If anyone pulls it off, it's clean energy that almost never runs out, feeding electricity around the clock with zero carbon. That's why more than 50 companies have poured in nearly $10 billion combined, racing to build a fusion reactor. But here's the honest truth up front — to this day, not a single plant is putting electricity onto the grid, and almost all the real players are private companies whose shares you can't buy.
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Theme index· base 100 · USD total return
Why is Fusion Pure-plays (Developers) moving?
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Fusion funding and supply deals broaden as developers scale up
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Record private capital floods into fusion developers Private fusion investment hit a record $4.48 billion in 2025, up 69%, with Big Oil names like Eni, Chevron, Shell and Equinor backing developers. Commonwealth Fusion raised another $1 billion, and General Fusion moves toward a Nasdaq listing. More money means developers can build and hire faster.
Shows the core funding force lifting the whole developer theme.
Utilities and industry sign on as partners and customers Realta Fusion partnered with Wisconsin utility MGE, which took an equity stake and will help with siting, permits and financing for a 200-MW plant. Eni agreed to buy $1 billion of power from Commonwealth's first US plant. Utilities committing money and contracts is real commercial validation.
Demonstrates first real customer and utility demand for fusion power.
Supply chain scales with largest-ever superconducting tape order Commonwealth Fusion placed the biggest single order for high-temperature superconducting tape with Fujikura — over 10,000 km — and Fujikura is expanding capacity to fill it. This shows developers are ordering real hardware for planned ARC plants, not just raising money.
Signals developers are moving from fundraising to actual equipment procurement.
AI tools sharpen fusion plasma control and research UBS flagged AI-for-science as an investment theme, noting reinforcement-learning systems can predict plasma disruptions about 200 milliseconds ahead and adjust magnetic coils in real time. Better plasma control directly helps developers run machines longer and closer to net energy gain.
Shows a technology force that lowers a key technical barrier for developers.
News & notes movingFusion Pure-plays (Developers)
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Fusion Pure-plays (Developers)▲
General Fusion Jumps 13% on World-First Plasma Heating Result
General Fusion surged 13% in Thursday's trading after announcing a world-first result on its path to commercial fusion power. The company said its large-scale demonstration machine heated plasma to more than 12M degrees Celsius, or more than one kiloelectron unit, using its Magnetized Target Fusion low-speed compression approach. General Fusion said the result is the first of three milestones on its path to commercialization, with the next two hurdles consisting of heating electrons to 10 kiloelectron volts, followed by reaching net fusion energy within the superheated plasma. The company said the result marks a major step forward on its plan to deliver reliable baseload, economical clean power from fusion energy, and it is targeting the start of operations at a commercial fusion plant by around 2035.
Fusion Energy › Fusion Pure-plays (Developers) ▲Technology
GFUZ · Technology · Positive General Fusion announced a world-first plasma heating result (12M°C) on its Magnetized Target Fusion path, a major R&D milestone toward commercial fusion.
General Fusion's LM26 Reaches World-First 1 keV Plasma Temperature
General Fusion Group Ltd. said its Lawson Machine 26 demonstration machine has become the first fusion machine in the world to heat plasma to more than 12 million degrees Celsius, or more than 1 keV, using practical low-speed compression. The company said only a few fusion companies have ever reached 1 keV, all using other approaches, and that its Magnetized Target Fusion technology squeezes plasma with a metal wall over milliseconds rather than with superconducting magnets or high-powered lasers. Thomson scattering measured with the UK Atomic Energy Authority recorded approximately 1.1 keV just prior to peak compression, while absolute extreme ultraviolet data recorded approximately 1.2 keV at peak compression, and ions heated up to twofold above starting ion temperature. The result achieves the first of three key technical milestones for LM26, with machine upgrades underway to reach the second target of 10 keV, roughly 100 million degrees Celsius, followed by the Lawson criterion targeted by the end of 2028 and a first-of-a-kind plant around 2035. Chief Executive Officer Greg Twinney said the team squeezed a plasma shaped like a cored apple and it stayed alive while being squeezed and heated to more than 12 million degrees.
