Molten salt reactors (MSRs) have emerged as one of the most intriguing technological contenders in the race for a cleaner and more efficient energy future. At their core, these reactors represent a significant departure from the traditional nuclear power plants that dominate the landscape today. Instead of relying on water-cooled systems and solid uranium fuel rods, MSRs use a liquid mixture of molten salt as both a coolant and, often, a fuel medium. This design eliminates the high-pressure environment of conventional reactors, substantially reducing the risk of catastrophic failures like those that haunt public memory from Chernobyl or Fukushima. It’s not just about safety, though—molten salt reactors aim to unlock efficiencies and flexibilities that were once thought out of reach for nuclear energy. In this guide, we explore the top molten salt reactor stocks, ranked by pure-play focus.

The appeal of MSRs lies in their ability to address two perennial issues in nuclear power: waste and scalability. Traditional reactors generate long-lived radioactive waste that requires millennia of secure storage, but MSRs can be designed to consume existing nuclear waste as fuel. This offers the tantalizing possibility of not only reducing the stockpile of hazardous material but also extracting valuable energy from it. Moreover, their inherent efficiency means they can operate at higher temperatures, enabling industrial applications such as hydrogen production or desalination. Such versatility positions MSRs as a technology that can integrate seamlessly into the broader decarbonization effort, tackling hard-to-abate sectors that renewables alone might struggle to penetrate.

Still, the road to widespread adoption is neither straight nor smooth. Building a commercially viable MSR requires overcoming substantial engineering and regulatory hurdles. Corrosion-resistant materials that can withstand the aggressive chemistry of molten salts are still under development, and the regulatory framework for these unconventional reactors is nascent at best. But for those willing to take the long view, the opportunity is staggering. MSRs offer a glimpse into a future where energy is abundant, low-carbon, and resilient—a future powered not by incremental improvements to the status quo, but by a bold leap into the uncharted territory of nuclear innovation.

Note: We make every effort to keep our info accurate and up-to-date. However, emerging tech moves fast and company situations can change overnight. This guide is an intro to the molten salt reactor landscape; but ultimately, do your own due diligence before taking action.

How Far Away Are MSRs?

Some MSR designs are more mature than others. Companies like Terrestrial Energy and Moltex Energy are aiming for commercial operation in the late 2020s or early 2030s, while others may take longer. MSRs, like all nuclear reactors, require extensive licensing and regulatory approvals. This process can be lengthy and complex, varying across different countries and jurisdictions.

Most experts estimate that the widespread commercial deployment of MSRs is likely to happen in the 2030s or 2040s. However, some smaller-scale or niche applications may appear sooner. For example, X-energy is exploring the use of molten salt for energy storage, which could be deployed earlier than full-scale power generation.

Note that most pure-play MSR companies are currently private, limiting investment opportunities to accredited investors or potential future IPOs.

Tier 1: Pure-Play Molten Salt Reactor Stocks

As mentioned earlier, there are still no publicly traded pure-play molten salt reactor stocks. We’ll update this list as private pure-play MSR companies IPO. For now, there are several private companies to keep an eye on:

Terrestrial Energy, headquartered in Canada, is a leading developer of molten salt reactor (MSR) technology. Its flagship design, the Integral Molten Salt Reactor (IMSR), positions the company as a pioneer aiming to commercialize advanced nuclear systems for industrial heat and power generation. By targeting industrial applications requiring high-temperature process heat, such as petrochemical and heavy industries, Terrestrial has carved out a distinctive niche. Its disciplined approach to commercialization, demonstrated through ongoing engagements with the Canadian Nuclear Safety Commission and the U.S. Nuclear Regulatory Commission, highlights its focus on regulatory readiness. While scalability remains untested at a commercial scale, the company’s modular design and strong partnerships provide a clear pathway to deployment.

Moltex Energy, a U.K.-based company with operations in Canada, has developed the Stable Salt Reactor (SSR) technology, which uses solid fuel rods immersed in a molten salt coolant. This design simplifies reactor operation and reduces associated risks. The company’s Waste-to-Salt (WATSS) process, which converts nuclear waste into a valuable energy source, is a unique differentiator that aligns with global decarbonization efforts. Supported by the Canadian government and major utilities, Moltex addresses both energy generation and nuclear waste challenges, although its unproven waste-to-energy technology poses execution risks.

ThorCon Power, based in the United States and Indonesia, is designing a molten salt reactor for large-scale energy production. Focused on emerging markets with rising energy demands, ThorCon prioritizes cost reduction and manufacturability. Its thorium-uranium fueled, sealed modular reactor is designed for straightforward construction and operation. By emphasizing affordability and near-term deployability, ThorCon seeks to fill energy gaps in developing regions, though its reliance on international supply chains introduces potential geopolitical risks.

Kairos Power, a U.S.-based company, is developing the Fluoride Salt-Cooled High-Temperature Reactor (FHR), which combines solid fuel with molten fluoride salt coolant. This hybrid approach merges traditional nuclear reactor elements with MSR efficiency. Backed by prominent venture capital firms, Kairos adopts an iterative design philosophy, using small-scale test reactors to refine its technology. Its emphasis on low-cost electricity production positions the company as a cost-effective alternative, though the complexity of its hybrid design could complicate regulatory approval and supply chain logistics.

TerraPower, TerraPower stands out in the advanced nuclear sector with its dual focus on the Natrium reactor and molten salt reactor technologies. Its MSR work extends beyond energy generation to include medical isotope production, adding a diversified revenue potential. Leveraging strong financial backing and strategic partnerships with industry leaders like GE Hitachi, TerraPower enjoys significant resources and visibility. However, its high-profile status and broad ambitions place the company under intense scrutiny and subject to elevated regulatory hurdles.

