TerraPower
TerraPower develops the Natrium sodium-cooled fast reactor with integrated molten salt energy storage for utility and hyperscale data center customers, and produces actinium-225 medical isotopes for cancer therapy through TerraPower Isotopes.
- Company typePrivate
- Founded2008
- HeadquartersBellevue, United States
- Headcount501–1,000
- GTM typeB2B
- OfferingHardware or Manufacturing
What TerraPower does
TerraPower is a Bellevue, Washington-based nuclear innovation company founded by Bill Gates and Nathan Myhrvold that develops the Natrium reactor—a 345 MW sodium-cooled fast reactor with an integrated molten salt energy storage system capable of boosting output to 500 MW for more than 5 hours during peak demand. The Natrium design operates at atmospheric pressure using liquid sodium as coolant with passive safety features; it is the only advanced non-light water reactor under construction in the Western Hemisphere and received the first NRC commercial advanced-reactor construction permit in March 2026. TerraPower's core business is the development, construction, and operation of Natrium power plants sold through long-term power purchase agreements to utilities (PacifiCorp for the Kemmerer, Wyoming demonstration plant) and hyperscalers (Meta for up to 8 plants / 2.8 GW, with storage boosting to 4 GW), supplemented by technology licensing through partnerships with SK Group, KHNP, HD Hyundai, KBR, and Bechtel for US, UK, Korean, and broader Asian deployment.
The company's business model combines three revenue streams: subscription-style long-durations power purchase agreements for nuclear generation (targeting commercial operation by 2030), transaction-based medical isotope sales through its TerraPower Isotopes division (actinium-225 for targeted alpha therapy), and technology licensing to international partners. Supporting technical infrastructure includes HALEU metallic fuel fabrication in partnership with Framatome, an AI-powered digital twin design platform built with SoftServe on NVIDIA Omniverse, and over $1.5 billion in cumulative capital raised across 2022 and 2025 plus up to $2 billion in DOE Advanced Reactor Demonstration Program support. Customers served span electric utilities managing high-renewable-penetration grids, hyperscale technology companies requiring dispatchable carbon-free power for AI data centers, pharmaceutical and radiopharmaceutical firms (Aktis, Novartis/AAA, Cardinal Health, Point Biopharma, PanTera), and international energy ministries and operators in the UK and South Korea.
TerraPower firmographics
Firmographics- Name
- TerraPower
- Legal name
- TerraPower, LLC
- Website
- https://terrapower.com
- Company type
- Private
- Founded year
- 2008
- Operating status
- Operating
- Headcount range
- 501–1,000 employees
- Short description
- TerraPower develops the Natrium sodium-cooled fast reactor with integrated molten salt energy storage for utility and hyperscale data center customers, and produces actinium-225 medical isotopes for cancer therapy through TerraPower Isotopes.
- Ownership category
- akta.pro rank
TerraPower industry classification
Industry- Product category
- Advanced Nuclear Energy Technology
- NAICS
- Nuclear Electric Power Generation (221113)
- SIC
- Services-Commercial Physical & Biological Research (8731)
- akta.pro primary industry
- Medical Radioisotope Production (Reactor/Cyclotron, Mo-99/Tc-99m, I-131, Lu-177, etc.) (EUAKAIAA)
- akta.pro secondary industry
- Radioisotope Production (Reactor/Cyclotron/Gamma) (HLAIAGAD)
Keywords
Where TerraPower is headquartered
LocationHeadquarters
- HQ city
- Bellevue
- HQ country
- United States
- HQ region
- North America
Offices4 records
Markets served
TerraPower business model
Business model- GTM type
- B2B
- Offering type
- Hardware or Manufacturing
- Cost components
- Technology or R&D, Infrastructure, Personnel, Supply Chain, Operations
Revenue model
- Nuclear Power Generation and Sales: TerraPower generates revenue through construction and operation of Natrium nuclear power plants, selling electricity to utilities and hyperscale data center operators under long-term power purchase agreements. The first plant targets commercial operation by 2030-2031.
- Medical Isotope Production and Sales: TerraPower Isotopes division produces and sells actinium-225, a rare radioactive isotope used in targeted alpha therapy for cancer treatment. Revenue comes from pharmaceutical partnerships and direct isotope sales to drug developers.