Fusion Energy › Fusion Pure-plays (Developers) ▲Technology
GFUZ · Technology · Positive LM26 became the first fusion machine to heat plasma above 1 keV via low-speed compression, hitting its first technical milestone
Helical Fusion Raises JPY 3.23 Billion in Series B Second Close as Fuji Electric Joins as Investor and Partner
Helical Fusion Co., Ltd. has completed a JPY 3.23 billion Series B second close, roughly USD 20.6 million, with Fuji Electric Co., Ltd. joining as both an investor and an Official Partner of the company's Helix Program. Other new investors in the second close include HAZAMA ANDO CORPORATION, Fujikura Ltd., TOKYO GAS CO., LTD., KKT LLC, and URATA Co., Ltd., along with the individual-investor fund Ecrowd NEXT and multiple corporate and individual investors. Together with other funding, including the Gifu Prime Startup Support Subsidy administered by the Gifu Prefecture Industrial Economic Promotion Center, Helical Fusion's cumulative funding has reached approximately JPY 13.15 billion, or approximately USD 83.8 million, including grants and loans. The new capital will accelerate the Helix Program, the company's roadmap toward integrated demonstration with its Helix HARUKA device and subsequent net-electricity generation with Helix KANATA, its first fusion power plant, in the 2030s. Fuji Electric, founded in 1923, began working with Helical Fusion in 2025 under an agreement to supply power supply equipment for high-temperature superconducting magnet development, and its participation expands the industrial capabilities being brought into the Helix Program. Construction of Helix HARUKA is progressing at the National Institute for Fusion Science campus in Toki City, Gifu Prefecture, with more than 30 Japanese companies contributing to its development and manufacturing.
Commonwealth Fusion Systems Places Largest-Ever HTS Tape Order With Fujikura
Commonwealth Fusion Systems has signed a landmark long-term supply agreement with Fujikura Ltd. to purchase more than 10,000 km (3 GA-m) of high-temperature superconducting tape, the largest single order of its kind for HTS tape. The tape will be used in the development of CFS' ARC power plants, starting with the first grid-scale plant at the Fall Line Fusion Power Station in Chesterfield County, Virginia. As part of the agreement, Fujikura is investing in expanding its manufacturing capacity to deliver the tape at scale. CFS CEO and co-founder Bob Mumgaard said the partnership shows the company is actively placing orders and preparing to execute its ARC power plant once its SPARC fusion machine achieves Q>1. Fujikura President and CEO Naoki Okada said the deal strengthens Fujikura's position as a key HTS tape supplier for ARC power plants while building a long-term business platform for the 2030s and beyond.
Fusion Energy › Magnets & HTS Superconductors ▲Supply
Fusion Energy › Fusion Pure-plays (Developers) ▲Supply
5803.JP · Demand · Positive Fujikura signed a landmark long-term supply agreement to deliver over 10,000 km of HTS tape to CFS, the largest single order of its kind.
Commonwealth Fusion Systems · Supply · Positive CFS secured a large-scale HTS tape supply deal with Fujikura to build its ARC power plants, with Fujikura expanding capacity to deliver at scale.
Sidike plans 1.652 billion yuan investment in high-end BOPET base film expansion; Xingyun Technology subsidiary signs 872 million yuan intelligent computing lease contract
Sidike announced that it plans to have its wholly owned subsidiary Jiangsu Xingyuantai New Material Technology implement an expansion project with annual output of 103,000 tonnes of high-end functional BOPET base film, with total estimated investment of 1.652 billion yuan, funded by self-owned and self-raised capital, located in Sihong, Jiangsu, for large-scale production of MLCC release film base film, polarizer release and protective film base film, and other high-end functional BOPET substrate products. Xingyun Technology's wholly owned subsidiary Changsha Xiangshuyun Technology signed an intelligent computing resource leasing service contract with a VE customer for a service term of five years, with a tax-inclusive total amount of 872 million yuan; revenue will be recognised in stages, and delivery is expected to be completed before 30 September 2026. Hangyang Co plans to invest 50 million yuan in Shanghai Xinghuan Jueneng Technology, obtaining a 0.66% equity stake, thereby substantively participating in the controllable nuclear fusion field. Yibo Technology's wholly owned subsidiary Zhuhai Yibo Electronics plans to add investment in the second-phase PCB factory construction project, with total new investment not exceeding 800 million yuan, focusing on medium-to-large-volume production of mid-to-high-end PCB products. In addition, Jianghe Group's wholly owned subsidiary won the bid for a 318 million yuan high-end apartment curtain wall project, and Huanlejia preliminarily set the inquiry transfer price at 13.30 yuan per share.
Artificial Intelligence › AI Compute Cloud & Neoclouds ▲Demand
Fusion Energy › Fusion Pure-plays (Developers) Capital
300806.CS · Capital · Positive Sidike plans a 1.652 billion yuan expansion of high-end functional BOPET base film capacity via its subsidiary.
