Every fusion startup that has raised over $100M
The fusion power industry, once a target of humor and skepticism, has evolved dramatically in recent years, attracting significant investments and moving closer to becoming a viable source of virtually limitless energy. This shift is largely thanks to advances in computer technology, artificial intelligence (AI), and high-temperature superconducting magnets, which together have spurred progress in reactor designs, better simulations, and more complex control schemes.
While commercial fusion power plants remain a future prospect, the potential they hold to transform the trillion-dollar energy markets has driven a surge of interest and investment in fusion startups. A significant milestone was achieved at the end of 2022 when a US Department of Energy lab reported a controlled fusion reaction that produced more power than the lasers used to initiate the reaction. This scientific breakeven, although far from the commercial breakeven where the reaction generates more power than the entire facility consumes, validated the fundamental science behind fusion power.
Commonwealth Fusion Systems
Commonwealth Fusion Systems (CFS) stands out among fusion startups, having raised about one-third of all private capital invested in the industry to date. As of its last funding round in August, the Massachusetts-based company had raised nearly $3 billion towards its goal of developing commercially viable fusion power plants. CFS has been working on Sparc, a first-of-its-kind power plant designed to produce commercially relevant levels of power. The company expects Sparc to be operational by late 2026 or early 2027.
CFS has designed its reactor in collaboration with the Massachusetts Institute of Technology (MIT). The reactor uses a tokamak design, a doughnut-like structure wound with high-temperature superconducting tape. When energized, this generates a powerful magnetic field that contains and compresses the superheated plasma, and the heat generated from the reaction is converted to steam to power a turbine.
CFS has an impressive list of backers, including Breakthrough Energy Ventures, The Engine, and Bill Gates, among others. The company plans to begin construction on its commercial power plant, Arc, later this decade, which is expected to produce 400 megawatts of electricity. Google has agreed to buy half of the output from this facility, which will be built near Richmond, Virginia.
TAE Technologies
TAE Technologies, founded in 1998, uses a field-reversed configuration to achieve fusion. After the two plasma shots collide in the middle of the reactor, the company bombards the plasma with particle beams to keep it spinning in a cigar shape. This improves the stability of the plasma, allowing more time for fusion to occur and for more heat to be extracted to spin a turbine.
At the close of 2025, TAE announced a merger with Trump Media & Technology Group, the social media company owned by former President Donald Trump. The all-stock transaction valued the combined company at $6 billion, with TAE receiving $200 million plus an additional $100 million upon filing paperwork with the Securities and Exchange Commission. TAE had previously raised a total of $1.79 billion in funding from investors including Google, Chevron, and New Enterprise.
Helion
Helion, a Washington-based startup, has the most aggressive timeline among fusion startups, with plans to produce electricity from its reactor by 2028. Microsoft has signed up as the company’s first customer. Helion’s reactor uses a field-reversed configuration, and the company has raised $1.03 billion in funding to date from investors such as Sam Altman, Reid Hoffman, KKR, BlackRock, Peter Thiel’s Mithril Capital Management, and Capricorn Investment Group.
Pacific Fusion
Pacific Fusion is another notable startup in the fusion industry, having raised $900 million in its Series A round. The company’s fusion technique uses inertial confinement and coordinated electromagnetic pulses rather than lasers to compress the fuel. Pacific Fusion is led by CEO Eric Lander, who led the Human Genome Project, and President Will Regan.
Shine Technologies
Shine Technologies is taking a pragmatic approach to generating fusion power. Instead of rushing to build a fusion power plant, the company is focusing on selling neutron testing and medical isotopes, as well as developing ways to recycle radioactive waste. Shine has raised a total of $1 billion from investors including Energy Ventures Group, Koch Disruptive Technologies, and Nucleation Capital, among others.
General Fusion
General Fusion, founded in 2002, has pursued a different approach to fusion known as magnetized target fusion and has so far raised over $600 million. However, the company hit a snag in 2025 when it faced a cash shortage while building its latest device, LM26. After laying off a quarter of its staff and making a public plea for funding, the company managed to raise $51.1 million. It now plans to go public via a reverse merger with a special purpose acquisition company, which could bring in an additional $335 million.
Inertia Enterprises
Inertia Enterprises is a fusion startup founded by Annie Kircher, Mike Dunne, and Jeff Lawson. The company plans to use lasers to bombard fusion fuel pellets, a design that echoes the one Kircher successfully used at the National Ignition Facility. Inertia Enterprises recently emerged from stealth mode with $450 million in Series A funding.
Tokamak Energy
Tokamak Energy is a UK-based startup that uses a compact tokamak design that requires fewer magnets, potentially reducing costs. The company generated an ultra-hot, 100 million degree C plasma in 2022. Its next-generation reactor, Demo 4, is currently under construction. Tokamak Energy has raised $336 million from investors to date.
Zap Energy
Zap Energy uses an electric current to zap the plasma, which then generates its own magnetic field, compressing the plasma and inducing fusion. The company, based in Everett, Washington, has so far raised $327 million from investors.
Type One Energy
Type One Energy, a stellarator startup, plans to build a fusion reactor capable of generating 350 megawatts of electricity by the mid-2030s. The company has raised $269 million to date.
Proxima Fusion
Proxima Fusion is a startup focused on developing stellarators, which have shown promise in scientific experiments. The company has raised over €185 million in funding.
Kyoto Fusioneering
Kyoto Fusioneering is betting on the success of fusion power and is developing components for future power plants. The company has raised $191 million in funding from investors.
Marvel Fusion
Marvel Fusion is developing a method to achieve fusion using powerful lasers and silicon nanostructures. The Munich-based startup has raised $162 million in funding to date.
First Light Fusion
First Light Fusion uses an approach called inertial confinement to achieve fusion. The UK-based company has raised $108 million to date.
Xcimer
Xcimer is working on developing a 10-megajoule laser system, five times more powerful than the setup used by the National Ignition Facility. The Colorado-based startup has raised $100 million in funding since its founding in 2022.
This list of fusion startups reflects the tremendous potential and progress seen in the fusion power industry. While commercial fusion power is still a future prospect, the rapid advancements in this field have brought us closer than ever to harnessing the power of the sun here on Earth. Source
