Every fusion startup that has raised over $100M - Insurance Dimes

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Jul 9, 2026

Data, Energy

Every fusion startup that has raised over $100M

Private fusion companies have raised more than 9.7 billion dollars since 2021, a stunning bet on a technology that’s been "twenty years away" for seventy years. Here’s who’s raised what, what they’ve actually built, and the deadlines worth putting on your calendar.

$0Private fusion funding before 2015. The field was government only.

$5B+Raised in 2021 to 2022, after the HTS magnet breakthrough

$9.7B+Raised since 2023. Zero net electricity delivered so far.

That jump from zero to billions happened in less than a decade. The company-by-company breakdown below shows where the money went, and how each one’s claims stack up against what it’s actually built.

This is an interactive visualization. Tap or click on each company to reveal further information.

Every fusion startup that has raised over $100M

1▸Commonwealth Fusion Systems$3.0B

Tokamak with high-temperature superconducting magnets, developed with MIT.

Building its Sparc reactor in Massachusetts, targeting operation in late 2026 or early 2027. Its planned commercial plant, Arc, would be built near Richmond, Virginia, with Google already agreeing to buy half its output.

2▸TAE Technologies$1.79B

Field-reversed configuration, stabilized with particle beams.

In December 2025, TAE announced it would merge with Trump Media & Technology Group in an all-stock deal valuing the combined company at $6B, with TAE’s CEO becoming co-CEO of the merged entity.

3▸Helion Energy$1.5B

Field-reversed configuration that harvests electricity directly, no turbine.

The most aggressive timeline in the industry: Helion says it will deliver electricity to its first customer, Microsoft, by 2028. Backers include Sam Altman, SoftBank, BlackRock, and Peter Thiel.

4▸Shine Technologies$1.0B

Hasn’t picked a reactor design yet — building revenue first.

Rather than chase net electricity right away, Shine earns money today from neutron testing, medical isotopes, and recycling radioactive waste while it develops fusion capability.

5▸Pacific Fusion$1.0B+

Inertial confinement using electromagnetic pulses instead of lasers.

Its Series A alone topped $1 billion. Funds pay out in milestone-based tranches, an approach more common in biotech than energy. Led by former Human Genome Project chief Eric Lander.

6▸General Fusion$612M

Liquid metal walls, mechanically compressed by pistons.

Ran short of cash in 2025 and cut 25% of staff, then patched things together with smaller emergency rounds. It’s now planning to go public via a reverse merger with a SPAC.

7▸Inertia Enterprises$450M

Laser-driven inertial confinement, built on National Ignition Facility work.

Founded by the former chief scientist of the only fusion experiment ever to beat scientific breakeven. Emerged from stealth with a $450M Series A led by Bessemer Venture Partners.

8▸Focused Energy$400M

Laser fusion, focused on mass-manufacturing the fuel target.

Plans to mass-produce fuel targets at nearly a million per day. Also received $200M in grants and gained access to a decommissioned nuclear plant through utility partner RWE.

9▸Tokamak Energy$336M

Compact spherical tokamak, needs fewer magnets than a traditional design.

Now supplying magnets for the UK government’s STEP Fusion program, in addition to developing its own reactor.

10▸Zap Energy$327M

Uses an electric current to compress plasma, no big magnets or lasers.

Recently pivoted to pursue nuclear fission alongside fusion, and even a hybrid fission-fusion plant, aiming to bring in revenue sooner.

11▸Type One Energy$269M

Stellarator, planned for a retired coal plant site.

Plans to sell its technology to utilities like the Tennessee Valley Authority rather than build and operate plants itself, closer to how fossil fuel plants get built today.

12▸Proxima Fusion$200M

Stellarator built on Germany’s record-setting Wendelstein 7-X design.

One of the few well-funded startups betting on stellarators rather than tokamaks, arguing the twisted magnetic shape gives more stable, longer-lasting plasma.

13▸Kyoto Fusioneering$191M

Doesn’t build reactors — builds the equipment around them.

Betting that whichever reactor design eventually wins, the industry will still need suppliers for the "balance of plant": heating systems, heat extraction, and grid integration.

14▸Marvel Fusion$162M

Laser fusion using silicon nanostructure targets.

Its silicon-based fuel target is designed to lean on decades of semiconductor manufacturing know-how. Building a demo facility with Colorado State University, targeting 2027.

15▸Thea Energy$130M

Stellarator built from many small "pixel" magnets, not one complex shape.

Uses control software to make dozens of simple magnets act like the twisted magnetic field a traditional stellarator needs, aiming to cut manufacturing cost and...