Terrestrial Energy Inc (IMSR) is a pre-revenue nuclear technology company developing the Integral Molten Salt Reactor (IMSR) Plant, a small modular reactor design intended to supply both electric power and industrial thermal energy. The company has generated no commercial revenue as of the 10-K filed March 30, 2026, and depends entirely on external capital to fund research, development, and licensing activities. The IMSR uses molten salt as both fuel and coolant, a departure from legacy solid-fuel, water-cooled reactor designs. Terrestrial Energy's anticipated revenue model is built on selling reactor plant designs, key components including the IMSR Core-unit, IMSR Fuel Salt, and long-term services to project consortium partners and operators. The company is in the pre-commercial stage, carrying a history of operating losses, and has disclosed that it will require substantial additional capital for the foreseeable future. As of the filing date, the company's most advanced project is a collaboration with Texas A&M University to pursue licensing and construction of an IMSR Plant at the RELLIS campus in Bryan, Texas, selected in Q4 2024.

Revenue model

No commercial revenue as of the 10-K filed March 30, 2026. The anticipated revenue model consists of plant design licensing, sale of key components (IMSR Core-unit and associated systems), IMSR Fuel Salt supply, and services, expected to be structured under long-term contracts with project consortium partners, operators, offtake customers, and third-party investors. Capital expenditures for plant construction are expected to be borne by consortium partners rather than Terrestrial Energy.

Products and services

IMSR Plant: a molten salt small modular reactor design targeting both electricity generation and industrial thermal energy supply. IMSR Core-unit: a key proprietary reactor component intended for sale to plant operators. IMSR Fuel Salt: a specialized nuclear fuel salt (requiring SALEU UF4 as a feedstock) intended to be supplied under contract. Reactor design, engineering, and operational support services. Estimated LCOE of approximately $69/MWh and LCOH of approximately $8.60/MMBtu on an Nth Commercial Plant basis, per internal modeling updated in 2025 to reflect inflation impacts on 2021 cost estimates.

Customers and end markets

Target end markets include industrial thermal energy users (processes currently reliant on natural gas and heating oil), electric grid operators, and distributed energy project developers. The industrial sector accounts for more than 30% of final energy demand per IEA data cited in the filing. The Texas A&M University RELLIS campus project targets campus power supply and the ERCOT grid. No paying customers disclosed as of the filing date. Prospective customers include nuclear utility operators and industrial offtake partners.

Value-chain role

Technology developer and component supplier positioned upstream of plant construction and operation. Terrestrial Energy intends to design the reactor, supply proprietary components and fuel salt, and provide services, while plant construction financing and operation are expected to be handled by consortium partners. The company is also pursuing regulatory licensing in both the United States (USNRC) and Canada (CNSC).

Geographic exposure

Operations and development activities in the United States and Canada. Subject to U.S. DOE (10 C.F.R. Part 810), USNRC (10 C.F.R. Part 110), Bureau of Industry and Security, and Canadian Nuclear Safety Commission (CNSC) regulatory regimes. Texas A&M University RELLIS campus project in Bryan, Texas is the lead announced deployment site as of the filing date.

Competitors

solar plants with battery storage, combined-cycle natural gas plants, simple-cycle natural gas plants, legacy nuclear technology plant developers

Source: SEC 10-K, filed 2026-03-30

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