Nvidia joins $650M funding round for Bill Gates backed nuclear startup TerraPower

TerraPower, the nuclear energy startup founded by Bill Gates, announced Wednesday that it has closed a $650 million funding round, with Nvidia’s (NASDAQ:NVDA) venture capital arm joining as a new investor.

The funding round unites NVentures—Nvidia’s investent arm—with existing supporters such as Bill Gates and South Korean shipbuilding giant HD Hyundai, as TerraPower gears up for regulatory approval of its first commercial reactor next year.

TerraPower’s first Natrium plant is slated to be the United States’ first commercial, advanced nuclear power plant with streamlined construction. The company began non-nuclear construction activities on the site of the first plant last year.

The funding signals a growing intersection between artificial intelligence and advanced nuclear energy, as tech firms race to lock in reliable, clean power sources.

“As AI continues to transform industries, nuclear energy is going to become a more vital energy source to help power these capabilities,” said Mohamed Siddeek, Corporate Vice President and Head of NVentures.

UBS acted as the exclusive placement agent to TerraPower. TerraPower will continue to be a privately held company.