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Advanced nuclear company TerraPower has raised $650 million from investors including Nvidia's VC arm.

Why it matters: The demand for advanced nuclear is growing rapidly as electricity consumption jumps for data centers, manufacturing and EVs.

Zoom in: TerraPower said the round also included existing investors Bill Gates and industry giant HD Hyundai.

Prior investors include ArcelorMittal, SK Group, SK Innovation, Khosla Ventures, CRV and Intellectual Ventures.

Catch up quick: The Bellevue, Washington-based company previously raised over $1 billion and has long been supported by Gates, who's the chairman of the board and called a founder.

TerraPower started construction last year on the non-nuclear portion of Unit 1 of its demonstration project in Kemmerer, Wyoming, which it expects will be the first commercial advanced reactor built in the U.S. and in operation by 2030.

Its construction license is currently under review by the Nuclear Regulatory Commission, and TerraPower expects approval next year. 

How it works: TerraPower's Natrium reactor design uses liquid sodium as a coolant instead of water, which the company says lowers costs.

The big picture: Planned global small nuclear reactors expanded 42% in the first quarter of this year to 47 gigawatts, according to a recent report from Wood Mackenzie.

Total funding for advanced nuclear companies grew to $736.9 million in the first three months of 2025, compared to $260.3 million for all of 2024, according to PitchBook.

The bottom line: Nuclear is having a moment as demand for electricity soars and the Trump administration offers support.

TerraPower adds Nvidia's VC arm in $650M raise

Nvidia's VC arm and Bill Gates led the company's funding.

Illustration of dollar bills falling into a nuclear power plant.

Illustration of rows upon rows of nuclear reactors.

Advanced nuclear company TerraPower has raised $650 million from investors including Nvidia&#x27;s VC arm.Why it matters: The demand for advanced nuclear is growing rapidly as electricity consumption jumps for data centers, manufacturing and EVs.

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TerraPower adds Nvidia's VC arm in $650M raise

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