- Technology Licensing: TerraPower licenses its Natrium reactor technology internationally, including partnerships with SK Group and KHNP for South Korean deployment, and UK expansion via TerraPower UK subsidiary.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Multi-year contract | Power Purchase Agreements - Utility Scale |
| Transaction based/ take rate | Multi-year contract | Actinium-225 Isotope Supply |
Go-to-market motion1 record
Distribution channels3 records
Marketing channels5 records
TerraPower product offering
Product offeringCore offering
TerraPower develops and commercializes the Natrium advanced nuclear energy system — a 345 MW sodium-cooled fast reactor coupled with a molten salt energy storage system capable of boosting output to 500 MW for over 5 hours during peak demand. Through its TerraPower Isotopes (TPI) division, the company produces and sells actinium-225, a medical radioisotope used in targeted alpha therapy cancer treatments. Revenue is generated via long-term power purchase agreements with utilities and hyperscalers, direct isotope supply contracts with pharmaceutical companies, and international technology licensing partnerships.
Product overview
TerraPower offers a portfolio of nuclear technology products centered on the Natrium reactor system—a 345-MW sodium-cooled fast reactor with patented molten salt energy storage that can boost to 500 MW, making it the only advanced reactor with built-in grid flexibility. The company operates through two divisions: the Natrium reactor business for clean energy generation (with deployment projects including the Wyoming demonstration plant and international expansion via TerraPower UK), and TerraPower Isotopes for medical isotope production of actinium-225 for cancer therapy. Supporting infrastructure includes fuel fabrication facilities, testing equipment, and an AI-powered digital twin platform for accelerated plant design. The company is rapidly commercializing through fleet deployment agreements providing 500 MW to 2 GW configurations.
Differentiator
Problem solved
Functional benefit
Brands
- Natrium: Advanced sodium-cooled fast reactor technology with molten salt energy storage system, capable of producing 345 MW with ability to boost to 500 MW during peak demand
Products and services
- Natrium Reactor and Energy Storage System A 345-MW sodium-cooled fast reactor coupled with a molten salt energy storage system capable of boosting output to 500 MW during peak demand. The only advanced reactor design with built-in gigawatt-scale energy storage for grid flexibility, designed for high-renewable penetration grids. Sold to utilities and hyperscale data center operators via long-term power purchase agreements.
- TerraPower Isotopes (TPI) - Actinium-225 Production Medical isotope production division focused on producing actinium-225 (Ac-225) for targeted alpha therapy cancer treatments. Operations include current production in Everett, Washington and the Bellwether Laboratory under construction in Philadelphia, Pennsylvania, which will increase global Ac-225 production capacity twentyfold. Sold via supply agreements to pharmaceutical companies (Aktis, Cardinal Health, Novartis/AAA, Point Biopharma/Lilly, PanTera).
- Kemmerer Unit 1 (Wyoming Natrium Demonstration Plant) The first utility-scale advanced nuclear power plant in the United States, a 345 MW Natrium reactor being built in Kemmerer, Wyoming near a retiring coal facility. Built through DOE's Advanced Reactor Demonstration Program with commercial operation targeted for 2030-2031. Power offtaker is PacifiCorp (Rocky Mountain Power), serving customers throughout the region.
- Natrium Fleet Deployment Program Commercialization program for deploying multiple Natrium reactors globally via long-term power purchase agreements. Includes a Meta agreement for up to 8 additional Natrium plants (up to 2.8 GW) with first delivery as early as 2032, and supports single, dual, or quad unit configurations providing 500 MW to 2 GW of clean power to hyperscalers and utilities.
- Bellwether Laboratory (Ac-225 Manufacturing Facility) 250,000-square-foot cGMP manufacturing facility in Philadelphia's Bellwether District for actinium-225 production. Expected to increase global Ac-225 production capacity twentyfold and create approximately 225 full-time jobs. Production expected to start in 2029.
Quantifiable outcome
- Power output boost from 345 MW to 500 MW during peak demand periods (>5 hours duration)
- +6 more outcomes
Companies that use TerraPower
Customer profileNamed customers9 records
Segments4 records
Ideal customer profiles4 records
TerraPower technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature5 records
TerraPower partnerships and signals
Strategic signalPartnerships
26 partnerships are on record, tiered core, major and minor.
- MetacoreMeta signed agreement for up to 8 Natrium plants providing up to 2.8 GW of carbon-free energy with storage boosting to 4 GW. This is Meta's largest advanced nuclear commitment, with initial delivery targeted as early as 2032. Meta provides funding to support deployment.
- KBRmajorStrategic alliance to establish long-term collaboration for commercialization and global deployment of Natrium reactors. KBR provides program management and project delivery capabilities. Jointly evaluating UK deployment sites.
- GE Vernova Hitachi Nuclear EnergycoreCo-developed Natrium technology with GE Vernova Hitachi. GE Vernova supplies core reactor technology components. Partnership established for Natrium reactor commercialization.
