Terrestrial Energy

What Terrestrial Energy does

Terrestrial Energy Inc. is a Generation IV nuclear technology company developing the Integral Molten Salt Reactor (IMSR), a small modular reactor that uses molten fluoride salt as both fuel carrier and primary coolant and operates at 585°C and low pressure to achieve 44% net thermal efficiency. The flagship product is the IMSR Cogeneration Plant, a 822 MWth / 390 MWe facility on a 7-hectare footprint designed to deliver high-temperature industrial heat and dispatchable electricity to industrial offtakers, utilities, and hyperscale data center operators. The reactor's patented sealed, replaceable Core-unit (seven-year operating life) solves the graphite moderator lifetime problem that historically impeded molten salt reactor commercialization, and the use of standard-assay low-enriched uranium (SALEU, <5% U-235) is unique among Generation IV high-temperature designs, avoiding HALEU supply chain constraints.

The company targets industrial decarbonization applications — chemical and petrochemical process heat, hydrogen and ammonia production, coal-to-nuclear repowering of mid-life plant sites, and AI/HPC data center power — with levelized cost targets under US$69/MWh for electricity and under US$8.60/MMBtu for industrial heat. Terrestrial Energy operates through a directly-sold enterprise field sales motion supplemented by an eight-firm supplier consortium (BWXT, Siemens, Orano, Aecon, Cameco, KSB, Westinghouse, Hatch) and a nine-institution lab consortium (Oak Ridge, Idaho National Lab, Argonne, CNL, EU JRC, Virginia Tech, McMaster, ENGIE Laborelec). The company is pre-revenue, listed on Nasdaq under ticker IMSR since October 29, 2025 following a SPAC business combination with HCM II Acquisition Corp. that raised over $292 million in gross proceeds at a $925 million pre-money equity value, with first commercial plant deployment targeted for the early 2030s.

The revenue model is presently capital-funded through SPAC proceeds, DOE Other Transaction Authority pilot agreements (Project TETRA and Project TEFLA), and Canadian/U.S. government grants. Future revenue is planned from sale or licensing of bespoke IMSR Cogeneration Plants under multi-year contracts (with ~10 projects / 7.8 GW in the indicative commercial pipeline after the Riot Platforms MOU), plus recurring fuel salt production services supporting the seven-year Core-unit replacement cycle via Westinghouse Springfields Fuels. Leadership is anchored by CEO Simon Irish (since 2014), CTO Dr. David LeBlanc (a globally recognized MSR authority), COO William Smith (former OPG/Siemens energy executive), and CFO Brian Thrasher, supported by an advisory board that includes former U.S. Secretary of Energy Ernest Moniz, former NRC Commissioner Jeffrey Merrifield, former BP CEO Lord Browne, and former Prime Minister of Canada Stephen Harper.

Name

Terrestrial Energy

Legal name

Terrestrial Energy Inc.

Website

https://terrestrialenergy.com

Company type

Public

Founded year

2013

Operating status

Operating

Headcount range

51–100 employees

Short description

Terrestrial Energy is a pre-revenue Generation IV nuclear technology company developing the Integral Molten Salt Reactor (IMSR), a small modular cogeneration plant that delivers 390 MWe and 585°C carbon-free industrial heat to chemical, petrochemical, utility, and hyperscale data center customers, targeting first commercial deployment in the early 2030s.

Ownership category

akta.pro rank

Product category

Advanced Nuclear Reactors (Small Modular Reactors)

NAICS

Nuclear Electric Power Generation (221113)

SIC

Cogeneration Services & Small Power Producers (4991)

akta.pro industry

PRIMARYEUAKADAC

Gen IV / Advanced Reactor Systems (SFR, LFR, GFR, MSR, HTGR, Microreactors)

Energy, Utilities & Environment/Nuclear Energy/Nuclear Reactor Technology & Components (SMRs, Gen III/IV, Instrumentation & Controls)

SECONDARYEUAKACAG

Advanced & Non‑LWR Fuel Manufacturing (TRISO, metallic fuels, HALEU fuels)

Energy, Utilities & Environment/Nuclear Energy/Nuclear Fuel Cycle (Mining, Conversion, Enrichment & Fuel Fabrication)

SECONDARYEUAKADAN

Reactor Refueling & Fuel Handling Systems (Cranes, Machines, Transfer Systems)

Energy, Utilities & Environment/Nuclear Energy/Nuclear Reactor Technology & Components (SMRs, Gen III/IV, Instrumentation & Controls)

