Terrestrial Energy has authorized a share repurchase program of up to $25 million. The announcement came on October 27, 2026, and IMSR shares rose more than 11% in Wall Street premarket trading.
The board of the Generation IV molten salt reactor developer decided to fund the program with cash already on its balance sheet. Purchases may be made on the open market, through privately negotiated transactions, block trades or other means. The program does not obligate the company to buy any specific amount of shares, may be modified or suspended at any time, and expires on October 22, 2027. Timing, prices and amounts will be determined by management, based on market conditions and capital needs.
As of October 23, the company had approximately 105.9 million common shares outstanding, including those issuable upon exchange of exchangeable shares. The buyback comes one day after Lucid Capital Markets initiated coverage with a Buy rating and a $10 price target. With this initiative, analyst consensus has become a strong buy, with price targets ranging from $8 to $15, all above the current share price, which sits near its 52-week low.
The backdrop is a sector under pressure in the equity markets. Small modular reactor companies have faced sustained selling in recent months, which is why the signal from Terrestrial Energy’s leadership has drawn attention. A buyback funded with the company’s own cash suggests that management considers the stock undervalued and believes its liquidity position is sufficient for its development plans.
On the industrial front, the company has built up concrete achievements. Texas A&M University has selected an IMSR commercial plant for its RELLIS campus, and the U.S. Department of Energy has selected both the test reactor project and the fuel line project under its advanced reactor programs. The Nuclear Regulatory Commission has also completed its safety evaluation and accepted the IMSR principal design criteria topical report, which includes the inherent power control mechanism. In 2025 the company closed its business combination, raising gross proceeds of approximately $292 million.
The path to licensing remains the factor that weighs most heavily on the company’s value. If the DOE pilot projects stay on schedule, the buyback could become the first in a series of confidence signals from a sector looking for a stable price level ahead of its next regulatory milestones.
