Once the butt of jokes, fusion power has become a tangible technology attracting billions in investment. Three advances have driven this wave: more powerful computer chips, sophisticated artificial intelligence, and high-temperature superconducting magnets. In 2022, a U.S. Department of Energy lab achieved scientific breakeven, proving the underlying physics. Now, several startups are racing to commercial fusion.
Commonwealth Fusion Systems (CFS) has raised about one-third of all private fusion capital, totaling nearly $3 billion. Its Sparc reactor, a tokamak in Massachusetts, uses high-temperature superconducting tape. CFS expects Sparc operational in late 2026 or early 2027, followed by the commercial Arc plant in Virginia, with Google committed to buying half its output. Investors include Breakthrough Energy Ventures and Bill Gates.
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TAE Technologies, founded in 1998, employs a field-reversed configuration with particle beams to stabilize plasma. In December 2025, it announced a merger with Trump Media & Technology Group valued at $6 billion. TAE had raised $1.79 billion from investors like Google, Chevron, and New Enterprise.
Helion has the most aggressive timeline, aiming to produce electricity by 2028 for Microsoft. Its reactor uses a field-reversed configuration, colliding plasma at over 1 million mph and harvesting electricity directly. Helion has raised $1.5 billion, backed by Sam Altman, SoftBank, and Reid Hoffman.
Pacific Fusion secured a $1 billion Series A using inertial confinement with 156 electromagnetic pulse generators. Led by genomic pioneer Eric Lander, the startup receives funding in tranches based on milestones.
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Shine Technologies takes a pragmatic approach, selling neutron testing and medical isotopes while developing skills for future fusion. It has raised $1 billion, with recent rounds from NantWorks and others.
General Fusion has raised over $600 million. Its reactor compresses a liquid metal wall with pistons to ignite fusion. It hit a rough patch in 2025 but continues development. Learn more about fusion power on Wikipedia.
AI plays a key role in plasma control, a topic covered in our EU AI Act pillar guide.
Source: https://techcrunch.com/2026/06/19/every-fusion-startup-that-has-raised-over-100m
