Fusion startups: a look at companies that have raised over $100 million
Fusion energy has attracted significant investment, with several startups raising hundreds of millions of dollars. This article covers ten companies that have secured over $100 million, including Commonwealth Fusion Systems, Helion, and TAE Technologies.
Fusion power, long a punchline, has become more tangible thanks to advances in computer chips, AI, and high-temperature superconducting magnets. In late 2022, a U.S. Department of Energy lab achieved a controlled fusion reaction that produced more energy than the lasers input (scientific breakeven), proving the science works, though commercial breakeven remains distant.
Commonwealth Fusion Systems (CFS) has raised about a third of all private fusion capital. Its latest round in August 2026 added $863 million, bringing total funding to nearly $3 billion. CFS is building the Sparc reactor in Massachusetts, expected to be operational in late 2026 or early 2027, followed by the commercial Arc plant in Virginia, with Google buying half its output.
TAE Technologies, founded in 1998, uses a field-reversed configuration. In December 2025, it announced a merger with Trump Media & Technology Group, valuing the combined company at $6 billion. Before the merger, TAE had raised $1.79 billion.
Helion has the most aggressive timeline, planning to produce electricity by 2028 for Microsoft. It uses a field-reversed configuration that harvests electricity directly from magnetic coils. Helion raised $465 million in a Series G, totaling $1.5 billion.
Pacific Fusion raised over $1 billion in a Series A, using inertial confinement with coordinated electromagnetic pulses. Funding comes in tranches tied to milestones. The company is led by Eric Lander, former head of the Human Genome Project.
Shine Technologies takes a cautious approach, first selling neutron testing and medical isotopes, and developing radioactive waste recycling. It has raised $1 billion total.
General Fusion (Canada) uses magnetized target fusion. It faced cash issues in spring 2025, laid off 25% of staff, but later raised $22 million and $51.1 million in SAFE notes. Total funding: $612 million. In January 2026, it announced plans to go public via a SPAC merger.
Inertia Enterprises, founded by NIF chief scientist Annie Kircher, raised $450 million in a Series A in February 2026. It aims to commercialize NIF's laser inertial confinement technology.
Focused Energy (Germany) also builds on NIF technology, targeting mass production of fuel targets. It raised $240 million in a Series A in June 2026, with total private funding of $400 million plus $200 million in grants.
Tokamak Energy (UK) uses a spherical tokamak with superconducting magnets. Its ST40 prototype reached 100 million degrees Celsius in 2022. Total funding: $336 million. It will supply magnets for the UK's STEP fusion program.
Zap Energy uses an electric current to confine plasma, avoiding magnets and lasers. Its total funding exceeds $100 million.
