Every fusion startup that has raised over $100M

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Every fusion startup that has raised over $100M

Tim De Chant

6:15 AM PDT · August 15, 2026

Over the last several years, fusion power has gone from the butt of jokes — always a decade away! — to an increasingly tangible and tantalizing technology that has drawn investors off the sidelines.

The technology may be challenging to master and expensive to build today, but fusion promises to harness the nuclear reaction that powers the sun to generate nearly limitless energy here on Earth. If startups are able to complete commercially viable fusion power plants, then they have the potential to upend trillion-dollar markets.

The bullish wave buoying the fusion industry has been driven by three advances : more powerful computer chips, more sophisticated AI, and powerful high-temperature superconducting magnets. Together, they have helped deliver more sophisticated reactor designs, better simulations, and more complex control schemes.

It doesn’t hurt that, at the end of 2022, a U.S. Department of Energy lab announced that it had produced a controlled fusion reaction that produced more power than the lasers had imparted to the fuel pellet. The experiment had crossed what’s known as scientific breakeven, and while it’s still a long ways from commercial breakeven, where the reaction produces more than the entire facility consumes, it was a long-awaited step that proved the underlying science was sound.

Founders have built on that momentum in recent years, pushing the private fusion industry forward at a rapid pace. Below is a list of startups that have raised over $100 million in committed capital from private investors, according to data provided to TechCrunch by FusionX .

Commonwealth Fusion Systems (CFS) has raised about a third of all private capital invested in fusion companies to date. Its latest round, which closed in July, added $1 billion to its coffers, bringing its total raised to $3.94 billion, according to FusionX.

CFS’s catapulted into the lead in 2021 with a $1.8 billion Series B. Since then, the startup has been hard at work in Massachusetts building Sparc, its first-of-a-kind power plant intended to produce power at what it calls “commercially relevant” levels. The company says Sparc should reach scientific breakeven — also known as Q > 1 — sometime in 2027.

Sparc’s reactor is a tokamak design, which resembles a doughnut. The D-shaped cross section is wound with high-temperature superconducting tape , which, when energized, generates a powerful magnetic field that will contain and compress the superheated plasma. Heat generated from the reaction is converted to steam to power a turbine. CFS designed its magnets in collaboration with MIT, where co-founder and CEO Bob Mumgaard worked as a researcher on fusion reactor designs and high-temperature superconductors.

The Massachusetts-based CFS expects to have Sparc operational in late 2026 or early 2027. Later this decade, the company says it will begin construction on Arc, its commercial power plant that will produce 400 megawatts of electricity. The facility will be built near Richmond, Virginia , and Google has agreed to buy half its output .

CFS is backed by a long list of investors, including Breakthrough Energy Ventures, The Engine, Bill Gates, and others.

Of all fusion startups, Helion has the most aggressive timeline. The company plans to produce electricity from its reactor in 2028. Its first customer? Microsoft.

Helion, based in Everett, Washington, uses a type of reactor called a field-reversed configuration, where magnets surround a reaction chamber that looks like an hourglass with a bulge at the point where the two sides come together. At each end of the hourglass, the reactor spins the plasma into doughnut shapes that are shot toward each other at more than 1 million mph. When they collide in the middle, additional magnets help induce fusion. When fusion occurs, it boosts the plasma’s own magnetic field, which induces an electrical current inside the reactor’s magnetic coils. That electricity is then harvested directly from the machine.

The company most recently raised $465 million in June in a Series G that valued the company at $15.5 billion. Its previous round, announced in January 2025, totaled $425 million . Altogether, Helion has raised $3.2 billion in committed capital, according to FusionX. Investors include Sam Altman, SoftBank Vision Fund 2, Reid Hoffman, KKR, BlackRock, Peter Thiel’s Mithril Capital Management, and Capricorn Investment Group.

Founded in 1998, TAE Technologies (formerly known as Tri Alpha Energy) was spun out of the University of California, Irvine by Norman Rostoker. It uses a field-reversed configuration, but with a twist: 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. That improves the stability of the plasma, allowing more time for fusion to occur and for more heat to be extracted to spin a turbine.

