity is early, capital-intensive, and strategically critical.

Our energy coverage spans the fuel layer (NewCleo, pursuing reactor and recycled MOX fuel; General Matter, domestic HALEU enrichment), the reactor race (TerraPower, Aalo, Valar Atomics, Radiant Nuclear, Last Energy, and fusion pioneer Commonwealth Fusion), and firm power for the grid and AI data centers (Crusoe, Form Energy, Base Power, Redwood Materials).

• Fuel: NewCleo (reactor + MOX) and General Matter (HALEU enrichment).
• Reactors: TerraPower, Aalo, Valar Atomics, Radiant, Last Energy, Commonwealth Fusion.
• Grid, storage, and data-center power: Crusoe, Form Energy, Base Power, Redwood Materials.

Many of the leading SMR and microreactor companies are still private, including TerraPower, Aalo, Valar Atomics, Radiant Nuclear, and Last Energy. IPO CLUB covers them and provides access for accredited investors through America 2030 or single-name SPVs when an allocation is open. We pair reactor exposure with the fuel layer those reactors depend on.

• Leading SMR and microreactor names remain private.
• Access is available to accredited investors via America 2030 or SPVs when open.
• We deliberately pair reactor exposure with fuel-layer exposure.

AI data centers need power that runs around the clock, which has shifted the energy conversation from intermittent renewables toward firm, dispatchable power: advanced nuclear, multi-day storage, and behind-the-meter generation. That demand is a major reason nuclear and grid-firming technologies are attracting capital now, and it is central to how we think about the sector.

• AI compute needs continuous, dispatchable power, not intermittent supply.
• This favors advanced nuclear, multi-day storage, and firm generation.
• Companies like Crusoe target power directly for data-center compute.

A single-name SPV gives concentrated exposure to one company, so the outcome depends entirely on that company. America 2030 spreads exposure across many companies in Energy and five other sectors, Defense, AI Infrastructure, Robotics, Critical Minerals, and Space, trading concentration for diversification. No energy single-name is open right now; America 2030 is the route open today.

• Single-name SPVs concentrate risk and return in one company.
• America 2030 spreads exposure across Energy and five other sectors.
• Neither approach removes the underlying illiquidity and loss risk of private investing.

Pre-IPO investments are speculative, illiquid, and involve the risk of total loss. Energy and nuclear companies carry added exposure to long development timelines, heavy capital requirements, licensing and regulatory approval, and dependence on policy and fuel supply. These investments are suitable only for accredited investors and qualified purchasers who can bear a complete loss of capital.

• Pre-IPO investments are speculative, illiquid, and can result in total loss.
• Nuclear adds licensing, regulatory, capital-intensity, and fuel-supply risk.
• Suitable only for accredited investors and qualified purchasers who can bear a complete loss.

America 2030 has a minimum investment of $50,000. Minimums for single-name SPVs vary by deal, depending on availability and secondary supply at the time, and are confirmed inside the Data Room for each live allocation.

• America 2030 minimum investment: $50,000.
• Single-name SPV minimums vary by deal and are confirmed inside the Data Room.
• Availability is subject to secondary supply at the time of investment.