TerraPower, a nuclear startup founded by Bill Gates, has secured USD 650 million in funding to advance its Natrium nuclear reactor project in Wyoming, USA. The round included new investors such as Nvidia’s NVentures and existing partners including HD Hyundai and Gates himself. The investment reflects growing tech-industry interest in stable, clean energy to meet rising AI-driven power demands. Separately, Terrestrial Energy is set to go public via a SPAC deal, adding momentum to the advanced nuclear energy sector.
TerraPower LLC, a leading U.S.-based nuclear innovation company founded by Microsoft co-founder Bill Gates, has raised USD 650 million in a new funding round to support the development of its 345-megawatt Natrium reactor project under construction in Wyoming. The announcement came via a company statement released on June 19, 2025.
The funding round includes participation from new investors such as NVentures, the venture capital arm of California-based tech giant Nvidia Corporation, and existing investors including Gates and South Korea’s shipbuilding major HD Hyundai.
Nvidia’s involvement marks a notable intersection of the tech and nuclear sectors, underscoring the energy-intensive demands of AI-powered data centers.
As AI continues to transform industries, nuclear energy is going to become a more vital energy source to help power these capabilities.”
Mohamed Siddeek, head of NVentures
Powering the AI Future With Nuclear Energy
TerraPower’s Natrium project is being built on the site of a retiring coal plant in Wyoming. Construction on non-nuclear parts of the project began last year. The company anticipates securing U.S. federal regulatory approval for the reactor design by 2026.
The funding will further accelerate TerraPower’s goal of delivering carbon-free electricity through advanced small modular reactors (SMRs), especially as demand surges from AI and cloud computing infrastructures.
Previously, the project was delayed to 2030 due to a shortage of HALEU (high-assay low-enriched uranium) fuel. However, in October 2024, TerraPower entered into an agreement with ASP Isotopes to produce HALEU at a yet-undisclosed location.
Terrestrial Energy to Go Public via SPAC Deal
In a related development, Terrestrial Energy Inc., a North Carolina-based nuclear startup developing molten salt reactors, announced plans to go public via a special purpose acquisition company (SPAC), HCM II Acquisition Corp., founded by former Cantor Fitzgerald CEO Shawn Matthews.
The SPAC deal gives Terrestrial an equity value of USD 925 million, with a total enterprise valuation of USD 1 billion including debt. The deal includes USD 230 million from the SPAC trust and USD 50 million via PIPE (private investment in public equity) at USD 10 per share.
The world is waking up to what it needs to do. We need a massive expansion in the nuclear energy supply.”
CEO Simon Irish
The nuclear energy sector has seen renewed investor interest, with similar moves by Oklo Inc. (backed by Sam Altman), X-Energy (supported by Ares), and NuScale Power (backed by Fluor Corp.).
Both TerraPower and Terrestrial Energy are at the forefront of reshaping how the world approaches clean, base-load energy to meet 21st-century demands.