May 20 (Reuters) - Deep Fission said on Wednesday it is targeting a valuation of about $1.66 billion in its U.S. initial public offering, looking to ride a wave of investor demand for nuclear power as AI-fueled electricity use surges.

The Berkeley, California-based company is seeking up to $156 million by offering 6 million shares priced between $24 and $26 apiece.

Deep Fission's IPO plans come as nuclear developers have drawn renewed investor interest, with demand from data centers and artificial intelligence applications helping revive appetite for nuclear power after years of public skepticism.

The company is developing a small modular reactor (SMR) designed to operate deep underground, a system it calls the Gravity Reactor.

Deep Fission says the approach draws on established pressurized water reactor (PWR) technology, which powers the majority of the world's existing nuclear plants.

Nuclear developers have also benefited from a series of Trump administration executive orders aimed at boosting domestic energy capacity and accelerating the deployment of SMRs.

In April, nuclear reactor developer X-Energy XE.O went public. Its shares are up 16.3% over its IPO price as of last close.

William Blair, Stifel, Canaccord Genuity are among the underwriters for the offering. It intends to list on Nasdaq under the symbol "FISN".