Julia DeWahl is co-founder of Antares, a nuclear micro-reactor company designing sub-megawatt reactors for military and off-grid applications. Previously, she was an early employee at Opendoor and later led business operations for Starlink's go-to-market at SpaceX.

The conversation covers the dramatic shift in US nuclear policy under both Biden and Trump administrations, including regulatory reforms that created new pathways through the Department of Energy alongside traditional NRC licensing. DeWahl discusses how public sentiment toward nuclear has shifted dramatically, with support increasing 17 percentage points in recent years.

Key topics include the military's vulnerability to fuel supply chains, the technical challenges of building micro-reactors, and the emerging market dynamics as hyperscalers and government buyers drive demand for clean, reliable power. The discussion also explores nuclear fuel supply chain dependencies and the recent $80 billion government commitment to nuclear development.

Regulatory Revolution: From Safety-Only to Civilization-Wide Mandate

The NRC's mandate fundamentally changed from focusing solely on safety to considering 'the full environment, the full civilization' - because 'what's the safest number of nuclear reactors to license? Zero' - Julia

New 18-month licensing deadlines were established with Trump administration executive orders, creating accountability for regulatory timelines

The DOE pathway was reopened for test reactors, allowing companies like Antares to work with Idaho National Lab as regulator before going through NRC for civilian applications

Military branches can now license their own reactors - the Army joined the Navy in having jurisdiction to regulate reactors for their own use

Micro-Reactors: Car-Sized Nuclear for Critical Infrastructure

Antares builds sub-megawatt micro-reactors in the hundreds of kilowatts scale, designed to replace diesel generators powering 200-300 homes worth of electricity

The target market is 'anywhere where you're off-grid for sure, or you just want resilience behind the grid' including missile defense sites currently powered by diesel generators - Julia

Criticality testing is planned for 2026, with first demonstration unit producing actual power by end of 2027

Applications extend beyond military to space, underwater mini-submarines, oil and gas operations, and mining - anywhere fuel supply chains create vulnerability

The Great Nuclear Sentiment Shift: From Cold War Fear to Climate Solution

Public support for nuclear increased 17 percentage points in recent years, reaching 60-plus percent approval, driven primarily by younger demographics

The anti-nuclear movement peaked in the 1970s when environmental groups conflated nuclear weapons testing with nuclear energy, creating a 'no nukes' stance that lasted decades

At Diablo Canyon hearings, the opposition was led by 'Mothers for Peace' - an organization 'so old that it was related to the nuclear Cold War' - contrasted with newer 'Mothers for Nuclear' advocacy - Julia

Germany's decision to shut down nuclear plants to turn on coal during the energy crisis exemplified the policy contradictions that sparked Julia's interest in nuclear advocacy

Supply Chain Vulnerabilities: From Russian Uranium to Japanese Graphite

Only 1% of nuclear fuel used in the US was domestically mined in the last decade, with almost 50% still purchased from Russia and ex-Soviet states

The graphite moderator Antares uses comes from a Japanese company because 'no one's even processing that stuff in the US' - Julia

Nuclear-grade material suppliers are extremely limited since no nuclear plants have been built recently, creating higher costs and fewer options

General Matter, Scott Nolan's Founders Fund company, is entering uranium enrichment to bring 'Silicon Valley DNA' to the nuclear supply chain

Military Market Strategy: Premium Power for Mission Assurance

Afghanistan casualties were 50% logistics-related, highlighting the military's vulnerability to fuel supply chains that the famous defense quote 'unleash us from the tether of fuel' aims to address

The Army's Janus program will fund 3-5 companies to build prototypes alongside military bases, then select a winner for 5-10 reactor deployments using SpaceX's COTS milestone-based contracting model

Military represents premium power market where customers 'will pay for mission assurance' and aren't cost-sensitive compared to competing with 'cheap solar panels' - Julia

The military was 'behind the Manhattan Project' and represents 'what a great partner to have when trying to do something like this' for nuclear technology development - Julia

Capital Requirements and Market Timing

Antares expects 'hundreds of millions' in capital requirements to reach market, with current grants in 'hundreds of thousands, single-digit millions' scaling to 'tens of millions of dollars R&D grants'

The US government announced an $80 billion nuclear development partnership with Westinghouse, 'the biggest ever commercial nuclear public-private partnership we've seen' - Julia

Grid demand shifted from flat growth for 20+ years to estimated 5% annual growth driven by data centers, creating demand for 'everything is backlogged' across all power generation

Major tech companies are bringing shuttered nuclear plants back online: Google with Dwayne Arnold and Microsoft with Three Mile Island through power purchase agreements