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| 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 | ||
| $650M fundraise (NVIDIA venture arm) | Jun 18, 2025 | $650M | NVentures (NVIDIA) as new investor; Bill Gates + HD Hyundai existing | Reported at roughly a $3.8B valuation; closed ahead of the Mar 2026 NRC construction permit | |
| Total capital raised (private equity + DOE cost-share) | ~$4B+ cumulative | Through 2026-Q1 | Combined public + private financing stack | Most-funded advanced reactor developer globally; roughly $1.6B of that is private equity | |
| 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? |
| 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 | Complete (Mar 4, 2026) | First commercial reactor construction permit issued by the NRC in nearly a decade; first non-light-water commercial design in 40+ years | |
| Nuclear-island first concrete | Target 2026-Q2 | Complete: nuclear construction commenced Apr 23, 2026 | Roughly 42 month build duration implies completion around 2031 | |
| 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? |
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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.
Company Founded. Spun out of Intellectual Ventures by Nathan Myhrvold and Bill Gates
Traveling Wave Reactor Design. Original TWR concept published; later superseded by Natrium
China JV with CNNC. Agreement to build the Xiapu TWR demonstration in Fujian
China JV Cancelled. US export controls block continued cooperation; TerraPower refocuses on US
Natrium Design Unveiled. 345 MWe sodium fast reactor with 1 GWh molten-salt thermal storage; partnership with GE-Hitachi for steam-cycle balance of plant
DOE ARDP Selection. Natrium selected as one of two demonstration awards (alongside X-energy); initial $80M, up to $2B
Kemmerer WY Site Selected. Former Naughton coal plant chosen for FOAK Natrium site; PacifiCorp / Rocky Mountain Power as host utility
NRC Construction Permit Application. Application submitted; first non-LWR Part 50 CP application since the 1980s
Groundbreaking (non-nuclear). Construction begins on non-safety-related portions of Kemmerer Natrium plant
$650M Round with NVIDIA + HD Hyundai. $650M raise (NVentures, HD Hyundai, Gates) lifts private capital past $1.4B; with $2B DOE support, ~$3.4B total
MCFR Pilot Loop. Molten Chloride Reactor Experiment milestone with Southern Company at INL; NRC construction-permit decision on track for Dec 2026
Meta Natrium Deal. Agreement with Meta for up to eight 345 MWe Natrium plants to power data centers
Natrium FOAK Operation. Original 2028 target slipped due to HALEU fuel supply constraints
