Who is Ramaswami, the person serving as a minister alongside Musk?

In 2007, Ramaswami co-founded Campus Venture Network with Travis May—a social networking platform for entrepreneurial college students—which was sold in 2009 to the Ewing Marion Kauffman Foundation, a nonprofit organization. Around the same time, Ramaswami worked at the hedge fund QVT Financial from 2007 to 2014, rising to partner and primarily managing the firm’s biotechnology investment portfolio. He later stated during his political campaign that he had accumulated a personal fortune of $15 million before enrolling at Yale in 2011. In 2014, Ramaswami founded the biotech company Roivant Sciences; the 'ROI' in its name stands for 'return on investment.' The company raised nearly $100 million in seed funding from QVT and other investors. Roivant’s strategy involved acquiring patents for drug candidates that large pharmaceutical companies had failed to successfully develop—and then advancing them toward commercialization. The company launched numerous subsidiaries, including Dermavant (focused on dermatology), Urovant (focused on urological diseases), Sinovant (a joint venture with China CITIC Capital headquartered in China), and Cytovant—each targeting the Asian market. In 2015, Ramaswami raised $360 million for Axovant Sciences, a Roivant subsidiary, aiming to market intepirdine as an Alzheimer’s disease treatment. In December 2014, Axovant acquired the intepirdine patent from GlaxoSmithKline for $5 million—the drug had previously failed four clinical trials. Ramaswami appeared on the cover of Forbes in 2015, declaring his company would achieve “the highest return on investment in pharmaceutical history.” Before launching new clinical trials, he took Axovant public via IPO, raising $315 million. The company’s market capitalization initially surged to nearly $3 billion—even though it employed only eight people, including Ramaswami’s brother and mother overseas. Later in 2015, Ramaswami realized substantial returns after selling part of his Roivant stake to Viking Global Investors; regulatory filings show he reported over $37 million in capital gains that year. However, in September 2017, Axovant announced that intepirdine had failed its pivotal Phase III clinical trial. The company’s value plummeted—dropping 75% in a single day—and continued falling thereafter. Losses were borne by various institutional investors, including the California State Teachers’ Retirement System (CalSTRS). The company subsequently abandoned intepirdine.

Tian Jiashu: Development and Investment Opportunities of Small Modular Reactor (SMR) Technology | Titanium Capital New Energy Team

Powering Data Centers: Energy consumption by data centers has become increasingly prominent. In 2022, global data center electricity consumption reached 446 billion kWh—equivalent to Japan’s annual electricity usage—and is growing rapidly. By 2030, global data center electricity demand is projected to exceed 1.5 trillion kWh; by 2040, it may reach 3 trillion kWh. China’s data center electricity consumption is also surging: exceeding 50 billion kWh in 2024, expected to reach 500 billion kWh by 2030, and possibly doubling to 1 trillion kWh by 2040. If SMRs are deployed to power data centers, demand could grow exponentially—from four units in 2030 to 150 units by 2040. Should large-scale inland nuclear power plants remain inaccessible in China, SMRs could offer up to 200 GW of development potential—equivalent to 2,000 units of 100-MW reactors. Industrial Parks: Industrial parks require large-scale, stable electricity or thermal energy supplies. SMRs can serve as off-grid or “behind-the-fence” power sources located close to end-users—reducing transmission losses and costs. As conventional fossil-fuel power plants undergo transformation and upgrading, SMRs are viewed as ideal replacements for coal-fired boilers or natural gas–fired generation. Comparative assessments by the U.S. Department of Energy and the International Atomic Energy Agency conclude that SMRs excel in technology, safety, environmental performance, and cost-effectiveness. Maritime and Remote Areas: SMRs can also supply energy to islands, remote regions, border defense outposts, and landless island nations—including Singapore, the UK, and Malaysia. Russia’s floating nuclear power plant is already supplying electricity in Siberia; future SMRs could similarly replace oil- or heavy-fuel–powered generators on offshore drilling platforms. Shanghai Junhe Atomic Technology Co., Ltd. focuses on SMR R&D and offers three product lines: a 100-MW-class pressurized water reactor (PWR) with mature technology and strong industrial foundations; a 50-MW high-temperature gas-cooled reactor (HTGR), incorporating international best practices and lessons learned, targeted for commercial deployment within 5–10 years; and heat-pipe microreactors tailored for specialized applications. Investment Opportunities in Small Modular Reactors: Since 2000, U.S.-based SMR startups have evolved over 15 years. After 2020, their emergence accelerated dramatically. Investor interest surged notably after 2022—especially from late 2024 through 2025—amplified by strong support from the Trump administration. Currently, three U.S. SMR venture companies have gone public. Although none yet generate revenue or operate demonstration projects, their valuations continue climbing: 1. NuScale (a leader in SMR technology): Founded in 2007, it holds the only SMR design certified by U.S. regulatory authorities. It went public in May 2022, raising $413 million with a $1.9 billion valuation. It has received $266 million in U.S. government funding for its Generation III+ reactor project. 2. Oklo (specializing in next-generation fast reactors): Founded in 2013, its flagship product is the sodium-cooled microreactor Aurora—the most actively funded SMR company in capital markets. Sam Altman (CEO of OpenAI) invested personally and served as Chairman of the Board. Its market capitalization reached $11 billion in July 2025. It receives direct financial support from the U.S. Department of Energy and utilizes national laboratory facilities and fuel for development.

Vivek Ramaswamy’s Nuclear Startup Raises Capital at $1.9 Billion Valuation

21 hours ago

Atlas Atomics, backed by Vivek Ramaswamy, secured $400 million in Series A funding at a $1.9 billion valuation to develop heavy water reactor technology aimed at producing medical isotopes and reliable power without enriched uranium.

bloomberg

2026-10-08

Vivek Ramaswamy’s Nuclear Startup Raises Capital at $1.9 Billion Valuation

Vivek Ramaswamy’s Nuclear Startup Raises Capital at $1.9 Billion Valuation

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