TerraPower LLC, the advanced nuclear energy firm founded by Bill Gates, has secured $650 million in fresh funding to accelerate the development of its 345-megawatt Natrium reactor project in Wyoming. The round drew participation from both existing and new investors, including NVentures, the venture capital arm of Nvidia Corp., and HD Hyundai.
The announcement marks a significant intersection between the tech and energy sectors, with nuclear energy increasingly seen as a critical enabler for data centers and AI infrastructure in need of round-the-clock, carbon-free power.
“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, in the company’s statement.
Construction on the non-nuclear components of TerraPower’s Natrium plant began last year at the site of a retiring coal facility in Wyoming. The company expects to receive federal approval for the reactor in 2026. However, the full launch had previously been delayed to 2030 due to a shortage of high-assay low-enriched uranium (HALEU)—a specialized fuel required for the advanced reactor. In October 2024, TerraPower signed an agreement with ASP Isotopes to begin HALEU production at an undisclosed location.
The company did not disclose its latest valuation or the full terms of the fundraise.
