Terrapower
This company is in the pipeline of America 2030, IPO CLUB’s $50M, actively managed secondary fund focused on U.S. defense, energy, security, and AI.
Updated in November, 2025
Headquarter: Bellevue, Washington, USA
Year Founded: 2006
Employees: 859 (as of June 2025)
Business Status: Mature, privately held nuclear-technology company developing advanced reactors and scaling commercialization
Industry Sectors: Advanced nuclear energy, CleanTech / ClimateTech, Industrial energy systems, Medical isotopes & nuclear health technology
What is TerraPower?
TerraPower is an American advanced nuclear reactor design and development company focused on delivering safe, affordable, carbon-free energy. Founded in 2006 and headquartered in Bellevue, Washington, the company aims to address global challenges in energy, climate, and human health through next-generation nuclear technologies. Its mission includes deploying clean energy solutions and advancing medical applications such as radioisotope production for cancer treatment.
Why do we like it?
TerraPower combines strong technological differentiation, deep public-private support, and credible execution partners. The Natrium reactor is a leading U.S. advanced nuclear demonstration project backed by DOE cost-share funding, with clear momentum toward commercialization. The company is well-capitalized, strategically important to U.S. energy resilience, and supported by experienced leadership and top-tier investors.
What do they do?
TerraPower develops next-generation nuclear reactor systems and complementary medical isotope technologies. Its leading designs include the Natrium sodium-cooled fast reactor with molten-salt energy storage and the Traveling Wave Reactor (TWR), which uses depleted uranium and breeds new fuel in situ. These technologies aim to deliver reliable carbon-free power, improve fuel sustainability, enhance safety and efficiency, and support energy-intensive sectors such as data centers and industrial decarbonization.
What is the opportunity?
The opportunity centers on scaling advanced nuclear to meet rising electricity demand with flexible, carbon-free, long-duration power. The Natrium project has strong federal backing and a defined deployment pathway, beginning with the Wyoming demonstration and potential follow-on units—up to five additional deployments under study with PacifiCorp by 2035. TerraPower also has long-term opportunity in medical isotope production.
Business status / operations
TerraPower employs 859 people as of June 2025. Non-nuclear construction for the Wyoming demonstration plant is underway, with nuclear island construction set to begin after the NRC issues the construction permit. The NRC has docketed the Part 50 application and is targeting completion of the construction-permit review by end-2025. The Wyoming Industrial Siting Council approved the non-nuclear site permit in January 2025. First operations are targeted around 2030–2031, contingent on fuel supply and first-of-a-kind execution.
Recent financing and investors
TerraPower has raised $1.66B in total funding, including a $650M venture round in June 2025. Lead investors include Bill Gates, the U.S. Department of Energy, NVIDIA (NVentures), CRV, and SK Group. Additional investors include Hyundai, Khosla Ventures, Intellectual Ventures, and Reliance Industries.
Licensing strategy (if applicable)
TerraPower is pursuing the NRC Part 50 licensing pathway. The Construction Permit Application was submitted in March 2024 and docketed in April 2024. The Draft Environmental Impact Statement was issued in June 2025. After receiving the construction permit, the company must secure an operating license before startup. The NRC aims to complete the construction-permit review by end-2025. Wyoming's state siting approval was granted in January 2025.
Terrapower Natrium
This company is in the pipeline of America 2030, IPO CLUB’s $50M, actively managed secondary fund focused on U.S. defense, energy, security, and AI.
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