At a Glance
- DOE lab achieved scientific breakeven in 2022, proving fusion can produce more energy than input.
- Commonwealth Fusion Systems has raised $3 B and plans its first commercial plant, Sparc, for 2026-27.
- Ten fusion startups have collectively raised over $10 B, each pursuing tokamak, field-reversed, inertial confinement, or other designs.
- Why it matters: Fusion promises clean, limitless power, but commercial readiness remains years away.
Fusion has moved from jokes to serious investment, driven by powerful chips, AI, and superconducting magnets. The DOE lab’s 2022 breakthrough proved the underlying science. Private startups now race to build commercial plants.
Funding and Design Landscape
Private fusion has attracted billions of dollars in recent years. Commonwealth Fusion Systems leads with $3 B, followed by TAE Technologies ($1.79 B), Helion ($1.03 B), Pacific Fusion ($900 M), Shine Technologies ($778 M), General Fusion ($492 M), Tokamak Energy ($336 M), Zap Energy ($327 M), Proxima Fusion (€185 M), Kyoto Fusioneering ($191 M), Marvel Fusion ($162 M), First Light Fusion ($108 M), and Xcimer ($100 M). Each startup pursues a distinct reactor type: tokamak, field-reversed, inertial confinement, or other designs.
- Commonwealth Fusion Systems – tokamak with high-temperature superconducting magnets; plans Sparc for 2026-27, Arc for 2028.
- TAE Technologies – field-reversed with particle-beam spin; merged with Trump Media & Technology Group in 2025.
- Helion – field-reversed hourglass; plans electricity by 2028 for Microsoft.
- Pacific Fusion – inertial confinement with electromagnetic pulses; led by Eric Lander.
- Shine Technologies – neutron testing and medical isotopes; developing waste-recycling tech.
- General Fusion – magnetized target fusion; faced cash shortfall in 2025, raised $22 M then $51 M.
- Tokamak Energy – compact tokamak with REBCO magnets; demo 4 under construction.
- Zap Energy – electric-current zap, liquid-metal blanket; raised $327 M.
- Proxima Fusion – stellarator; €185 M raised.
- Kyoto Fusioneering – balance-of-plant components; $191 M raised.
- Marvel Fusion – inertial confinement with silicon nanostructures; demo facility 2027.
- First Light Fusion – inertial confinement with gun-based compression; offers tech to others.
- Xcimer – laser system 10 MJ; $100 M raised.
Key Milestones
The DOE lab’s 2022 experiment produced more power than the lasers that drove it, marking scientific breakeven, and Commonwealth Fusion Systems expects Sparc operational in late 2026 or early 2027, with Arc construction beginning later this decade. Helion plans to deliver electricity in 2028, targeting Microsoft as its first customer. General Fusion’s 2025 cash crunch led to a $22 M pay-to-play round and a subsequent $51 M SAFE note raise.
| Startup | Reactor Type | Funding Raised | Upcoming Milestone |
|---|---|---|---|
| Commonwealth Fusion Systems | Tokamak | $3 B | Sparc 2026-27 |
| TAE Technologies | Field-reversed | $1.79 B | Merge 2025 |
| Helion | Field-reversed | $1.03 B | Electricity 2028 |
| General Fusion | Magnetized target | $492 M | LM26 2026 |
| Tokamak Energy | Compact tokamak | $336 M | Demo 4 |
Key Takeaways
- The DOE lab’s 2022 experiment proved fusion science can reach scientific breakeven.
- Commonwealth Fusion Systems leads funding and plans its first commercial plant for 2026-27.
- Multiple designs and funding challenges mean commercial fusion remains years away.
Fusion’s promise of limitless clean energy is tangible, but the journey to commercial plants is still winding, with many designs and funding hurdles to overcome.
