The Tokamak Physics Experiment is designed to develop the scientific basis for a compact and continuously operating tokamak fusion reactor. It is based on an emerging class of tokamak operating modes, characterized by beta limits well in excess of the Troyon limit, confinement scaling well in excess of H-mode, and bootstrap current fractions approaching unity. Such modes are attainable through the use of advanced, steady state plasma controls including strong shaping, current profile control, and active particle recycling control. Key design features of the TPX are superconducting toroidal and poloidal field coils; actively-cooled plasma-facing components; a flexible heating and current drive system; and a spacious divertor for flexibility. Substantial deuterium plasma operation is made possible with an in-vessel remote maintenance system, a lowactivation titanium vacuum vessel, and shielding of ex-vessel components. The facility will be constructed as a national project with substantial participation by U.S. industry. Operation will begin with first plasma in the year 2000.