Changsha Xiangshuyun Technology Co., Ltd. · Demand · Positive Xingyun Technology's subsidiary signed an 872 million yuan five-year intelligent computing resource leasing contract with a VE customer.
Jiangsu Xingyuantai New Materials Technology Co., Ltd. · Capital · Positive Sidike's wholly owned subsidiary Jiangsu Xingyuantai New Material will implement a 1.652 billion yuan expansion of high-end BOPET base film capacity.
002430.CS · Capital · Positive Hangyang plans to invest 50 million yuan for a 0.66% stake in Shanghai Xinghuan Jueneng, entering the controllable nuclear fusion field.
301366.CS · Capital · Positive Yibo Technology's subsidiary plans up to 800 million yuan additional investment in its second-phase PCB factory.
300997.CS · Capital · Neutral Huanlejia preliminarily set its inquiry transfer price at 13.30 yuan per share, a valuation/share-transfer event.
UBS Flags AI Science Shift as Investment Theme After OpenAI Proof
UBS Wealth Management says artificial intelligence is moving beyond text generation into scientific research, opening investment opportunities across AI infrastructure, pharmaceuticals, nuclear fusion, industrial materials and utilities. The shift was highlighted by OpenAI's recent mathematical proof related to the Navier-Stokes equations, a centuries-old fluid dynamics problem and one of seven Millennium Prize Problems, which OpenAI tackled using 10,000 autonomous AI agents working in parallel for 88 hours before formalizing the proof with Lean, a system for machine-checked mathematical validation. In pharmaceuticals, multi-agent AI systems can simulate millions of protein variations in the cloud, and more than 170 AI-designed programs are already in development or clinical evaluation, including Phase III trials. In nuclear fusion, reinforcement-learning systems can predict plasma disruptions around 200 milliseconds before they occur and adjust magnetic coils thousands of times per second, while AI models in materials science can test millions of elemental combinations daily in search of properties for lighter, higher-density batteries, lower-heat computing hardware and potential room-temperature superconductors. The broader investment case centers on AI becoming a tool for automating scientific research rather than simply generating content, with companies exposed to AI infrastructure, pharmaceuticals, industrial materials and utilities positioned to benefit as these technologies move toward commercial applications.
Realta Fusion and MGE Partner to Explore 200-MWe Fusion Plant in Wisconsin
Realta Fusion, the world's leading magnetic mirror fusion energy company, announced a strategic partnership with Madison Gas and Electric (MGE) and its parent company, MGE Energy, Inc., to explore joint development of a 200-megawatt electric (MWe) fusion energy power plant in Wisconsin. MGE Energy has made a direct equity investment in Realta and will provide equipment, engineering, technical support, and assistance with siting, permitting, interconnection, and financing. Realta CEO Kieran Furlong called the agreement a clear signal that fusion's time is coming, while MGE Chairman, President, and CEO Jeff Keebler emphasized the utility's commitment to net-zero carbon electricity by 2050. The plant would be a first-of-its-kind investment in next-generation carbon-free energy technology, and the partnership builds on Realta's recent plans to lease about 250,000 square feet at OM Station, the former Oscar Mayer site in MGE's service territory.
Fusion Energy › Utility Off-takers & Grid Integration (Future) ▲Demand
Fusion Energy › Fusion Pure-plays (Developers) ▲Capital
MGEE · Capital · Positive MGE Energy made a direct equity investment in Realta and will provide equipment, engineering, and financing for a 200-MWe fusion plant.
Madison Gas and Electric · Demand · Positive Madison Gas and Electric partnered with Realta to explore a 200-MWe fusion plant and will provide siting, permitting, and interconnection support.
Realta Fusion · Demand · Positive Realta Fusion secured a strategic partnership with MGE to jointly develop a 200-MWe fusion power plant, plus an equity investment and support.
Zhefu Holding's first-half net profit rises 139.45%, will explore nuclear fusion equipment and other new areas
Zhefu Holding disclosed its 2026 half-year report on the evening of August 28. During the reporting period, it achieved operating revenue of 13.44 billion yuan, up 26.28% year on year; net profit attributable to the parent company was 1.356 billion yuan, up 139.45% year on year; and non-GAAP net profit was 1.252 billion yuan, up 194.89% year on year. The company's business is divided into two major segments: hazardous waste resource recovery and clean energy equipment. Revenue from hazardous waste disposal and resource-based products was 12.739 billion yuan, up 27.4% year on year, with gross margin rising to 15.59%; clean energy equipment revenue was 654 million yuan, up 6.32% year on year. The company said it will continue to anchor its clean energy plus environmental protection strategy and deeply explore new areas such as nuclear fusion equipment.
