Terrestrial Energy (IMSR) TD Nuclear Roundtable (Virtual) summary
Event summary combining transcript, slides, and related documents.
TD Nuclear Roundtable (Virtual) summary
8 Oct, 2026Reactor design and fuel
IMSR is a Gen IV, thermal-spectrum, graphite-moderated reactor with a large core; it uses standard LEU enriched to no more than 5%, with actual enrichment significantly lower.
The LEU choice, made roughly 10 years ago, was intended to avoid HALEU supply bottlenecks and support fleet-scale fuel supply; the focus is commercial viability, not a theoretically perfect molten salt design.
Materials and qualification
Graphite and nuclear-grade steels are well supplied, but regulatory qualification requires QA-compliant performance data that can support a license application.
Graphite has been undergoing testing for several years in a powerful Netherlands test reactor; test duration is constrained by reactor power, and alloys and other components also require data collection.
Licensing and pilot programs
NRC topical reports establish agreement on licensing elements; submissions cover Principal Design Criteria, Postulated Initiating Events, and graphite-qualification methodology, with at least three reports planned for 2026.
DOE authorization agreements for a pilot reactor and pilot fuel plant overlay an existing testing program; the pathway can accelerate testing by avoiding the standard NRC test-reactor operating-license process.
Part 53 is under consideration as a potential licensing path; its technology-neutral, risk-informed, phased approach may support efficient first-plant licensing and repeatable fleet approvals.
Latest events from Terrestrial Energy
- Three NRC submissions met 2026 guidance as Q3 losses widened and cash burn rose.IMSR
Q3 2026 - Resale registration covers 2.26 million option shares; exercise could yield ~$1.6 million.IMSR
Registration filing - A $500 million shelf accompanies conditional CVR shares as IMSR development targets mid-2030s operation.IMSR
Registration filing - Q2 net loss was $9.4M, liquidity strong at $283.4M, and addressable market rose to $2.3T.IMSR
Q2 2026 - IMSR delivers high-efficiency, modular nuclear plants for a $2.3T market by 2050.IMSR
Investor presentation - Directors elected and auditor ratified with no shareholder questions or opposition.IMSR
AGM 2026 - NRC approvals, data center deal, and $10.5M net loss define Q1 2026; liquidity remains strong.IMSR
Q1 2026 - IMSR delivers modular, efficient, and inherently safe nuclear energy for industrial and grid markets.IMSR
Investor presentation - Annual meeting to elect directors, ratify auditor, and reinforce governance and compensation policies.IMSR
Proxy filing