Bill Gates-backed TerraPower rakes in $650m to build first advanced Natrium reactor in Wyoming

TerraPower, the advanced nuclear technology developer founded by Bill Gates, has closed a $650 million equity fundraise to support the accelerated deployment of its flagship Natrium reactor platform. The funding round introduced new strategic capital from NVentures, the venture arm of NVIDIA Corporation, alongside renewed backing from existing investors including HD Hyundai and Gates himself.

The capital injection positions TerraPower as one of the best-financed private players in the global nuclear innovation space, with this round pushing its cumulative private fundraising above $1.4 billion. The financing will primarily support construction progress at its first Natrium demonstration site in Kemmerer, Wyoming, and lay the groundwork for subsequent U.S. and international deployments.

This latest raise comes as advanced nuclear technologies gain momentum amid rising electricity demand from artificial intelligence infrastructure and climate mandates. Industry observers view the combination of computing and energy sector investors as a signal that advanced reactors are beginning to bridge the long-standing gap between R&D success and commercial scalability.

Why is the $650 million raise a turning point for TerraPower’s Natrium deployment and investor confidence?

The capital raise marks one of the largest private financings ever recorded for an advanced nuclear project, and it arrives at a critical juncture for TerraPower’s buildout timeline. The nuclear energy developer began non-nuclear construction at the Kemmerer site in 2024, with the goal of commencing nuclear-related construction once it secures regulatory approvals from the U.S. Nuclear Regulatory Commission (NRC), expected in 2026.

TerraPower’s Natrium technology—a 345 megawatt sodium-cooled fast reactor coupled with a molten salt thermal storage system capable of peaking at 500 megawatts—has attracted investor confidence due to its potential to deliver cost-competitive, dispatchable carbon-free energy. The design enables time-shifting of electricity output to match peak demand, addressing one of the main limitations of variable renewables like solar and wind.

Chris Levesque, Chief Executive Officer of TerraPower, said the investment further validates the commercial readiness of Natrium. He described NVIDIA’s participation as a reflection of growing alignment between energy innovation and the AI industry’s power requirements.

How does NVIDIA’s participation signal a broader convergence of energy and AI investment themes?

The participation of NVentures, NVIDIA’s corporate venture capital arm, underscores a key macro trend: as AI workloads scale, demand for reliable, carbon-free baseload electricity is accelerating. Mohamed “Sid” Siddeek, Corporate Vice President at NVIDIA and head of NVentures, noted that nuclear energy will become a more vital energy source to power AI capabilities, and described TerraPower’s technology as a credible solution to global decarbonization needs.

Analysts and institutional investors have pointed to the participation of a leading AI hardware company as evidence that advanced nuclear energy is being seen not only through an environmental or engineering lens, but also as a strategic enabler for energy-hungry computing infrastructure such as data centers, generative AI models, and edge processing clusters.

This convergence has led to a notable uptick in nuclear sector interest from technology investors. Companies such as OpenAI, Microsoft, and Amazon have either directly or indirectly indicated support for nuclear-backed energy ecosystems as a path to resilient, clean power for next-generation computing.

What is the regulatory and construction status of TerraPower’s Wyoming Natrium project?

TerraPower’s first commercial Natrium reactor is being developed in partnership with utility PacifiCorp at the site of a retiring coal plant in Kemmerer, Wyoming. The project broke ground on non-nuclear systems in June 2024 and submitted its Part 50 Construction Permit Application to the NRC, which was accepted for review in May 2024.

If approved on schedule, the reactor could begin nuclear construction by 2026, with commercial operations targeted for 2030. This would make Natrium the first commercial-scale non-light water reactor to be built and licensed in the United States in over four decades.

Federal backing under the Department of Energy’s Advanced Reactor Demonstration Program (ARDP) provides TerraPower with up to $2 billion in cost-share support for the Kemmerer project. The remainder of the estimated $4 billion project cost is expected to come from private capital, including the latest $650 million round.