X-energy, a U.S.-based leader in high-temperature gas-cooled reactor (HTGR) technology, is exploring the integration of molten salt reactor systems into its portfolio. Its flagship Xe-100 reactor, a modular pebble-bed design, serves as a bridge to potential MSR applications. With substantial funding from the U.S. Department of Energy, X-energy aligns with the needs of decentralized grids and industrial users, offering flexibility and scalability. The dual focus on gas-cooled and molten salt technologies, however, may extend development timelines.

Denmark’s Seaborg Technologies is pioneering the Compact Molten Salt Reactor (CMSR), uniquely targeting deployment on floating nuclear power plants. This maritime-based approach bypasses traditional grid and land-use constraints, offering energy solutions for regions with limited access or unstable grids. By coupling advanced reactor technology with maritime infrastructure, Seaborg addresses niche markets that others overlook. Despite the promise of scalability and simplicity, the regulatory framework for floating nuclear plants remains underdeveloped, and significant maritime industry collaboration is required.

Tier 2: Growing Stake in MSR Technology

These Tier 2 molten salt reactor stocks offer investors a way to gain exposure to MSR technology through more established, publicly traded companies. They balance the potential of MSR technology with the stability of broader nuclear industry involvement and other business lines. This could be attractive for investors who are interested in MSR technology but are looking for less risky options compared to the pure-play companies in Tier 1.

NuScale Power (SMR)

NuScale Power (SMR) is a publicly traded company specializing in small modular reactors (SMRs) rather than MSRs, though its work in advanced nuclear technology shares common ground with molten salt initiatives. NuScale’s flagship design emphasizes modularity and scalability, allowing reactors to be deployed incrementally to meet growing energy demands. Its reactor modules are factory-built, reducing on-site construction complexity and cost. Supported by substantial funding and partnerships with the U.S. Department of Energy, NuScale has a strong position in the domestic and international markets. However, competition from emerging nuclear technologies, including MSRs, could challenge its growth trajectory.

BWXT Technologies (BWXT)

BWXT Technologies (BWXT) is a diversified player in the nuclear sector, providing reactors, fuel, and nuclear components for both commercial and government applications. Its experience in high-performance reactor systems, including naval reactors and research reactors, positions it as a significant contributor to advanced nuclear innovation. While not focused exclusively on molten salt reactors, BWXT’s involvement in advanced fuels and reactor designs makes it a potential partner or supplier for MSR projects. Its established relationships with government agencies and its robust manufacturing capabilities offer competitive advantages, though its broader portfolio may dilute its focus on MSR-specific opportunities.

Fluor Corporation (FLR)

Fluor Corporation (FLR) a global engineering and construction firm, has a vested interest in nuclear energy through its majority stake in NuScale Power. Fluor’s expertise in large-scale infrastructure projects complements NuScale’s modular reactor ambitions, providing the logistical and engineering support necessary for commercialization. While Fluor is not directly involved in molten salt reactor technology, its influence over NuScale and its capabilities in project management position it as a key enabler in the broader advanced nuclear sector. Fluor’s reliance on NuScale’s success ties its nuclear prospects closely to the adoption and scaling of SMRs, potentially limiting its exposure to other advanced nuclear technologies.

Tier 3: Key Suppliers of MSR Companies

Tier 3 molten salt reactor stocks represent the backbone of the nuclear fuel supply chain. While they’re not directly developing MSR technology, their products and services are essential for the operation of these reactors. For investors, these companies offer a way to invest in the potential growth of MSR technology with perhaps less risk than the pure-play MSR companies. They benefit from the current nuclear industry while also being positioned to capitalize on the growth of advanced nuclear technologies like MSRs.

The advantage of investing in these fuel cycle companies is that they stand to benefit regardless of which specific MSR design or company ultimately succeeds. However, it’s important to note that their growth is not solely tied to MSRs – their performance will also depend on the broader nuclear industry and, in some cases, other markets they serve.

Centrus Energy Corp. (LEU)

Centrus Energy Corp. (LEU), a U.S.-based nuclear fuel supplier, plays a crucial role in the advanced nuclear ecosystem by providing enrichment services and specialized fuel types, including high-assay low-enriched uranium (HALEU). HALEU is a critical component for many next-generation reactor designs, including molten salt reactors, which require higher enrichment levels than conventional reactors. Centrus has established contracts with the U.S. Department of Energy to produce HALEU, giving it a strategic position in the supply chain for advanced nuclear technologies. However, its reliance on government contracts and the nascent stage of HALEU demand could pose risks to its long-term growth.

Cameco Corporation (CCJ)

Cameco Corporation (CCJ), one of the largest uranium producers globally, serves as a cornerstone of the nuclear energy supply chain. Based in Canada, Cameco provides raw uranium and conversion services essential for both traditional and advanced reactor technologies. While Cameco does not directly develop molten salt reactors, its strategic focus on securing long-term supply contracts with utilities worldwide positions it as a critical enabler for the industry. With increasing interest in advanced nuclear systems, Cameco stands to benefit from rising uranium demand, although market volatility and geopolitical risks remain significant challenges.

Energy Fuels Inc. (UUUU)

Energy Fuels Inc. (UUUU), a U.S.-based company, is diversifying its operations beyond uranium mining to include rare earth element (REE) production and nuclear fuel processing. Its development of capabilities to produce HALEU and recycle existing nuclear materials aligns with the needs of next-generation reactors, including molten salt systems. By integrating uranium and REE production, Energy Fuels addresses supply chain vulnerabilities in both energy and technology sectors. While its diversification strategy strengthens its market position, the company faces challenges in scaling these operations to meet commercial demands.