Meridian Fuel Cycle
Meridian HALEU Fabrication
Senior notes on the fuel plant every advanced reactor on this platform depends on.
The advanced reactor fleet has a fuel problem: almost every design on this platform needs high-assay low-enriched uranium, and domestic fabrication capacity is a rounding error against the order book. Meridian holds a construction permit at Piketon and four executed supply agreements. This is a supplier, not a reactor, which historically is the side of the trade that survives.
$44,520,000 committed of $60,000,000
$31,100,000 released · 74% subscribed
- Minimum
- $500
- Target coupon
- 6.85%
- Term
- 8 yr
- Investors
- 3,902
$100 per unit
Annual, fixed
Closes December 15, 2026 · 93 days remaining
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Principal risks of this offering
- Supply agreements are contingent on customers reaching commercial operation. If reactor developers slip, so does revenue.
- Security and safeguards requirements for HALEU are more onerous than for LEU and costs could exceed estimates.
- Enrichment feedstock availability is subject to geopolitical disruption outside the issuer's control.
General risks of private securities
Private securities are speculative and illiquid. You should be prepared to hold this position for its full term and to lose the entire amount invested. Nuclear construction has a documented history of schedule and cost overrun. Platforms that sold equity in unbuilt energy projects have mostly failed; those that sold debt against operating assets with contracted offtake have mostly survived. That history is why the TRL tier of an offering matters more than its headline return.
A TRL score is not a prediction and not a rating. Read the offering documents in full before committing capital.