Violence committed by individuals and groups inspired by far-right ideologies is increasingly seen as a transnational threat. There is an urgent need to better understand why this type of terrorism has become more frequent and how far-right groups operate within and across borders. One promising avenue of analysis is the concept of “waves of terrorism,” pioneered by David C. Rapoport. Rapoport argued that the emergence of distinctive types of terrorist activity in different historical periods could be explained by new underlying political and ideological forces. Rapoport identified four “waves” of terrorist activity since the late 19th century. Does right-wing violence constitute a fifth global wave? This research note evaluates the utility of the “waves of terrorism” argument for understanding right-wing terrorism.