In December 2025, TAE announced that it would merge with President Donald Trump’s social media company, Trump Media & Technology Group. The all-stock transaction would value the combined company at $6 billion. TAE would receive $200 million plus another $100 million upon filing paperwork with the Securities and Exchange Commission. When the deal was announced, the companies said the combined entity would be led by two co-CEOs, TAE CEO Michl Binderbauer and Trump Media’s CEO, which is currently Kevin McGurn, who is serving in an interim capacity.

The fusion startup had previously raised $150 million in June 2025 from existing investors, including Google, Chevron, and New Enterprise. Prior to the merger announcement, TAE had raised a total of $1.65 billion, according to FusionX.

Pacific Fusion burst out of the gate with a Series A that topped $1 billion, the startup has told TechCrunch. That’s a whopping sum even among well-funded fusion startups. The company will use inertial confinement to achieve fusion, but instead of lasers compressing the fuel, it will use coordinated electromagnetic pulses . The trick is in the timing : All 156 impedance-matched Marx generators need to produce 2 terawatts for 100 nanoseconds, and those pulses need to simultaneously converge on the target.

The company is led by CEO Eric Lander, the scientist who led the Human Genome Project, and chief scientist Will Regan. Pacific Fusion’s funding might be massive, but the startup hasn’t gotten it all at once. Rather, its investors will pay out in tranches when the company achieves specified milestones, an approach that’s common in biotech.

Most investors have favored large startups that are pursuing tokamak designs or some flavor of inertial confinement. But stellarators have shown great promise in scientific experiments, including the Wendelstein 7-X reactor in Germany.

Proxima Fusion is making the most of its proximity to the successful experiment, raising more than $682.9 million across rounds, according to FusionX. The most recent round, which was announced in July, valued the company at $2.7 billion. Investors include Google, RWE, Balderton Capital, Cherry Ventures, East X Ventures, and XTX Ventures.

Stellarators are similar to tokamaks in that they confine plasma in a ring-like shape using powerful magnets. But they do it with a twist — literally. Rather than force plasma into a human-designed ring, stellarators twist and bulge to accommodate the plasma’s quirks. The result should be a plasma that remains stable for longer, increasing the chances of fusion reactions.

Proxima is planning to complete Alpha, it’s net-energy demonstrator, in the early 2030s, and Stellaris, it’s commercial power plant, later that decade.

Shine Technologies is taking a cautious — and possibly pragmatic — approach to generating fusion power. Selling electrons from a fusion power plant is years off, so instead, it’s starting by selling neutron testing and medical isotopes. More recently, it has been developing a way to recycle radioactive waste. Shine hasn’t picked an approach for a future fusion reactor, instead saying that it’s developing necessary skills for when that time comes.

The company has raised a total of $1 billion, according to PitchBook. Investors include Energy Ventures Group, Koch Disruptive Technologies, Nucleation Capital, and the Wisconsin Alumni Research Foundation. The company most recently raised a $240 million round in February led by NantWorks with participation from investors including Deerfield Management, Fidelity Management & Research Company, Oaktree Capital Management, Pelican Energy Partners, and the Sumitomo Corporation of Americas.

Only one fusion experiment, the National Ignition Facility (NIF), has surpassed scientific breakeven, and the chief scientist of that endeavor, Annie Kritcher, is part of Inertia Enterprises ‘ founding team. She’s joined by Mike Dunne, a Stanford professor, and Jeff Lawson, who co-founded Twilio and currently owns The Onion. In April, the startup signed three agreements to commercialize the technology developed at the NIF.

Inertia plans to use lasers to bombard fusion fuel pellets, an inertial confinement design that echoes the one Kritcher successfully used at the NIF. Inertia Enterprises emerged from stealth in February with $450 million in Series A funding in a round led by Bessemer Venture Partners with participation from GV, Modern Capital, Threshold Ventures, and others.

