TerraPower: Funding Rounds + Capital Stack
| Round | Date | Amount | Lead Investors | Notes | |
|---|---|---|---|---|---|
| Founder + Bill Gates personal equity | 2008-2019 | $1B+ (cumulative Gates personal + Cascade Investment) | Bill Gates + Cascade Investment | Pre-DOE ARDP scale; multi-year accumulation | |
| Series A + extensions (pre-ARDP) | 2018-2020 | ~$100M+ growth equity | Multiple strategic + financial investors | Pre-DOE ARDP scale | |
| DOE ARDP Phase 1 award (Natrium) | Oct 2020 | $80M (initial; ramped through Phase 2) | DOE Office of Nuclear Energy | Selected alongside X-energy as flagship advanced reactor demonstrator | |
| Series E (post-ARDP growth round) | Aug 2022 | $830M | TerraPower investors + new strategic + financial | Largest single private round through Natrium FOAK construction | |
| SoftBank + sovereign investor round | 2023-2024 | ~$500M (SoftBank Vision Fund + others) | SoftBank Vision Fund + sovereign + family offices | Continued growth funding | |
| DOE ARDP Phase 2 + modifications | 2022-2025 (multi-year) | Up to $2B cumulative (DOE share) | DOE Office of Nuclear Energy | Ongoing cost-share through Natrium FOAK | |
| South Korea Hyundai partnership funding (2024) | ~$250M (rumored) | Hyundai + Korean strategic + DGB Financial | Strategic capital + Korean industrial supply chain | ||
| Total capital raised (private equity + DOE cost-share) | ~$4B+ cumulative | Through 2025-Q3 | Combined public + private financing stack | Most-funded advanced reactor developer globally | |
| Editorial. Why this matters | Strategic context | TerraPower's capital stack reflects Bill Gates personal + Cascade Investment + DOE ARDP + Series E + sovereign + Korean industrial strategic - the deepest capital base in advanced nuclear. Natrium FOAK at Kemmerer WY is the marquee test case. Marquee question: does the existing $4B+ stack carry the company through Natrium FOAK COD target 2030-2032, or does another mega-round close mid-construction? |
Updated at 2025-Q3
TerraPower: Natrium Kemmerer Wyoming Construction Permit + COD Timeline
| Milestone | Target Date | Status | Notes | |
|---|---|---|---|---|
| NRC pre-application engagement | 2020-2022 | Complete | Initial NRC docket interactions; design framing | |
| Site selection (Kemmerer WY) | Nov 2021 | Complete | Former Naughton coal plant site; PacifiCorp partner for offtake | |
| NRC Construction Permit Application (CPA) submitted | 2024-Q1 | Complete (March 2024) | Filed under 10 CFR Part 50 (vs Part 52 combined license) | |
| Non-nuclear site construction begun | 2024-Q1 | Complete (March 2024) | Site prep + non-nuclear infrastructure; nuclear-island construction subject to permit | |
| NRC CPA technical review continuing | 2024-2025 | In progress | NRC review continuing; staff assessment + ACRS review | |
| NRC Construction Permit issued | Target 2026-Q1 | On schedule per TerraPower current statements | Required before nuclear-island construction | |
| Nuclear-island first concrete | Target 2026-Q2 | Subject to CP issuance | Critical-path milestone for FOAK COD | |
| Operating License Application submitted | Target 2027-Q2 | Subject to construction progress | Separate from CP; required before fuel load | |
| Sodium Test and Fill (STF) facility complete | Target 2027-Q4 | Under construction at site | Industrial-scale sodium handling + testing facility | |
| Fuel load (HALEU) | Target 2029 | Subject to construction + OL + HALEU supply chain | HALEU supplied by Centrus + DOE consortium | |
| First criticality | Target 2030 | Subject to fuel load + commissioning | TerraPower-stated; consensus 2030-2032 | |
| Commercial Operations Date (COD) | Target 2030-2031 | Subject to commissioning + ramp | TerraPower-stated; consensus 2031-2033 | |
| Editorial. Why this matters | Strategic context | Natrium at Kemmerer is the marquee FOAK advanced-reactor construction project + the largest single DOE ARDP-funded demonstration. The sodium-cooled fast-reactor + thermal-storage architecture is uniquely Natrium among advanced reactor designs. Marquee question: does Natrium reach FOAK COD by 2030-2031 on schedule, validating the broader SFR + thermal-storage commercial path, or does any slip cascade through the broader advanced-reactor commercialization narrative? |
Updated at 2025-Q3
TerraPower in Nuclear
TerraPower
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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.