What technical and economic features differentiate TerraPower’s Natrium technology from legacy reactors?

Unlike traditional light water reactors, the Natrium system uses liquid sodium as a coolant and integrates thermal energy storage via molten salt. This configuration allows for inherent safety advantages, such as low operating pressure and passive heat removal. The reactor’s small footprint and modular design aim to reduce construction timelines and cost overruns—two of the most persistent obstacles in nuclear new builds.

Additionally, the system’s integrated thermal storage gives grid operators flexibility to shift energy delivery to match demand curves, enabling it to serve as a balancing agent for renewables. This dispatchable characteristic positions Natrium not only as a baseload provider but also as a responsive contributor to future grid stability.

Institutional sentiment around Natrium has remained broadly positive, especially as TerraPower has succeeded in maintaining political and financial momentum in a challenging post-pandemic macro environment. HD Hyundai’s continued participation affirms international industrial confidence in the platform’s export potential.

What are the key risks and challenges remaining, particularly regarding nuclear fuel supply?

One of the most significant risks facing TerraPower’s near-term execution timeline involves access to high-assay low-enriched uranium (HALEU), the advanced fuel required for Natrium and similar reactors. Following Russia’s invasion of Ukraine in 2022, global HALEU supply chains—then dominated by Russia—were severely disrupted.

This led TerraPower to delay its expected operational start date from 2028 to 2030. While the U.S. Department of Energy has initiated HALEU enrichment programs—most notably through Centrus Energy—commercial-scale domestic supply remains limited. TerraPower has also signed a non-binding letter of intent with ASP Isotopes to develop new enrichment capabilities, but a commercial timeline remains uncertain.

Analysts remain cautiously optimistic that public-private collaboration on HALEU supply will close the gap before full-scale construction begins. Some sentiment suggests that a reliable domestic HALEU ecosystem may ultimately determine the scalability of all next-gen U.S. nuclear designs.

How does TerraPower’s business model position it for global expansion beyond the Kemmerer project?

Beyond the U.S. deployment, TerraPower has signaled plans to bring the Natrium reactor to international markets. The company announced in 2025 its intent to enter the United Kingdom’s Generic Design Assessment process, a critical first step toward future deployment across Europe.

Domestically, TerraPower and PacifiCorp have begun evaluating the possibility of additional Natrium units near other coal plant sites in the western U.S. This brownfield redevelopment model—leveraging existing grid interconnects, cooling water infrastructure, and trained labor—offers a cost-effective pathway to replace coal with carbon-free nuclear energy without requiring greenfield siting.

Experts believe this replicability across the U.S. power grid could unlock dozens of deployment opportunities, especially in states with aging thermal fleets and strong clean energy mandates.

What is the broader energy and policy context for advanced nuclear in the United States?

TerraPower’s progress is occurring against a backdrop of increasing federal support for advanced reactors. President Trump’s executive orders in 2025 outlined new licensing pathways, loan guarantees, and fuel development incentives to accelerate the commercialization of next-generation nuclear systems. This builds on provisions in the 2022 Inflation Reduction Act and 2023 ADVANCE Act, both of which contain direct subsidies and regulatory reforms targeting the nuclear sector.

At a time when global energy security, carbon neutrality, and industrial decarbonization are converging, advanced nuclear technology is being repositioned as a central pillar in the United States’ long-term strategy. Stakeholders across government, finance, and industry appear increasingly aligned in their recognition that nuclear must complement renewables in any serious net-zero scenario.

TerraPower’s $650 million raise—backed by both industrial and technology capital—cements its leadership in the advanced nuclear segment. As construction progresses in Wyoming and fuel strategies mature, the company stands poised to translate over a decade of R&D into an operational reality. With AI demand surging and policy support mounting, TerraPower may be entering a moment of structural inflection—where advanced nuclear begins to meet the scale of 21st-century energy needs.