Keywords

• Small modular reactors
• Molten salt reactor
• Nuclear cogeneration
• Clean industrial heat
• Advanced nuclear energy

Headquarters

HQ city

Charlotte

HQ country

United States

HQ region

North America

Offices3 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Technology or R&D, Personnel, Operations, Marketing or Sales, Infrastructure

Revenue model

1. Pre-revenue / capital-funded development: Company is pre-revenue; ended 2025 with $298 million in cash and Q1 2026 with $289.9 million in cash after a $28 million FY2025 net loss and $10.5 million Q1 2026 net loss, funding heavy R&D, regulatory activities, and organizational expansion ahead of first IMSR plant deployment in the early 2030s.
2. Government grants and DOE awards: Non-dilutive funding from U.S. Department of Energy (e.g., $3 million grant for off-gas modeling and simulation), Canadian Strategic Innovation Fund (C$20 million), Sustainable Development Technology Canada (C$5.7 million), and DOE Reactor Pilot Program (TETRA) and Fuel Line Pilot Program (TEFLA) Other Transaction Authority agreements supporting licensing and commercialization activities.
3. Future IMSR Plant sales (planned): Planned revenue model centered on sale/licensing of IMSR cogeneration plants to industrial offtakers, utilities, and data center operators, with a pipeline of approximately 10 commercial projects totaling 7.8 GW of indicative power capacity. Each plant is designed to produce 822 MWth (390 MWe) of clean firm energy.
4. Future IMSR fuel salt production services (planned): Through the Westinghouse-Springfields pilot plant contract and Project TEFLA, Terrestrial Energy is positioned to offer fuel salt deconversion, fabrication, packaging, and transportation services as a recurring commercial offering supporting each deployed IMSR Core-unit (seven-year lifetime).

Pricing tiers

Go-to-market motion1 record

Distribution channels5 records

Marketing channels8 records

Core offering

Terrestrial Energy develops and commercializes the Integral Molten Salt Reactor (IMSR), a Generation IV small modular nuclear reactor that uses molten fluoride salt as both fuel carrier and primary coolant, paired with standard-assay low-enriched uranium (SALEU) fuel in a sealed, replaceable IMSR Core-unit with a seven-year operating lifetime. The company sells IMSR Cogeneration Plants — modular factory-manufactured units producing 822 MWth / 390 MWe of carbon-free high-temperature (585°C) industrial heat and dispatchable electricity — to industrial offtakers, utilities, and hyperscale data center operators, targeting first commercial deployment in the early 2030s.

Product overview

Terrestrial Energy's offering is a unified Generation IV nuclear plant product portfolio centered on the Integral Molten Salt Reactor (IMSR). The flagship IMSR Cogeneration Plant integrates the IMSR reactor technology with balance-of-plant systems to deliver carbon-free high-temperature heat and electricity. At the heart of the plant is the patented IMSR Core-unit, a sealed, replaceable reactor vessel with a 7-year operating lifetime that solves the graphite lifetime limitation in molten salt reactors. IMSR Fuel Salt rounds out the offering as the standard-assay low-enriched uranium fuel that powers the system. Together, these products form a single deployable nuclear plant solution targeting commercial rollout in the early 2030s for industrial heat, electricity generation, and data center applications.

Differentiator

Problem solved

Functional benefit

Brands

• IMSR (Integral Molten Salt Reactor): Proprietary Generation IV small modular reactor design and cogeneration plant product line that is the company's core technology and commercial offering.

Products and services

• Integral Molten Salt Reactor (IMSR) Generation IV small modular nuclear reactor using molten salt as both fuel carrier and primary coolant, operating at 585°C outlet temperature and low pressure. Delivers up to 390 MWe from 884 MWth with 44% net thermal efficiency and uses standard-assay low-enriched uranium (SALEU, <5% U-235) fuel. The reactor is designed for industrial offtakers, utilities, and hyperscale data center operators seeking carbon-free firm power and high-temperature heat.
• IMSR Cogeneration Plant Small modular cogeneration plant combining two IMSR reactors with balance-of-plant systems to supply carbon-free high-temperature heat (585°C) and high-efficiency electricity for industrial and data center applications. Designed for commercial deployment in the early 2030s with construction lead time under four years, 7-hectare (17.3-acre) land footprint, and operating life exceeding 50 years.
• IMSR Core-unit Patented sealed and replaceable reactor vessel integrating primary reactor components including the graphite moderator, with a 7-year operating lifetime. Solves the graphite lifetime limitation challenge for molten salt reactor commercialization and supports high-capacity-factor operation; designed to be swapped out simply and safely at end of life.
• IMSR Fuel Salt Standard-assay low-enriched uranium (SALEU) fuel salt used in IMSR operation. Production is being advanced through Project TEFLA (DOE pilot facility) and a contract with Westinghouse's Springfields Fuels for pilot plant development in the UK, providing deconversion, fabrication, packaging, and transportation services for each deployed IMSR Core-unit's seven-year cycle.

