Valar Atomics, a three-year-old startup that makes small nuclear reactors intended to power data centers and other industrial facilities, is in talks to raise $1 billion at around a $5 billion valuation before the investment, according to a person with knowledge of the deal. Sequoia Capital, ...

Valar Atomics, a three-year-old startup that makes small nuclear reactors intended to power data centers and other industrial facilities, is in talks to raise $1 billion at around…

The potential deal highlights a growing trend of complex, multi-stage funding rounds that mask true entry prices.