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 +0.04%) 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.
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Should I 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.
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The bottom line on TerraPower
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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