TerraPower LLC, a nuclear energy startup founded by Bill Gates, has raised USD 650 million in a new funding round led by Nvidia’s venture capital arm and other key backers. The funds will support its advanced reactor project in Wyoming, USA. Meanwhile, Canada-based Terrestrial Energy Inc. is set to go public through a SPAC deal to accelerate its molten salt reactor commercialization, marking strong momentum in the nuclear energy sector.
TerraPower LLC, a nuclear innovation company founded by Microsoft co-founder Bill Gates, has successfully raised USD 650 million in a fresh funding round aimed at accelerating the development of its 345-megawatt Natrium reactor project at a retiring coal plant site in Wyoming, United States.
The round attracted participation from new investor NVentures, the venture capital division of US-based tech giant Nvidia Corp., and existing backers including HD Hyundai, a major South Korean shipbuilder, alongside Gates.
Nvidia’s involvement highlights the growing interest of the technology sector in carbon-free and continuous energy sources to support high-demand infrastructures like AI data centers. “As AI continues to transform industries, nuclear energy is going to become a more vital energy source to help power these capabilities,” said Mohamed Siddeek, head of NVentures.
Construction on the non-nuclear sections of TerraPower’s Wyoming facility began last year, with federal approval for the reactor anticipated by 2026. The company is also working to secure supplies of HALEU (High-Assay Low-Enriched Uranium) through a partnership with ASP Isotopes, after a prior delay shifted the project timeline to 2030.
Meanwhile, Canadian nuclear firm Terrestrial Energy Inc., based in Charlotte, North Carolina, has announced plans to go public via a SPAC merger with HCM II Acquisition Corp. The deal values the company at USD 1 billion, including debt, and will inject USD 280 million to commercialize its molten salt reactor technology.
Terrestrial joins other nuclear startups such as Oklo Inc., X-Energy, and NuScale Power, as the sector sees renewed momentum in response to both clean energy goals and the AI-driven electricity demand boom.
“Humanity is waking up to what it needs to do,” said Simon Irish, CEO of Terrestrial Energy. “We need a massive expansion in the nuclear energy supply.”
These developments reflect a global revival in nuclear energy investments, as both governments and private firms shift focus to reliable, zero-emissions power sources to meet future energy demands.
