Nuclear innovation firm TerraPower, chaired by Bill Gates, has raised $650 million in new funding to support the construction of the United States’ first advanced commercial nuclear reactor, with Nvidia’s venture arm, NVentures, among the key investors.

The funding, which was announced through a press release, reiterated TerraPower’s ultimate aim of providing clean and safe energy.

“TerraPower was founded on the idea that innovation in nuclear science could make positive, global impacts,” said Chris Levesque, the company’s President and CEO. “This round further establishes that our technologies are the solutions that industry is looking for.”

The capital raise marks a major milestone for the Washington-based company, which is developing the Natrium reactor — a sodium-cooled fast reactor coupled with grid-scale energy storage — designed to offer flexible, carbon-free power that can complement intermittent sources like wind and solar.

Founded by Microsoft co-founder Gates in 2006, TerraPower said the new funds will support the Natrium demonstration project’s construction, which began with non-nuclear groundwork last year.

Regulatory approval for the reactor is expected in 2026.

The funding signals growing interest among tech firms in nuclear energy as a sustainable solution to rising data centre emissions. Google, Meta, and Amazon have each signed major nuclear energy agreements in recent months.

“As AI continues to transform industries, nuclear energy is going to become a more vital energy source,” said Mohamed Siddeek, Corporate VP at Nvidia and head of NVentures. “TerraPower’s nuclear reactor technologies offer innovative, carbon-free solutions to meet global energy needs while minimising environmental impact.”

TerraPower is developing the Natrium reactor in partnership with GE Hitachi. The design enables the reactor to ramp up output when needed, storing energy to better integrate with the fluctuating nature of renewable power sources.

As the push for clean energy intensifies globally, TerraPower’s Natrium project positions it as a key player in what could be a new era of safe, scalable, and sustainable nuclear energy.