- BechtelcoreBechtel serves as engineering, procurement and construction (EPC) contractor for Natrium demonstration plant in Wyoming. Bechtel leads vendor selection for construction materials and services.
- HD Hyundai (Hyundai Heavy Industries)coreHD Hyundai signed framework agreement as preferred manufacturer for Natrium Reactor Enclosure System components for serial production. Agreement transitions from first-of-a-kind to Nth-of-a-kind manufacturing, establishing scalable supply chain for fleet deployment.
- Hyundai Engineering & Construction (HDEC)coreTrilateral cooperation agreement with TerraPower and HD Hyundai for engineering, procurement, and construction of future Natrium nuclear power projects globally.
- PacifiCorp (Rocky Mountain Power)coreUtility offtaker for first Natrium plant power output, serving customers in Wyoming and throughout the region. Partnership supports grid integration with high renewable penetration plans.
- MetacoreMeta locked up 6.6 GW through nuclear deals with TerraPower, Oklo, and Vistra totaling up to 6.6 GW by 2035 for AI infrastructure power.
- PanTeramajorCollaboration to accelerate access to actinium-225. PanTera, Belgian joint venture of IBA and SCK CEN, expanding production with additional starting material from TerraPower Isotopes. Expanded collaboration in 2026 to grow cGMP Ac-225 capacity by more than 200% through new facility at IRE.
- Institut des Radioéléments (IRE)majorIRE hosting and operating PanTera's new Ac-225 production line under expanded collaboration. IRE is world leader in medical radionuclide production (molybdenum-99, iodine-131) with over 280 employees.
- Cardinal HealthmajorManufacturing and distribution agreement for actinium-225 for nuclear medicine applications. Partnership supports pharmaceutical supply chain for cancer treatment isotopes.
- FramatomecorePartnership for HALEU metallization pilot plant at Framatome's Richland, Washington facility. Successfully achieved uranium metallization breakthrough for advanced reactor fuel commercialization. Production of HALEU metal demonstrated as crucial part of fuel fabrication process.
- SoftServemajorDevelopment of AI-powered digital twin platform using NVIDIA Omniverse to accelerate nuclear plant design from 18 months to 8 weeks. Platform integrates design files, geotechnical modeling, grid interconnection analysis, and site-specific layout optimization.
- NVIDIAmajorNVIDIA Omniverse operating system powers TerraPower's AI-powered digital twin platform for advanced nuclear plant design acceleration.
- Korea Atomic Energy Research Institute (KAERI)majorTechnology transfer agreement for sodium-cooled fast reactor safety testing technology (STELLA) valued at 7 billion won ($4.67 million). Enables TerraPower to independently build and operate SFR safety testing facility for Natrium project.
- EvergyminorSeptember 2025 MOU to explore advanced nuclear energy deployment in Kansas. Joint identification and assessment of potential sites for Natrium plant.
- Sabey Data CentersminorStrategic collaboration agreement for wide-scale deployment of Natrium plants at data center facilities.
- Flagship Companies (Utah)minorAugust 2025 MOU with Utah Office of Energy Development and TerraPower to explore siting of advanced nuclear reactor in Utah under Governor Cox's Operation Gigawatt initiative.
- IsotekmajorPartnership to recover Thorium-229 from U.S. Department of Energy Uranium-233 stockpiles for actinium-225 production through natural decay method.
- GE VernovacorePartnership with GE Vernova Hitachi Nuclear Energy for Natrium reactor technology commercialization. GE Vernova supplies core reactor technology components for the 345 MW sodium-cooled fast reactor.
- GE VernovacoreAwarded core reactor technology contract for Natrium project. Key specialized contractor supporting Kemmerer Unit 1 construction.
- Curtiss-WrightmajorAwarded contract for training simulators and control systems for Natrium project.
- BWX TechnologiesmajorAwarded contract for component manufacturing. BWXT investing $500 million in nuclear fuel facility near Gillette, Wyoming starting in 2028.
- Centrus EnergycoreHALEU fuel supply partnership. Centrus Energy is working to establish domestic HALEU production capability for advanced reactors.
- Mirion TechnologiesmajorAwarded contract for radiation monitoring systems for Natrium project.
- Marsh RiskminorMarsh Risk arranged comprehensive insurance program for Kemmerer Unit 1 project, drawing capacity from insurers in US, London, and Bermuda. Marks shift in financing and risk structuring for advanced nuclear.
Scale indicators15 records
Recent moves7 records
Expansion highlights7 records
TerraPower competitors and assessment
Company assessmentDirect peers
- Oklo: Oklo is a direct peer — both companies sell advanced nuclear power directly to hyperscalers and were co-counterparties in Meta's 6.6 GW nuclear pipeline for AI data centers. Both target behind-the-meter and baseload generation via advanced (non-LWR) designs.