Now in its third decade, General Fusion has raised over $442 million, according to FuionX data. The Richmond, British Columbia-based company was founded in 2002 by physicist Michel Laberge, who wanted to prove a different approach to fusion known as magnetized target fusion (MTF). Investors include Jeff Bezos, Temasek, BDC Capital, and Chrysalix Venture Capital.

In a General Fusion’s reactor, a liquid metal wall surrounds a chamber in which plasma is injected. Pistons surrounding the wall push it inward, compressing the plasma inside and sparking a fusion reaction. The resulting neutrons heat the liquid metal, which can be circulated through a heat exchanger to generate steam to spin a turbine.

General Fusion hit a rough patch in spring 2025. The company ran short of cash as it was building LM26, its latest device that it hoped would hit breakeven in 2026. Just days after hitting a key milestone, it laid off 25% of its staff . CEO Greg Twinney penned an open letter pleading for funding from investors.

In August 2025, they delivered somewhat, injecting $22 million in a pay-to-play round that one investor called “the least amount of capital possible” to keep General Fusion afloat. Then in November, securities filings in Canada revealed that the company had raised $51.1 million in SAFE notes from nearly 70 investors, the Globe and Mail reported .

In January, General Fusion said it would go public via a reverse merger with a special purpose acquisition company. The company listed on the Nasdaq on July 13, 2026, and the transaction net the company $127 million, per FusionX.

Zap Energy isn’t using high-temperature superconducting magnets or super-powerful lasers to keep its plasma confined. Rather, it zaps the plasma (get it?) with an electric current, which then generates its own magnetic field. The magnetic field compresses the plasma to about 1 millimeter, at which point ignition occurs. The neutrons released by the fusion reaction bombard a liquid metal blanket that surrounds the reactor, heating it up. The liquid metal is then cycled through a heat exchanger, where it produces steam to drive a turbine.

The startup announced a partial pivot in April, saying it will pursue nuclear fission in addition to fusion , while also exploring a hybrid power plant that would blend both nuclear fusion and fission. It also hired a new CEO, Zabrina Johal, who has expertise in the fission industry. Zap claims the move will help it bring in revenue earlier than fusion alone.

The Everett, Washington-based company has raised $325 million, according to FusionX. Backers include Bill Gates’ Breakthrough Energy Ventures, DCVC, Lowercarbon, Energy Impact Partners, Chevron Technology Ventures, and Bill Gates as an angel.

Tokamak Energy takes the usual tokamak design — the doughnut shape — and squishes it, reducing its aspect ratio to the point where the outer bounds start resembling a sphere. Like many other tokamak-based startups, the company uses high-temperature superconducting magnets (the rare earth barium copper oxide, or REBCO, variety). Since its design is more compact than a traditional tokamak, it requires less in the way of magnets, which should reduce costs.

The Oxfordshire, U.K.-based startup’s ST40 prototype, which looks like a large, steampunk Fabergé egg, generated an ultra-hot, 100-million degree Celsius plasma in 2022. Its next generation, Demo 4, is currently under construction and is intended to test the company’s magnets in “fusion power plant-relevant scenarios.” Tokamak Energy raised $125 million in November 2024 to continue its reactor design and expand its magnet business. In April, the startup said it would be supplying magnets for the U.K.’s STEP Fusion program, a government program that is working toward a spherical tokamak-based power plant.

In total, the company has raised $284 million according to FusionX. Its investors include Future Planet Capital, In-Q-Tel, Midven, and Capri-Sun founder Hans-Peter Wild, according to PitchBook.

Germany-based Focused Energy is another fusion startup that traces its lineage to the National Ignition Facility (NIF). In addition to using laser pulses to compress a fuel target, the company has hired Debbie Callahan as its chief strategy officer. Callahan helped design the fuel target at NIF. Her job at Focused Energy will be to figure out how to turn the NIF’s painstakingly crafted fuel target into something that can be mass manufactured at a rate of nearly 1 million per day.