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This Letter reports the first scientific results from the observation of antineutrinos emitted by fission products of $^{235}$U at the High Flux Isotope Reactor. PROSPECT, the Precision Reactor Oscillation and Spectrum Experiment, consists of a segmented 4 ton $^6$Li-doped liquid scintillator detector covering a baseline range of 7-9 m from the reactor and operating under less than 1 meter water equivalent overburden. Data collected during 33 live-days of reactor operation at a nominal power of 85 MW yields a detection of 25461 $\pm$ 283 (stat.) inverse beta decays. Observation of reactor antineutrinos can be achieved in PROSPECT at 5$\sigma$ statistical significance within two hours of on-surface reactor-on data-taking. A reactor-model independent analysis of the inverse beta decay prompt energy spectrum as a function of baseline constrains significant portions of the previously allowed sterile neutrino oscillation parameter space at 95% confidence level and disfavors the best fit of the Reactor Antineutrino Anomaly at 2.2$\sigma$ confidence level., Comment: 7 pages, 5 figures; v3: Added additional supplemental files

The Precision Reactor Oscillation and Spectrum Experiment, PROSPECT, is designed to make both a precise measurement of the antineutrino spectrum from a highly-enriched uranium reactor and to probe eV-scale sterile neutrinos by searching for neutrino oscillations over meter-long baselines. PROSPECT utilizes a segmented $^6$Li-doped liquid scintillator detector for both efficient detection of reactor antineutrinos through the inverse beta decay reaction and excellent background discrimination. PROSPECT is a movable 4-ton antineutrino detector covering distances of 7m to 13m from the High Flux Isotope Reactor core. It will probe the best-fit point of the $\bar\nu_e$ disappearance experiments at 4$\sigma$ in 1 year and the favored regions of the sterile neutrino parameter space at more than 3$\sigma$ in 3 years. PROSPECT will test the origin of spectral deviations observed in recent $\theta_{13}$ experiments, search for sterile neutrinos, and address the hypothesis of sterile neutrinos as an explanation of the reactor anomaly. This paper describes the design, construction, and commissioning of PROSPECT and reports first data characterizing the performance of the PROSPECT antineutrino detector., Comment: 30 pages, 33 figures; updated with journal revision and reference