Canaccord Genuity has initiated coverage of Terra Innovatum Global (NASDAQ:NKLR) and assigned a Buy rating with a $10.00 price target, according to the firm’s published analysis. The valuation is derived from a discounted cash flow model extending to the year 2050, using assumptions of approximately a 15% weighted average cost of capital and an approximate 5% terminal growth rate.
The analyst team’s modeled price target sits well above the stock’s prevailing market price. Terra Innovatum shares are trading at $4.30, which the report notes is roughly an 80% decline from the company’s 52-week high of $21.91. Canaccord’s published view aligns with a broader analyst sentiment that the name retains optimistic coverage: the report cites a Strong Buy consensus among analysts, with price targets in the coverage universe ranging from $10 to $25.
Key to Canaccord’s valuation is an explicit financing assumption. The analysis assumes Terra Innovatum will raise about $1.2 billion of additional equity capital at $4.00 per share over the coming years. That equity infusion is embedded in the firm’s model and underpins the path to the projected cash flows used in the DCF.
Technology and market opportunity
Canaccord highlights the company’s SOLO micro-modular reactor concept as a potential differentiator in the evolving nuclear sector. The broker emphasizes several attributes of the SOLO design: safety protocols, a proven operational pedigree tied to high-temperature gas-cooled reactor technology, a factory-assembled construction model intended to reduce overnight construction costs, fuel flexibility that includes LEU and HALEU, and built-in proliferation safeguards. Canaccord argues that the combination of these features could unlock a total addressable market that conventional large-scale reactors have been unable to access.
The firm projects that Terra Innovatum stands to benefit from both growth in the absolute volume of nuclear assets and from nuclear’s prospective rise as a percentage of the global energy mix. Canaccord’s comments frame nuclear power as a source of clean, baseload energy with durable long-term demand.
Operational and regulatory developments
Recent corporate developments are cited as supportive to the firm’s view on deployment readiness. Terra Innovatum has secured all critical components for its SOLO micro-modular reactor, which Canaccord says should reduce manufacturing and construction risks. Separately, the company has changed its independent registered public accounting firm, appointing KPMG following the dismissal of MaloneBailey, LLP. The prior auditor had reportedly expressed substantial doubt about the company’s ability to continue as a going concern, although it did not issue any adverse opinions in its audit report.
On the licensing and regulatory front, Canaccord and other brokers referenced continued engagement with the U.S. Nuclear Regulatory Commission. The firm notes that Terra Innovatum has been actively advancing its licensing process, holding more than 10 meetings with the NRC during the last quarter of 2025. Those meetings are described as focused on reactor design, safety philosophy, and deployment readiness. Benchmark reiterated a Buy rating citing the company’s accelerated engagement with the NRC, and H.C. Wainwright also initiated coverage with a Buy recommendation.
Valuation context and profitability
While Canaccord provides the $10 target under its DCF framework, third-party analysis noted in the report presents a more cautious lens. An InvestingPro analysis referenced in the material flags that Terra Innovatum is not yet profitable and currently appears overvalued relative to its assessed Fair Value. Canaccord’s model attempts to capture long-term upside, but the report makes clear that ongoing capital needs and execution milestones are material to whether the valuation can be realized.
Summary of implications
Canaccord’s initiation frames Terra Innovatum as a company with a technology-led path to a sizable addressable market in an evolving nuclear landscape, while also embedding substantial financing and deployment assumptions into its valuation. The firm’s views are echoed by other brokers covering the name, but independent assessments draw attention to profitability and relative valuation questions.