Quantifiable outcome

• 44% net thermal efficiency, approximately 50% higher than conventional nuclear power plants
• +9 more outcomes

Named customers6 records

Ideal customer profiles1 record

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature7 records

Partnerships

Nine partnerships are on record, tiered flagship, core and minor.

• Texas A&M University System (RELLIS Campus)flagshipStrategic or Co-development Partner · 18 June 2026Signed ground lease and R&D agreements providing Terrestrial Energy exclusive access to approximately 77 acres at the Texas A&M-RELLIS campus in Bryan, Texas. Enables site characterization, environmental evaluations, and NRC permit application work for the first commercial IMSR plant, supports DOE-authorized TETRA and TEFLA pilot projects, and follows a 2025 MOU. Terrestrial Energy has opened an engineering office at the RELLIS campus.
• Riot Platforms Inc.flagshipStrategic or Co-development Partner · 6 May 2026Signed a non-binding Memorandum of Understanding to co-develop nuclear-powered large-scale data center projects pairing Terrestrial Energy's 390 MW IMSR Plants with Riot Platforms' data center developments for AI and high-performance computing applications. Targets up to 4 GW of nuclear capacity across multiple sites including existing Riot facilities in Texas and Kentucky (e.g., 60 MW Paducah, KY Bitcoin mining facility). May incorporate natural gas as a bridge fuel. Initial site evaluations focused on Texas and Kentucky.
• U.S. Department of Energy (Project TEFLA)flagshipStrategic or Co-development Partner · 23 January 2026Signed an agreement with the U.S. DOE for Project TEFLA, a pilot production facility that will demonstrate IMSR fuel salt production capabilities under the Fuel Line Pilot Program. Represents government backing for advanced nuclear technology development in the United States.
• U.S. Department of Energy (Project TETRA)flagshipStrategic or Co-development Partner · 7 January 2026Executed an Other Transaction Authority (OTA) agreement under 42 U.S.C. § 7256(g) with the DOE for Project TETRA, a 390 MWe pilot reactor utilizing the Integral Molten Salt Reactor technology. Establishes a streamlined collaboration framework enabling Terrestrial Energy to advance from design to operation under DOE authorization under the Advanced Reactor Pilot Program. Stock surged 18% on the announcement.
• Westinghouse (Springfields Fuels Limited)coreStrategic or Co-development Partner · 5 November 2025Signed a contract with Westinghouse's Springfields Fuels subsidiary for a pilot plant for IMSR nuclear fuel production, including deconversion, fabrication, packaging, and transportation services. Leverages existing infrastructure at Springfields in the UK, with construction planned for 2026, scaling to commercial uranium fuel production. Springfields was previously contracted through a fuel pilot plant contract (referenced in January 2026 filings).
• AmerescocoreStrategic or Co-development PartnerDevelopment collaboration with Ameresco cited in Terrestrial Energy's January 2026 shareholder letter as a key strategic relationship alongside the Texas A&M-RELLIS siting, dual DOE awards, and Westinghouse fuel supply arrangements.
• Plant Supplier Consortium (BWXT, Siemens, Orano, Aecon, Cameco, KSB, Westinghouse, Hatch)coreTechnology or IntegrationMajor component supplier consortium formed in 2021 for IMSR Plant construction and delivery. Suppliers contracted for key nuclear-grade components, instrumentation, and engineering services supporting plant delivery.
• Core PowerminorStrategic or Co-development PartnerIndustry participant working with Terrestrial Energy on a molten chloride fast reactor as part of broader maritime nuclear initiatives under the US-UK Technology Prosperity Deal (September) to establish a maritime nuclear corridor by 2030–2032.
• Trade Association Memberships (American Nuclear Society, Nuclear Energy Institute, World Nuclear Association, Generation IV International Forum, Texas Nuclear Alliance, and others)coreOthersTerrestrial Energy is a member of 18 industry trade associations including the American Nuclear Society, Calgary Chamber of Commerce, Colorado Nuclear Alliance, Decentralised Energy Canada, Energy Institute, Generation IV International Forum, Global Zero, North American Young Generation in Nuclear, NH3 Fuel Association, Nuclear Energy Institute, Nuclear Innovation Alliance, Nuclear Industry Control, Nuclear Matters, Organization of Canadian Nuclear Industries, Repower, Southern States Energy Board, Texas Nuclear Alliance, and the World Nuclear Association.

