Every fusion startup that has raised over $100M

In recent years, fusion power has transformed from a mere fantasy to a plausible energy solution, captivating investors and scientists alike. This revolutionary technology aims to replicate the sun's nuclear reactions, offering the potential for nearly limitless energy on Earth. While the hurdles for commercial viability remain significant, the enthusiasm surrounding fusion has been amplified by advancements in computer technology, artificial intelligence, and high-temperature superconducting magnets. These innovations are paving the way for more refined reactor designs, enhanced simulations, and sophisticated control mechanisms. A landmark moment occurred at the end of 2022 when a U.S. Department of Energy lab achieved a controlled fusion reaction that generated more energy than the lasers used to initiate it. This breakthrough, which demonstrated scientific breakeven, has sparked renewed momentum in the fusion sector, encouraging startups to accelerate their efforts. Commonwealth Fusion Systems (CFS) has emerged as a frontrunner, capturing approximately one-third of private investments in the fusion market. The company recently secured $863 million in funding, bringing its total to nearly $3 billion. CFS is actively constructing Sparc, an innovative power plant designed to operate at commercially viable levels. This tokamak-style reactor, developed in collaboration with MIT, will utilize high-temperature superconducting technology to contain superheated plasma, producing energy through steam generation. TAE Technologies, another significant player founded in 1998, employs a unique field-reversed configuration approach. Recently, it raised $150 million from notable investors, including Google and Chevron, totaling $1.79 billion in funding. TAE's methodology enhances plasma stability, allowing for prolonged fusion reactions and maximizing energy extraction. Helion, based in Everett, Washington, has set an ambitious target to produce electricity by 2028, with Microsoft as its first customer. Utilizing a field-reversed configuration reactor, Helion's design involves spinning plasma at high speeds to achieve fusion, generating electricity directly from the process. The company recently raised $425 million, bringing its total funding to $1.03 billion. Pacific Fusion, led by former Human Genome Project director Eric Lander, kicked off with a staggering $900 million Series A. The startup seeks to achieve fusion through inertial confinement using synchronized electromagnetic pulses, a challenging but potentially groundbreaking approach. In contrast, Shine Technologies is taking a more conservative route. Focusing initially on neutron testing and medical isotopes, the company is laying the groundwork for future fusion power generation while developing waste recycling solutions. Shine has accumulated $778 million in funding to date. General Fusion, founded in 2002 by physicist Michel Laberge, employs a magnetized target fusion method and has raised $462 million. The company faced challenges in 2025 but secured additional funding to continue its operations. Tokamak Energy, a British startup, is also making strides with its compact tokamak design. It recently raised $125 million to further its reactor development and magnet business, while Zap Energy is exploring a novel plasma confinement method using electric currents, amassing $327 million in investments. Proxima Fusion and Marvel Fusion are also making headlines, with Proxima securing €130 million and Marvel focusing on laser-driven inertial confinement. Meanwhile, the startup First Light has pivoted to supply technology for fusion ventures after shifting away from direct fusion pursuits. As fusion technology continues to evolve, these startups are at the forefront of a potential energy revolution, attracting significant investment and interest in their quest for a clean, sustainable power source.