June 19 Nvidia (NASDAQ:NVDA) has joined a $650 million funding round for TerraPower, the nuclear energy firm founded by Bill Gates (Trades, Portfolio), according to a Wednesday press release.
The round was led by existing backers including Gates and HD Hyundai, alongside Nvidia’s venture capital arm, NVentures. The funds will help support regulatory and development efforts for TerraPower’s first commercial reactor, which is expected to secure approval next year.
TerraPower is building its inaugural Natrium reactor, which aims to be the first advanced commercial nuclear plant in the U.S. with a simplified construction model. Non-nuclear work at the site began in 2024.
The investment reflects growing alignment between the tech and energy sectors, as companies seek stable, carbon-free power sources to support growing AI workloads.
Nuclear energy is poised to play a critical role in powering the next wave of AI, said Mohamed Siddeek, head of NVentures.
UBS acted as TerraPower’s sole placement agent. The company remains privately held.
This article first appeared on GuruFocus.
