A methodology for the neutronics design of space power reactors is presented. This methodology involves balancing the competing requirements of having sufficient excess reactivity for the desired lifetime, keeping the reactor subcritical at launch and during submersion accidents, and providing sufficient control over the lifetime of the reactor. These requirements are addressed by three reactivity values for a given reactor design: the excess reactivity at beginning of mission, the negative reactivity at shutdown, and the negative reactivity margin in submersion accidents. These reactivity values define the control worth and the safety worth in submersion accidents, used for evaluating the merit of a proposed reactor type and design. The Heat Pipe‐Segmented Thermoelectric Module Converters space reactor core design is evaluated and modified based on the proposed methodology. The final reactor core design has sufficient excess reactivity for 10 years of nominal operation at 1.82 MW of fission power and is subcritical at launch and in all water submersion accidents. © 2004 American Institute of Physics