Deep Fission Inc's stock soared 7.34% intraday as the nuclear-energy startup made its trading debut on the Nasdaq exchange following its initial public offering.

The company priced its IPO at $16 per share, selling 2.5 million shares to raise $40 million, which was at the low end of its latest marketed range of $16 to $18. This represents a scaled-back offering from its initial plan to sell 6 million shares priced between $24 and $26 apiece.

Deep Fission is developing a small modular reactor called the Gravity Reactor, designed to operate in boreholes one mile underground. The company had previously raised $80 million in new financing from investors in February, and the net proceeds from the IPO will be used for working capital and general corporate purposes.