OUTLOOK | 26 August 2026
Whether the billions of dollars of investment will lead to an inexhaustible source of clean electrical power is not yet known.
By Neil Savage
Engineers assemble toroidal field magnets at Commonwealth Fusion Systems, a fusion-power company in Massachusetts. Credit: Cassandra Klos/Bloomberg via Getty
Engineers assemble toroidal field magnets at Commonwealth Fusion Systems, a fusion-power company in Massachusetts. Credit: Cassandra Klos/Bloomberg via Getty
After decades of slow progress in government and academic laboratories, nuclear fusion is riding a wave of strong commercial interest. According to the Fusion Industry Association, a non-profit organization in Washington DC, 46 companies around the world are hotly pursuing fusion for electricity generation. Other firms are working on fusion for more-specialized applications, such as making medical isotopes, performing materials research and creating propulsion systems for naval ships and spacecraft.
As of 1 August, the electricity generation companies have raised a combined US$14.6 billion to support their efforts to make fusion a commercially viable reality. Much of that funding comes from venture-capital firms, but private investors, utility companies, government grants and technology companies building power-hungry data centres are also backing the start-ups.
Many of the fusion companies have spun off from research institutions; many of those that haven’t license intellectual property from or collaborate with those institutions. Most of the companies hope to demonstrate fusion, or even put electricity into the grid, by the early to mid-2030s, although academic scientists describe those plans as overly optimistic.
OUTLOOK | 26 August 2026
The 46 companies scrambling to commercialize fusion for energy
Whether the billions of dollars of investment will lead to an inexhaustible source of clean electrical power is not yet known.
By Neil Savage
Engineers assemble toroidal field magnets at Commonwealth Fusion Systems, a fusion-power company in Massachusetts. Credit: Cassandra Klos/Bloomberg via Getty
Engineers assemble toroidal field magnets at Commonwealth Fusion Systems, a fusion-power company in Massachusetts. Credit: Cassandra Klos/Bloomberg via Getty
After decades of slow progress in government and academic laboratories, nuclear fusion is riding a wave of strong commercial interest. According to the Fusion Industry Association, a non-profit organization in Washington DC, 46 companies around the world are hotly pursuing fusion for electricity generation. Other firms are working on fusion for more-specialized applications, such as making medical isotopes, performing materials research and creating propulsion systems for naval ships and spacecraft.
As of 1 August, the electricity generation companies have raised a combined US$14.6 billion to support their efforts to make fusion a commercially viable reality. Much of that funding comes from venture-capital firms, but private investors, utility companies, government grants and technology companies building power-hungry data centres are also backing the start-ups.
Many of the fusion companies have spun off from research institutions; many of those that haven’t license intellectual property from or collaborate with those institutions. Most of the companies hope to demonstrate fusion, or even put electricity into the grid, by the early to mid-2030s, although academic scientists describe those plans as overly optimistic.
|
Company |
Location |
Founded |
Institute spun off from |
Technology |
Expected first energy production |
Total disclosed funding (US$) |
|---|---|---|---|---|---|---|
|
Commonwealth Fusion Systems |
Devens, Massachusetts |
2018 |
Massachusetts Institute of Technology in Cambridge |
Tokamak |
Early 2030s |
$4.0 billion |
|
Helion |
Everett, Washington |
2013 |
MSNW in Redmond, Washington |
Field-reversed configuration |
2028 |
$1.5 billion |
|
TAE Technologies |
Foothill Ranch, California |
1998 |
University of California, Irvine |
Field-reversed configuration |
2031 |
$1.5 billion |
|
Shine Technologies |
Janesville, Wisconsin |
2010 |
Not a spin-off |
Inertial electrostatic confinement |
Unknown |
$1.1 billion |
|
Pacific Fusion |
Fremont, California |
2023 |
Not a spin-off |
Pulser-driven inertial confinement |
Unknown |
$1 billion |
|
Proxima Fusion |
Munich, Germany |
2023 |
Max Planck Institute for Plasma Physics in Munich, Germany |
Stellarator |
2030s |
$740 million |
|
Beijing ENN Fusion Energy Science and Technology Development |
Langfang, China |
2025 |
Not a spin-off |
Proton–boron fusion using spherical torus devices |
2035 |
$590 million |
|
Focused Energy |
Darmstadt, Germany |
2021 |
Technical University Darmstadt, Germany |
Laser-driven inertial confinement |
2035 |
$500 million |
|
General Fusion |
Richmond, