How to Invest in TerraPower in 2025

Nuclear power is back in the spotlight.

As the world races to cut emissions from coal, oil, and natural gas — the leading drivers of global warming — wind and solar may not be enough.

They generate clean power, but they're unpredictable. When the wind stops or the sun sets, the grid still needs power. What's missing is a zero-carbon source that runs nonstop.

That's where nuclear comes in.

But traditional nuclear power has long been weighed down by safety concerns and outdated technology.

After high-profile accidents at Three Mile Island (1979), Chernobyl (1986), and Fukushima (2011), public trust collapsed and new reactor projects nearly came to a standstill.

Today, the landscape looks very different. A new generation of "small modular reactors" promises safer, cheaper, and more flexible power.

Leading that shift is TerraPower — a Bill Gates–backed startup developing next-generation reactors designed to make nuclear energy both fail-safe and affordable.

Here's an overview of what TerraPower does, how it's changing nuclear power, and how you can invest in it while it's still a private company.

What is TerraPower?

TerraPower is a nuclear reactor design and development company working to create safe, affordable, and carbon-free energy. 

Founded in 2006 by Bill Gates, a long-time advocate for advanced nuclear energy, the company aims to completely rethink how reactors are built and operated.

Unlike traditional nuclear plants, TerraPower's designs use passive safety systems that can automatically shut down in the event of a power loss or other emergency, without human intervention.

Nuclear energy already supplies a significant share of electricity in countries like Belgium (40%), France (70%), and Ukraine (50%).

If new designs continue to improve safety and efficiency, nuclear could become a dominant global energy source in the decades ahead.

If TerraPower succeeds in perfecting its technology, it could be worth billions.

And, if you qualify, there's a way to invest in it.

Can you buy TerraPower stock?

TerraPower is a private startup. It doesn't trade on a public exchange, and there is no TerraPower stock symbol.

That said, its shares do trade on Hiive, a marketplace where accredited investors can buy shares of pre-IPO companies.

Accreditation requirements

To qualify as an accredited investor, you must meet one of the following criteria:

• Have an annual income of $200,000 individually or $300,000 jointly.
• Have a net worth that exceeds $1,000,000, excluding your main residence.
• Be a qualifying financial professional.

On Hiive, accredited investors can invest in many of the world's most valuable startups, including SpaceX, Databricks, and OpenAI.

There are also a few orders of TerraPower available for investment:

Each of these orders was created by a unique seller who may be a current or former employee, a venture capitalist, or an angel investor. When creating their listing, every seller sets their own asking price and quantity of shares available. 

Once a listing is active, buyers can accept a seller's asking price as listed or place a bid on their shares. Buyers can also add companies to their watchlist and get notified of any new listings or transactions.

You can get started by creating an account with the button below: 

Register for Hiive

Can retail investors buy TerraPower stock?

Since TerraPower is not a public company, retail investors cannot buy its stock.

However, there are some other investment options available.

As a part of its first commercial project in Kemmerer, Wyoming (more on this below), TerraPower partnered with Southern Company (SO) to develop a molten chloride fast reactor. The companies began non-nuclear testing on the design in October 2024.

While Southern Company would certainly benefit if TerraPower becomes a major player in nuclear energy and the partnership between the two companies continues, it already generates annual revenue of over $28 billion. 

Unless TerraPower brings it a lot of business, Southern Company's stock price will not be affected much by the partnership.

You may also be interested in nuclear energy stocks and ETFs, such as:

• NuScale Power (SMR), like TerraPower, designs and develops small modular reactors (SMRs) that offer a scalable, flexible, and safer solution for clean nuclear energy production.
• Constellation Energy (CEG) is a leading energy producer with a focus on expanding its renewable energy and carbon-free power generation portfolio to meet the growing demand for sustainable energy solutions.
• Centrus Energy (LEU) provides advanced nuclear fuel and uranium enrichment services that support the development and operation of clean nuclear power plants.
• Oklo (OKLO) is developing compact, advanced fission reactors that aim to deliver efficient, safe, and carbon-free energy through innovative small-scale nuclear technology. Notably, OpenAI CEO Sam Altman is an investor and board member.
• Cameco (CCJ) is one of the world's largest producers of uranium, supplying the raw material essential for the clean energy generation of nuclear power plants.
• VanEck Uranium and Nuclear ETF (NLR) tracks a market-cap-weighted index of companies in the global nuclear energy industry.
• Range Nuclear Renaissance ETF (NUKZ) tracks a market-cap-weighted index of stocks of companies from around the world that are operating within the nuclear fuel and energy industry.

You can invest in all of these today if you have a brokerage account.

Does TerraPower have operational facilities?

In June 2024, TerraPower broke ground on its first commercial reactor in Kemmerer, Wyoming — the first advanced non-light water nuclear reactor project in the U.S. to move from design to construction.

Unlike traditional reactors, non-light water reactors (non-LWRs) use coolants such as liquid sodium, molten salt, or gas instead of ordinary ("light") water.

These systems can operate at higher temperatures and pressures, offering potential gains in efficiency, safety, and waste reduction.

To support the buildout of the Wyoming facility, TerraPower raised $650 million in June 2025.

However, the company is still awaiting U.S. Nuclear Regulatory Commission (NRC) approval for its reactor construction permit, so work remains limited to non-nuclear site features.

The project has also faced delays.

Originally slated to begin operations in 2028, Russia's invasion of Ukraine disrupted the global supply of HALEU (high-assay, low-enriched uranium fuel), a critical reactor fuel for TerraPower's design. Russia is currently the only commercial HALEU supplier.

In response, the U.S. Department of Energy has initiated efforts to build domestic production capacity, but that process will take several years.

The DOE has also committed to match 50% of the project costs (up to $2 billion) for the licensing, construction, and demonstration of TerraPower's new reactor.

As a result, TerraPower now expects the Wyoming reactor to be completed and operational by 2030.

In addition to the U.S. project, TerraPower has signed an agreement with the United Arab Emirates' nuclear energy authority, which would allow the UAE to purchase hundreds of TerraPower reactors in the future.

Why the Wyoming project matters

The Wyoming plant would be TerraPower's first commercial site, and could become the proof of concept for the future of nuclear energy. If successful, it could validate small modular reactors as a safe, scalable, and cost-effective alternative to fossil fuels.

Because the design is modular, reactors could be deployed across industrial sites, regional power grids, and developing markets much faster than traditional plants.

In other words, the success of the Kemmerer project could pave the way for a new wave of nuclear power and establish TerraPower as the global leader in next-generation energy infrastructure.

How much is TerraPower worth?

TerraPower most recently raised $650 million in June 2025 at an undisclosed valuation. The round included NVIDIA (NVDA) (via NVentures, its venture arm), along with returning investors Bill Gates and HD Hyundai.

In total, the company has raised roughly $1.7 billion from 14 investors since its founding in 2006 — though that figure likely understates the true total. 

Prior to the June 2025 round, Gates said he'd personally invested over $1 billion into TerraPower. He also said he was willing to invest “billions more” to advance its mission.

Gates co-led the company's prior funding round, which closed in late 2022. That raise totaled $830 million in two parts — $750 million in August and $80 million in November — and brought TerraPower's valuation to $3.8 billion.

Key investors included SK Innovation (KRX: 096770), ArcelorMittal (MT), and Korea Shipbuilding and Offshore Engineering (KRX: 009540).