- X-energy: X-energy is a direct peer developing the Xe-100 high-temperature gas-cooled SMR also targeting data centers and industrial process heat, and competing head-to-head for DOE ARDP follow-on support and hyperscaler PPAs.
- NuScale Power: NuScale is a direct peer as the only other commercial SMR with a US NRC-approved design (light-water based), competing for the same utility and hyperscaler customers and pursuing international deployment partnerships.
- Rolls-Royce SMR: Rolls-Royce SMR is a direct peer as a UK-headquartered advanced reactor developer pursuing UK GDA approval — overlapping directly with TerraPower's UK market entry and competing for the same UK regulators, sites and supply chain partners.
Broad incumbents
- GE Vernova Hitachi Nuclear Energy: GE Hitachi is both TerraPower's core technology partner on the Natrium reactor and a broader incumbent in nuclear (BWR fleet, future SMRX-300) with overlapping customers and overlapping advanced reactor ambitions across regulators.
- Westinghouse Electric Company: Westinghouse is a broad incumbent in commercial nuclear (AP1000, eVinci microreactor) and the largest competitor to TerraPower's leadership team alumni; it competes in the same utility customer set and has comparable regulatory and fuel-fabrication scale.
- BWX Technologies (BWXT): BWXT supplies nuclear fuel and components, is an awarded contractor on the Natrium project, and is building its own $500M Wyoming HALEU fuel facility — making it both a supplier/peers in advanced reactor fuel and a potential competitor in microreactor / SMR designs.
Emerging players
- Centrus Energy: Centrus is the principal HALEU enricher for TerraPower's fuel program and is also pursuing its own advanced reactor deployment (HALEU storage and transportation), making it a partner/peer at the fuel layer of the advanced reactor stack.
- Holtec International: Holtec is an emerging advanced-reactor player (SMR-300) targeting data-center and industrial loads, with overlapping customer set and pursuit of the same DOE and ARDP-related funding mechanisms as TerraPower.
- Last Energy: Last Energy is an emerging microreactor/SMR developer targeting hyperscaler data center customers in Europe and the US, competing with TerraPower for the same small-modular PPAs and behind-the-meter power offerings.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat6 records
Key risks7 records
Key highlights7 records
Customer concentration
TerraPower social profiles
Digital presenceTerraPower financial estimates
Financial estimateRevenue estimate
Valuation estimate
TerraPower leadership team
Management profileNumber of profiles
Profiles29 records
TerraPower subsidiaries and ownership
Company hierarchySubsidiaries2 records
TerraPower funding detail
Funding detailFunding overview
Funding rounds6 records
Investors10 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
TerraPower M&A and investment
M&A and investmentM&A1 record
Investments1 record
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about TerraPower
What does TerraPower do?
TerraPower develops and commercializes the Natrium advanced nuclear energy system — a 345 MW sodium-cooled fast reactor coupled with a molten salt energy storage system capable of boosting output to 500 MW for over 5 hours during peak demand. Through its TerraPower Isotopes (TPI) division, the company produces and sells actinium-225, a medical radioisotope used in targeted alpha therapy cancer treatments. Revenue is generated via long-term power purchase agreements with utilities and hyperscalers, direct isotope supply contracts with pharmaceutical companies, and international technology licensing partnerships.
Is TerraPower a public or private company?
TerraPower is a private company. It is classified as venture growth investor backed and is currently operating.
When was TerraPower founded?
TerraPower was founded in 2008. It employs 501 to 1,000 people.
Where is TerraPower based?
TerraPower is headquartered in Bellevue, United States, in the North America region.
How does TerraPower make money?
Three revenue lines are on record. Nuclear Power Generation and Sales are the primary driver. The others are medical Isotope Production and Sales and technology Licensing.
Who are TerraPower's main competitors?
Direct peers on record are Oklo, X-energy, NuScale Power and Rolls-Royce SMR. Broad incumbents are GE Vernova Hitachi Nuclear Energy, Westinghouse Electric Company and BWX Technologies (BWXT). Emerging players are Centrus Energy, Holtec International and Last Energy.
Does TerraPower have an API?
No public API is recorded for TerraPower.
What industry is TerraPower in?
TerraPower's product category is Advanced Nuclear Energy Technology. Its primary akta.pro industry code is EUAKAIAA, Medical Radioisotope Production (Reactor/Cyclotron, Mo-99/Tc-99m, I-131, Lu-177, etc.), with a secondary code of HLAIAGAD, Radioisotope Production (Reactor/Cyclotron/Gamma). Its NAICS code is 221113 and its SIC code is 8731.