September 1, 2025: Fusion power has moved from a punchline to a serious bet for investors. Faster chips, more capable AI, and high-temperature superconducting (HTS) magnets are enabling better reactor designs, richer simulations, and smarter control. Momentum also built after a late-2022 U.S. lab shot achieved scientific breakeven (net energy at the target), even if commercial breakeven remains ahead.
Below is a concise roundup of fusion startups that have raised $100 million or more, with their total capital, approach, and notable milestones.
At a glance — $100M+ fusion startups
| Startup | Total raised | Approach | Highlights / Milestones |
|---|---|---|---|
| Commonwealth Fusion Systems (CFS) | ~$3B (incl. $863M B2 in Aug ’25) | Tokamak with HTS (REBCO) magnets | Building Sparc (target late ’26/early ’27). Commercial plant Arc planned in Virginia (~400 MW); Google to off-take ~50% output. |
| TAE Technologies | $1.79B | Field-reversed configuration (FRC) + particle beams | Raised $150M in June ’25 from existing backers (Google, Chevron, NEA). Long-running private fusion pioneer. |
| Helion | $1.03B | FRC with direct electricity capture | $425M Jan ’25; Polaris prototype online. Targeting first power sales in 2028; PPA with Microsoft. |
| Pacific Fusion | $900M (Series A, milestone-based) | Inertial confinement via synchronized EM pulses | 156 Marx generators to deliver ~2 TW for 100 ns; led by Eric Lander (CEO) and Will Regan (President). |
| SHINE Technologies | $778M | Stepping-stone businesses (neutrons, isotopes, waste) | Building revenue from neutron testing/medical isotopes; reactor approach TBD for power. |
| General Fusion | $462.53M | Magnetized target fusion (liquid-metal, piston compression) | Working on device LM26; faced cash crunch in spring ’25, raised $22M in Aug to extend runway. |
| Tokamak Energy | $336M | Spherical tokamak + HTS (REBCO) magnets | ST40 hit 100M°C plasma (2022). Demo 4 under construction to test plant-relevant magnet scenarios. |
| Zap Energy | $327M | Sheared-flow Z-pinch (plasma self-magnetizes) | Everett, WA. Backed by BEV, DCVC, Lowercarbon, EIP, Chevron Tech Ventures, and Bill Gates (angel). |
| Proxima Fusion | €185M+ (incl. €130M Series A) | Stellarator | Leans on advances proven by W7-X; investors include Balderton and Cherry Ventures. |
| Marvel Fusion | $161M | Laser ICF (silicon nanostructured targets) | Demo facility with Colorado State University, aiming for operation in 2027. |
| First Light | $140M | Pivoted: now tech supplier (previously ICF) | Exited direct power-plant path in March ’25; focuses on supplying tech to fusion players. |
| Xcimer | $109M | Laser ICF (next-gen, 10 MJ laser goal) | Designing lasers ~5× NIF’s ignition shot energy; molten-salt-walled chamber for heat extraction/shielding. |
Why investors are leaning in
- Enabling tech tailwinds: HTS magnets (REBCO), AI-driven control, and high-performance compute.
- Proof points: Scientific breakeven in 2022 validated core physics; private prototypes are accelerating.
- Market upside: If commercial breakeven is achieved, fusion could disrupt trillion-dollar energy markets.
Notes: Capital totals, round timing, and select details reflect company disclosures and investor databases as reported in the source text. Timelines and milestones may change as programs evolve.
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