Scale indicators22 records

Recent moves8 records

Expansion highlights7 records

Direct peers

• NuScale Power: NuScale is the most advanced publicly traded small modular reactor developer in the U.S., with NRC design certification for its 77 MWe NuScale Power Module. Terrestrial Energy competes directly with NuScale in the SMR category, both targeting industrial and utility customers with modular reactor designs, though at different power scales and reactor types (light-water vs. molten salt).
• Oklo: Oklo is a publicly traded advanced reactor developer (NYSE: OKLO) pursuing sodium-cooled fast reactors and Aurora powerhouses for industrial and data center customers. Oklo competes directly with Terrestrial Energy in the data center/AI power market and shares similar pre-revenue, public-market exposure to advanced nuclear commercialization.
• X-energy: X-energy is a privately held advanced reactor developer of the Xe-100 high-temperature gas-cooled reactor (HTGR) designed to deliver 200 MWe plus industrial process heat. X-energy is a direct peer in the high-temperature industrial heat decarbonization space that Terrestrial Energy targets, with overlapping applications in petrochemical, hydrogen, and ammonia production.
• Kairos Power: Kairos Power is developing the fluoride salt-cooled high-temperature reactor (KP-FHR), a Generation IV advanced reactor design that uses molten salt cooling — making it one of the closest technical analogues to Terrestrial Energy's IMSR. Kairos shares the molten salt coolant lineage and is pursuing similar industrial and data center applications.
• ARC Clean Energy: ARC Clean Energy (Atlantic Richfield Company / ARC Nuclear) is developing the ARC-100 sodium-cooled fast reactor and is also part of the maritime nuclear initiative referenced in Terrestrial Energy's Core Power partnership. ARC competes with Terrestrial Energy in advanced reactor development for industrial and maritime applications.
• Rolls-Royce SMR: Rolls-Royce SMR is developing a 470 MWe light-water small modular reactor with strong UK government backing and an established industrial supply chain. As a leading SMR developer pursuing international industrial and utility deployment, Rolls-Royce SMR is a direct competitive peer in the OECD market Terrestrial Energy targets for commercial rollout.

Emerging players

• Last Energy: Last Energy is a privately held SMR developer pursuing small pressurized water reactors for European industrial and data center customers. While Last Energy uses a more conventional light-water design (vs. Terrestrial's molten salt), it competes in the same customer segments targeting small modular, factory-manufactured reactors for behind-the-grid deployment.

Broad incumbents

• BWX Technologies: BWX Technologies is a major nuclear components manufacturer and Terrestrial Energy's supplier consortium partner. BWXT manufactures naval and commercial nuclear reactor components and has its own microreactor program (BANR), making it both a partner and adjacent competitor in advanced reactor commercialization.
• Westinghouse Electric Company: Westinghouse is the largest U.S.-headquartered nuclear power company, supplying conventional reactors (AP1000) and advanced reactor technology. Westinghouse is both a Terrestrial Energy supplier consortium partner (IMSR fuel salt production via Springfields Fuels) and a broad incumbent competing across the advanced reactor and nuclear services landscape.

Others

• Centrus Energy: Centrus Energy is the only U.S. company currently producing HALEU for advanced reactors, supplying fuel for competing Gen IV developers. Centrus sits in Terrestrial Energy's competitive set indirectly as a HALEU supplier benefiting competitor designs, and David O'Keefe (now Terrestrial VP) joined from Centrus.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xx.com/TerrestrialMSR
• YouTubeyoutube.com/channel/UC1A7ki5BMGxF67V9boVbdIw
• LinkedInlinkedin.com/company/terrestrial-energy-inc
• Facebookfacebook.com/TerrestrialMSR

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles13 records

Subsidiaries1 record

Funding overview

Funding rounds13 records

Investors2 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Terrestrial Energy