Global private investment in nuclear fusion hit a record $4.48 billion in 2025, up 69% from a year earlier, as major energy companies like Eni, Equinor, Chevron, Shell, and Cenovus ramp up their commitments. Eni plans to deploy a commercial fusion power plant in Europe by the early 2040s, building on its investment in Commonwealth Fusion Systems and a $1 billion agreement to buy electricity from the startup's first U.S. plant. Eni is also forming a joint venture with the UK Atomic Energy Authority to develop fuel systems for fusion reactors, targeting a large-scale tritium fuel-cycle facility by 2028. Commonwealth Fusion Systems raised another $1 billion in July, bringing its total funding to $4 billion, and its planned 400-MW ARC facility in Virginia is the first fusion project to apply for grid interconnection. Chevron has backed TAE Technologies and Zap Energy, while Shell invested in Zap's $130 million Series D round, and Cenovus's early bet on General Fusion is moving toward a Nasdaq listing.
Trump Media Stock Falls 18% After $238 Million Quarterly Loss
Shares of Trump Media & Technology fell 18.1% this week after the company reported a $238 million net loss for the second quarter. The loss was driven mainly by a decline in the value of cryptocurrency assets such as Bitcoin held on its balance sheet, while revenue totaled just $1.7 million, primarily from advertising on Truth Social. The company also announced plans to merge with nuclear fusion startup TAE Technologies later this year and is offering investment firms access to the Truth+ API for upwards of $100,000 a month. Despite the drop, the stock still has a market cap of $2.3 billion, and the article concludes investors should avoid buying the dip.
Trump Media Scraps $6.42 Billion Crypto.com Venture to Focus on Media and TAE Fusion Merger
Trump Media & Technology Group and Crypto.com have terminated their planned US$6.42 billion digital-asset treasury venture, citing ethics concerns and regulatory scrutiny around Donald Trump's crypto-related business interests. The cancellation shifts Trump Media's priorities back to its core media operations and a proposed merger with fusion-energy firm TAE. The retreat removes a speculative piece of the investment narrative and reduces regulatory noise, but fundamental issues around scale, profitability, and governance remain. Attention now turns to the upcoming Q2 2026 earnings update and progress on closing the TAE combination, with execution risk and cash burn still in focus.
DJT · Capital · Neutral Cancellation of Crypto.com venture removes speculative element but shifts focus to core media and TAE merger, with execution risk and cash burn remaining.
TAE Technologies · Capital · Positive Proposed merger with Trump Media remains a priority, potentially providing capital and attention to TAE's fusion energy business.
Crypto.com · Regulation · Negative Termination of the $6.42 billion venture with Trump Media due to ethics and regulatory scrutiny reflects negative regulatory environment for Crypto.com.
General Fusion to Ring Nasdaq Opening Bell as First Publicly Listed Fusion Energy Company
General Fusion will ring the Nasdaq Opening Bell on July 17, 2026, to celebrate the start of trading as the first publicly listed fusion energy company. The bell-ringing ceremony will be livestreamed on Nasdaq's official channels at 9:30 a.m. EDT. General Fusion's CEO Greg Twinney said the move to public markets puts the company in a strong position to bring its practical fusion technology to the world. The company's MTF approach aims to achieve fusion without superconducting magnets or high-powered lasers, and its LM26 demonstration machine, built in under two years, is the first MTF machine at commercially relevant scale, mechanically compressing plasma with a lithium liner at 50% commercial-scale diameter.
Global Private Nuclear Fusion Investments Surge 69% to Record $4.48 Billion in 2025
Global private investments in nuclear fusion hit a record $4.48 billion in 2025, a 69% surge driven by AI data center energy demands and rising energy security concerns. The Fusion Industry Association reports that about 71% of fusion companies now expect to deliver commercial power to the grid by the 2030s, with firms inking site selections and power purchase agreements with major tech companies. Helion Energy signed a binding power purchase agreement with Microsoft for at least 50 megawatts by 2028, backed by a $465 million Series G round that valued the company at $15.5 billion, and broke ground on its Orion facility in Washington. Commonwealth Fusion Systems raised $863 million in an oversubscribed Series B2 round, bringing its total funding to nearly $3 billion, to develop its SPARC demonstration device and design the ARC commercial plant in Virginia. Proxima Fusion raised €411 million, becoming Europe's best-funded fusion company at a €2.4 billion valuation, with Google and RWE each contributing €25 million to accelerate its stellarator-based Alpha demonstrator near Munich.
