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TerraPowerBill Gates-founded developer of the Natrium sodium-fast reactor with molten-salt thermal storage
DOE ARDP Award
Up to $2B
Cost-shared through ~2030
Natrium Reactor Output
345 MWe + 1 GWh storage
Can boost to ~500 MWe for ~5.5 hr from molten-salt buffer
Private Capital Raised
~$2B+
Gates, NVIDIA, HD Hyundai, SK Inc. across 2022 + 2025 rounds
Natrium FOAK Target
2030 (Kemmerer, WY)
Revised from original 2028 target (HALEU supply constraint)
Total raised: ~$2B private + $2B DOE · Latest valuation: Private (no recent secondary marks)
| Round | Date | Amount | Valuation | Key Investors |
|---|---|---|---|---|
| Founding / Early | 2006-2015 | Bill Gates personal funding | - | Bill GatesVinod Khosla (Khosla Ventures)Charles River Ventures |
| DOE ARDP Award | Oct 2020 | $80M initial (up to $2B over 7 years) | - | US Department of Energy (Advanced Reactor Demonstration Program) |
| Series | Aug 2022 | $750M | - | Bill GatesSK Inc.SK Innovation |
| Strategic Round | Apr 2025 | $650M (reported) | - | Bill GatesNVIDIAHD HyundaiARCH Venture Partners |
| System | Type | Status |
|---|---|---|
| Natrium | 345 MWe sodium fast reactor + 1 GWh molten-salt thermal storage (can boost to ~500 MWe for ~5.5 hr) | Construction (Kemmerer, WY); NRC CP under review |
| MCFR (Molten Chloride Fast Reactor) | Liquid-fuel fast reactor concept | R&D (Southern Company JV); MCRE pilot at INL targeted 2026 |
| TerraPower Isotopes | Medical isotope production (Ac-225, Cu-67) using HFIR + repurposed cold-war material | Commercial. First Ac-225 commercial supply Dec 2022 |
| Natrium Energy Storage System | Standalone offering for grid-scale molten-salt thermal storage | R&D / commercialization stage |
| Traveling Wave Reactor (TWR) | Original breed-and-burn fast reactor concept | Discontinued (superseded by Natrium) |
Co-developer of Natrium; supplies the steam-cycle balance-of-plant and integrates GEH BWRX-300 manufacturing infrastructure.
Engineering, procurement, and construction partner for the Kemmerer FOAK Natrium plant.
Host utility at Kemmerer; long-term offtake under negotiation.
MCFR joint development; co-funded MCRE pilot at Idaho National Laboratory.
Apr 2025 round investor; Korean heavy-forging supply for Natrium components.
Apr 2025 round investor; AI-power thesis links advanced-reactor capacity to datacenter demand.
Up to $2B Advanced Reactor Demonstration Program cost share through ~2030.
Host site for MCRE pilot; fuel cycle R&D collaboration.
Spun out of Intellectual Ventures by Nathan Myhrvold and Bill Gates
Original TWR concept published; later superseded by Natrium
Agreement to build the Xiapu TWR demonstration in Fujian
US export controls block continued cooperation; TerraPower refocuses on US
345 MWe sodium fast reactor with 1 GWh molten-salt thermal storage; partnership with GE-Hitachi for steam-cycle balance of plant
Natrium selected as one of two demonstration awards (alongside X-energy); initial $80M, up to $2B
Former Naughton coal plant chosen for FOAK Natrium site; PacifiCorp / Rocky Mountain Power as host utility
Application submitted; first non-LWR Part 50 CP application since the 1980s
Construction begins on non-safety-related portions of Kemmerer Natrium plant
$650M raise (NVentures, HD Hyundai, Gates) lifts private capital past $1.4B; with $2B DOE support, ~$3.4B total
Agreement with Meta for up to eight 345 MWe Natrium plants to power data centers
Molten Chloride Reactor Experiment milestone with Southern Company at INL; NRC construction-permit decision on track for Dec 2026
Original 2028 target slipped due to HALEU fuel supply constraints
Bill Gates-founded developer of the Natrium 345 MWe sodium-fast reactor with molten-salt thermal storage. Kemmerer Wyoming first-of-a-kind site (NRC construction permit pending; target commercial operation 2030). Recipient of approximately $2B in DOE Advanced Reactor Demonstration Program awards. TerraPower was founded in 2006, is headquartered in Bellevue, WA and employs ~1,000.
TerraPower has raised ~$2B private + $2B DOE in total at a Private (no recent secondary marks) valuation, based on the funding rounds Sterling tracks.
Sterling groups TerraPower in the Nuclear sector, alongside NuScale Power (SMR), Oklo (OKLO), NANO Nuclear Energy (NNE), X-energy (private), Kairos Power (private) and Last Energy (private).
If you are researching TerraPower, also look at NuScale Power (SMR), Oklo (OKLO) and NANO Nuclear Energy (NNE). You can compare all of them side by side or browse the full Nuclear sector on Sterling.
