Fusion energy is finally moving from science fiction to serious science — and investors are taking notice.
What once felt like a far-off dream is now backed by billions in funding. With recent breakthroughs in AI, advanced computing, and magnet technology, startups around the world are racing to build the first commercially viable fusion power plants.
Fusion promises a massive leap forward in clean energy. If successful, it could change how the world is powered — with nearly limitless energy and zero emissions.
Here’s a closer look at the top private fusion startups that have raised over $100 million.
Commonwealth Fusion Systems – $2 Billion Raised
Based in Massachusetts, Commonwealth Fusion Systems (CFS) is one of the biggest players in the fusion space. It’s building a reactor called SPARC, which uses strong magnetic fields to contain and control superheated plasma.
Their follow-up project, ARC, is designed to generate real electricity and could go live in the early 2030s. CFS is backed by major names like Bill Gates, MIT, and Breakthrough Energy Ventures.
TAE Technologies – $1.79 Billion Raised
Founded in 1998 and based in California, TAE Technologies uses a unique plasma control method to keep fusion reactions stable. Instead of traditional magnets, it relies on particle beams to keep the plasma spinning and heated.
Investors include Google, Chevron, and New Enterprise Associates.
Helion – $1.03 Billion Raised
Helion, based in Everett, Washington, says it will produce electricity from fusion by 2028. That would make it the first in the world to do so.
Their reactor collides two fast-moving plasma streams in a way that generates both fusion and electricity — skipping the need for a traditional turbine. Microsoft is already signed on as a customer.
Pacific Fusion – $900 Million Raised
Pacific Fusion is working on a new version of inertial confinement, where fusion is triggered by coordinated electromagnetic pulses. The company plans to generate an intense burst of energy lasting just nanoseconds — but powerful enough to start a fusion reaction.
Funding is being released in stages, based on performance milestones.
Shine Technologies – $778 Million Raised
Shine Technologies is taking a more cautious approach. It’s not trying to jump directly into power production. Instead, it’s selling neutron testing services and medical isotopes — profitable side businesses that build technical experience.
The company is also exploring nuclear waste recycling as part of its long-term fusion plan.
General Fusion – $440 Million Raised
Based in Canada, General Fusion uses a method called magnetized target fusion. In its reactor, plasma is surrounded by a swirling wall of liquid metal. Pistons compress the metal inward, triggering fusion.
After facing some financial challenges in 2025, the company cut staff but is still pushing forward with its LM26 reactor.
Tokamak Energy – $336 Million Raised
This U.K.-based company is redesigning the traditional tokamak reactor to be smaller and more affordable. Its compact shape requires fewer magnets and could reduce construction costs.
The company is now working on its next prototype, Demo 4, which will test its reactor in real-world conditions.
Zap Energy – $327 Million Raised
Also based in Everett, Washington, Zap Energy is working without magnets or lasers. Instead, it uses an electric current to compress plasma and trigger fusion.
This simple design could lower costs and make reactors easier to build.
Proxima Fusion – €185 Million Raised
Proxima Fusion, based in Germany, is using a different reactor design called a stellarator. It twists and curves to naturally control plasma behavior.
Though complex to build, stellarators offer excellent stability and could support longer-lasting fusion reactions.
Marvel Fusion – $161 Million Raised
Marvel Fusion, from Munich, uses powerful lasers aimed at silicon targets to trigger fusion. It’s building a demonstration facility in the U.S., expected to open by 2027.
The company is leaning on existing semiconductor technology to scale its manufacturing faster.
First Light – $140 Million Raised
First Light, based in the U.K., has recently shifted focus. While it once worked on building fusion reactors, it now supplies parts and technology to other startups in the space.
This pivot allows the company to stay involved without building reactors of its own.
Xcimer – $109 Million Raised
Xcimer is based in Colorado and focused on high-powered laser fusion. It’s working on a laser system that’s five times more powerful than the one used in the U.S. government’s 2022 fusion breakthrough.
Their approach involves molten salt walls to absorb heat and protect reactor components.
Key Takeaways
- Fusion energy is attracting major funding — billions have already been raised by private startups.
- Companies are using a variety of approaches: magnetic confinement, electric currents, lasers, and plasma collisions.
- The goal is to reach commercial breakeven — producing more power than the system uses.
- The timeline for fusion power is narrowing. Some companies are targeting 2028 or early 2030s for deployment.
- Investors include tech leaders like Bill Gates, Microsoft, and Jeff Bezos.
Final Thoughts
Fusion energy is no longer just a far-off dream. With new technology, growing private investment, and a clear sense of urgency around clean energy, the field is moving fast.
Each startup has its own path — but they all share a common goal: to power the world with clean, endless energy.