What's happening
TerraPower officially broke ground on its 345 MW sodium-cooled Natrium reactor in Kemmerer, Wyoming, marking a pivotal milestone in the U.S. nuclear revival. The construction follows the Nuclear Regulatory Commission's approval of the construction permit in March 2026 for the advanced reactor design developed by the company founded and backed by Bill Gates. The Department of Energy provided approximately $2 billion in funding, covering half of the estimated $4 billion construction costs, with the plant expected to come online by 2031 and generate enough power for 450,000 homes. The project is anticipated to create over 1,000 short-term construction jobs and more than 200 long-term skilled labor positions in Wyoming.
Why it matters for markets
The TerraPower project represents the first commercial deployment of advanced nuclear technology specifically designed to meet surging power demands from artificial intelligence and data center operations. Meta has signed agreements with TerraPower for additional Natrium reactors to power its data centers, including early development funding for two units with rights to expand to six more reactors. This partnership model could establish a template for tech companies seeking dedicated clean baseload power, particularly as Meta's current market capitalization of $1.55 trillion and $214.96 billion in annual revenue position it to make substantial infrastructure investments. The successful deployment could accelerate adoption across the nuclear sector, where companies like NuScale Power trades at a $3.93 billion market cap with its 77 MWe small modular reactor technology, while Oklo commands a $12.24 billion valuation for its 1.5-15 MWe Aurora microreactor systems.
Sectors and assets to watch
Advanced nuclear reactor companies stand to benefit from validation of next-generation nuclear technology for commercial deployment. NuScale Power, with its NRC-certified small modular reactor design generating up to 924 MWe in scalable configurations, represents the closest comparable technology to TerraPower's approach. Oklo's Aurora microreactor technology, designed for 1.5-15 MWe output and deployable in under two years, targets similar data center and industrial applications that Meta is pursuing with TerraPower. The successful construction milestone could accelerate regulatory approval timelines and customer adoption for both companies' reactor technologies.
What to watch next
Monitor TerraPower's construction progress toward its 2031 operational target and any additional reactor agreements with Meta or other tech companies seeking dedicated power sources. Track NRC approval timelines for competing advanced reactor designs from NuScale and Oklo, as TerraPower's regulatory success could streamline the approval process for similar technologies. Watch for announcements of additional corporate partnerships between nuclear developers and data center operators as power demands from AI infrastructure continue expanding.