Ternary LLMs offer significantly better performance for their size (measured in bits) than the models trained and deployed in FP16/BF16. Given the widespread usage of quantization before deployment and advancements in Post Training Quantization of LLMs, a pivotal question arises: do ternary LLMs indeed provide any discernible benefits? To address this, we first build an open family of pre-trained ternary Large Language Models (TriLM). Additionally, we include their counterparts pre-trained in FP16 (FloatLM) and quantized versions of FloatLM (QuantLM) with parameters across almost two orders of magnitude - from 99M to 3.9B parameters. We demonstrate that TriLMs with 3B+ parameters start to offer competitive performance compared to FloatLMs with the same parameter count, while providing significantly better performance for their size. TriLMs also outperform quantized models, with TriLM 3.9B surpassing the larger QuantLM-3bit 3.9B. Furthermore, across knowledge-based benchmarks, TriLM maintains a superiority for its size. To advance research on Ternary LMs, we open source over 500+ checkpoints across the model families at https://github.com/NolanoOrg/SpectraSuite.