JPM Powering Data Centers Fireside Chat Series Takeaways from TerraPower Fireside Chat

研报英文原文证据摘录

JPM Powering Data Centers Fireside Chat Series Takeaways from TerraPower Fireside Chat

J P M O R G A N North America Equity Research

15 June 2026

JPM Powering Data Centers

Fireside Chat Series

Takeaways from TerraPower Fireside Chat

As a part of our JPM Powering Data Centers Series, we hosted a fireside chat with Head of North America Power,

TerraPower's EVP and CFO, Steven Hellman. Coming off a January partnership Utilities, Midstream, LNG, and

with Meta and an April ground-breaking on Kemmerer Unit 1, TerraPower Nuclear

continues to take meaningful steps in its Natrium sodium-cooled fast reactor Jeremy Tonet, CFA AC

development. The reactor’s design, capable of ramping from 345MW baseload to (1-212) 622-4915

500MW+ in peak hours within 10 minutes, at the same construction cost, presents jeremy.b.tonet@jpmorgan.com

attractive load following capabilities across customer types, including Vrathan Reddy

hyperscalers and utilities. Here, Meta's decision to select TerraPower after a (1-212) 622-4692

vrathan.reddy@jpmchase.com

rigorous RFP process serves as a clear vote of confidence in the design. On the

Aidan C Kelly

supply chain front, TerraPower has formed several strategic partnerships (KHNP,

(1-212) 622-4912

SK, Hyundai), in addition to continued collaboration with Framatome on fuel aidan.x.kelly@jpmchase.com

fabrication collaboration. Our conversation framed potential for NOAK LCOE to Eli Jossen, CFA

reach sub $90/MWh, with ITCs bringing the figure to $60/MWh or less, though (1-212) 622-4113

financing (beyond government support) remains a key variable to scaling SMR eli.jossen@jpmchase.com

deployments at large. As TerraPower continues to execute against the 2031 Diana Niles

Kemmerer in-service date, the company’s medical isotope business, where (1-212) 622-3328