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Reg D 506(c)TRL76.6–7.5Tier IIOpen

Castellan Defense Systems

Castellan Defense Systems

Senior notes on a transportable gas-cooled microreactor under a defense prototyping contract. Accredited only.

Roughly half of the casualties in recent land campaigns occurred in or around fuel convoys. A three megawatt reactor that fits in shipping containers and runs for five years without refueling removes that convoy. Castellan holds a construction permit under Department of Energy authorization and a prototyping contract with options for eight units.

New River Defense Complex · Radford, VAConstruction permit issuedEscrow: Meridian Trust, N.A.
TRL 7 of 9, band 6.6 to 7.5, signed by Dr. Helena Vargas-Mbeki, PE, Nuclear; former NRC senior reactor analyst, on Jun 4, 2026.See the evidence it rests on

$24,900,000 committed of $30,000,000

$17,430,000 released · 83% subscribed

Released to the issuerCommitted, held in escrowRemaining
Minimum
$25,000

$1,000 per unit

Target coupon
7.15%

Annual, fixed

Term
6 yr
Investors
88

Closes November 15, 2026 · 63 days remaining

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No payment processor is connected. The commitment flow runs end to end, through amount, agreement, signature and receipt, and records a simulated position rather than a charge.

Capital release schedule

1 of 2 rungs released

Release is structured as staged closings rather than withheld proceeds. Amounts shown are cumulative against the $24.9M committed to this offering.

  1. Construction authorization issued

    Capital released
    TRL target
    TRL 7
    Cumulative release
    70% · $17,430,000
    Certified
    January 22, 2026

    Verified by: DOE authorization basis approval; TRISO fuel qualification final report

    Certifier: Thornbury Technical Certification

  2. Prototype unit criticality

    Pending
    TRL target
    TRL 8
    Cumulative release
    90% · $22,410,000
    Target
    March 31, 2029

    Verified by: Authorization to operate; startup test records

Committed
$24,900,000

Held by the escrow agent on subscription

Released to the issuer
$17,430,000

70% of committed capital

Still escrowed
$7,470,000

Unlocks on the next certification

Escrow agent: Meridian Trust, N.A.. Certification is performed by an independent party with no economic interest in the release.