Terrestrial Energy Inc. (IMSR) Stock

Terrestrial Energy Inc. (IMSR) is a Industrials stock trading at $5.28 (as of 2026-08-20), with a market capitalization of $559.34M and a trailing P/E of 130.4. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Terrestrial Energy Inc. develops advanced nuclear power solutions centered on its IMSR technology, a small modular molten salt reactor design. The company focuses on producing industrial heat and electricity. It has completed a business combination with HCM II Acquisition Corp.

Understand Terrestrial Energy Inc.: how it makes money

Terrestrial Energy develops advanced nuclear power solutions, its IMSR small modular molten salt reactors, designed to provide low-carbon, high-temperature industrial heat and electricity, and it is building its commercial momentum through tracked commercial pipeline projects.

The company appears to run on conversion from tracked Commercial Pipeline Projects (and related power capacity) into real, funded deployments, with pipeline size and capacity indicating how much future activity could be supported.

Business quality (Weak): Pipeline-focused story with early-stage indicators, and the latest quarter shows a negative operating margin, so progress turning pipeline into commercially operating projects is the key uncertainty.

Bull case

  • Meaningful commercial pipeline indicators: The company reports 10.0 Commercial Pipeline Projects and 7.8 Indicative Power Capacity from Commercial Pipeline.
  • Partnership signal via memorandum of understanding: It reports 4.0 Maximum Nuclear Power Capacity Contemplated under a Memorandum of Understanding with Riot Platforms.
  • Corporate progress: It recently completed a business combination with HCM II Acquisition Corp.

Bear case

  • Operating losses in the latest quarter: For the period 2025-09-30, operating margin is -22.0.
  • Pipeline metrics do not guarantee revenue: The provided operating indicators focus on projects in the pipeline and contemplated capacity, which may not convert into actual deployments and revenue.
Valuation — source: SEC EDGAR (first-party)
Price$5.28
Market Cap$559.34M
P/E Ratio130.4
Price / Book1.99
Price / Sales34.52
FCF Yield-5.9%
Profitability & Growth — source: SEC EDGAR
Revenue (TTM)$4.04M
Net Margin84.3%
Revenue Growth (YoY)451.9%
Valuation vs Sector & Industry
Stock P/E130.4
Sector P/E (Industrials)25.9
Industry P/E (Fabricated Products)25.3
vs Sector403.6%
vs Industry414.6%
Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional HolderHarraden Circle Investments, LLC ($732.61M)
Institutional Holders Tracked10
Company
SectorIndustrials
IndustryFabricated Products
CEOSimon Irish
CountryUS
IPO Date2025-10-24

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IMSR earnings history · IMSR institutional & insider holders · IMSR KPIs & operating metrics · IMSR financials · IMSR investor presentations & press releases · IMSR SEC filings · IMSR peers · Congress trades · Insider trades · Short interest · Stock screener

Data as of 2026-08-20.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.