Terrestrial Energy became the first publicly traded molten salt nuclear reactor developer when it completed its SPAC merger with HCM II Acquisition Corp. and began trading on Nasdaq under ticker IMSR on October 29, 2025, raising gross proceeds exceeding $292 million. The company is developing the Integral Molten Salt Reactor (IMSR) — a 195 MWe Generation IV reactor using Standard-Assay Low Enriched Uranium (not HALEU) reducing supply chain risk. Key milestones: CNSC VDR Phase 2 (2023), Texas A&M RELLIS campus selection (February 2025), DOE Project TETRA OTA (March 2026), Springfields Fuels fuel contract (April 2026). Ended 2025 with $298 million in cash.
HCM II Acquisition Corp. (SPAC), $50M PIPE institutional investors