TerraPower is a startup founded by Bill Gates to provide carbon-free energy through advanced nuclear energy. In June 2024, the company broke ground on a nuclear plant in Kemmerer, Wyoming, near the site of a former coal plant. The company aims to complete the plant by 2030, but the project faces a number of regulatory and technological hurdles. Though the company has started construction on the plant, it hasn't yet received approval from the National Regulatory Commission to start building the nuclear reactor, which could be among the biggest challenges of all.
Nuclear energy fell out of favor decades ago for a number of reasons, including high-profile catastrophes like the Chernobyl disaster, concerns about radioactive waste, and the high cost. But as the need for low-carbon energy sources to supplement wind and power surges, nuclear energy is making a comeback.
Gates founded TerraPower in 2006 with the goal of overhauling the traditional nuclear power plant design. Today, a number of companies are aiming to build smaller nuclear facilities, which have the advantage of requiring less upfront capital investment, greater scalability, and better safety and security. The proliferation of artificial intelligence (AI), which is powered by data centers and infrastructure that require huge amounts of electricity, has added to the urgency.
Worldwide, construction on more than 60 nuclear facilities is underway, many in emerging markets. But TerraPower's plant is the only one that's under construction in the U.S.
TerraPower's vision may be compelling, particularly if you want to invest in companies that are working to end dependency on fossil fuels. But the company isn't publicly traded, so it's off-limits to most investors. Read on to learn about investing in TerraPower and other nuclear power companies.
Is TerraPower publicly traded?
TerraPower is not publicly traded. If you're an accredited investor -- meaning you have a net worth of at least $1 million, an annual income of $200,000 (if you're single) or $300,000 (if you're married), or a securities license -- you may be able to purchase shares through a platform like Forge Global (FRGE -0.07%) or EquityZen. However, you can't buy TerraPower stock through a standard brokerage account.
When will TerraPower IPO?
TerraPower has not announced plans for an IPO and seems unlikely to do so in the near future. The company doesn't expect to complete its flagship project, the Natrium reactor, until 2030 at the earliest -- and similar projects have faced long delays. With no steady stream of revenue, the capital-intensive business may not be appealing to investors.
The company has also raised significant money through private funding, as well as support from the U.S. government, so it may have less pressure to raise money through a public offering. In late 2022, TerraPower had raised $830 million in capital in an effort led by Gates, SK Inc., and SK Innovation. And in June 2025, the company announced a $650 million fundraise that included both new and current investors. The Department of Energy has pledged $2 billion to support the Wyoming nuclear power plant project.
IPO
Alternatives to TerraPower
Since you can't invest in TerraPower directly, here are three publicly traded companies similar to TerraPower that you can invest in.
Cameco
Cameco (CCJ -3.00%) is a Canada-based company that's one of the top publicly traded uranium producers in the world. Nuclear power plants use a process called nuclear fission, where atoms are split apart to release a large amount of energy. A type of uranium called U-235 is commonly used by nuclear plants because its atoms are easily split apart.
As demand for nuclear energy surges, long-term uranium contract prices reached levels not seen since 2008, Reuters reported in 2024. Cameco, which has extensive reserves and focuses on long-term contracts to supply uranium and fuel services directly to nuclear facilities, will likely continue to benefit from the growing demand for nuclear energy.
Oklo
Oklo (OKLO -6.25%) is a nuclear power company that went public in May 2024 via a special purpose acquisition company (SPAC), raising more than $300 million. The company has received backing from OpenAI CEO and co-founder Sam Altman, who served as Oklo's board chairman until mid-2025. Oklo seeks to build scalable nuclear power facilities and plans to start construction on its first small modular reactor in 2027 at the Idaho National Laboratory.
Investing in Oklo is a gamble, though, since the company has yet to generate revenue or break ground on projects. Plus, SPACs are inherently risky since they're essentially "blank check" companies that often lack transparency. Any investment in Oklo should be considered speculative.
Constellation Energy
Constellation Energy (CEG -2.42%): Constellation Energy provides a diversified mix of energy products and is the largest operator of nuclear power plants in the U.S. by capacity. The Baltimore-based company is seeking to build small modular reactors for its existing sites that could help power data centers and other large industrial customers.
Constellation Energy saw its stock soar since the start of 2024 and is forecasting strong earnings growth as demand for nuclear energy is expected to keep climbing. With its strong financial outlook, the company has boosted its modest dividend and repurchased about $2.4 billion of its common stock through the second quarter of 2025.
How to buy stocks similar to TerraPower
Most investors can't buy TerraPower stock since it's not a publicly traded company. However, you can buy stock in similar companies by following these steps.
- Open your brokerage account: Log in to your brokerage account where you handle your investments.
- Search for the stock: Enter the ticker or company name into the search bar to bring up the stock's trading page.
- Decide how many shares to buy: Consider your investment goals and how much of your portfolio you want to allocate to this stock.
- Select order type: Choose between a market order to buy at the current price or a limit order to specify the maximum price you're willing to pay.
- Submit your order: Confirm the details and submit your buy order.
- Review your purchase: Check your portfolio to ensure your order was filled as expected and adjust your investment strategy accordingly.
Should you invest in TerraPower?
It's not possible for most people to invest directly in TerraPower, but you can invest in other companies that are involved with nuclear energy.
Consider investing in nuclear energy stocks if:
- You believe nuclear energy provides a cleaner alternative to fossil fuels and can help propel global efforts toward zero-carbon policies.
- You have a long time horizon and are willing to stay the course through the many regulatory and technological challenges that are likely to arise in developing new facilities.
- You believe nuclear energy companies will benefit from strong government support.
- You expect that interest rates will drop, making it cheaper to borrow money for the enormous costs associated with developing nuclear energy facilities.
You might want to avoid nuclear energy stocks if:
- You have ethical qualms about nuclear energy and the potential for hazardous waste, catastrophic accidents, and the possibility of the technology being used to develop nuclear weapons.
- You're concerned about uranium supply constraints since demand for uranium is expected to soar by 27% through 2030 while mining capacity is somewhat limited.
- You're worried that the exhaustive process of obtaining permits and approvals from government agencies could doom many projects.
- You're counting on quick profits or dividend income.
The bottom line
TerraPower aims to address one of the most vexing problems of the 21st century by providing a low-carbon source of energy that can fuel emerging technologies. Although it's not open to most investors, it's certainly worth keeping an eye on the long road ahead if you're interested in clean energy solutions.
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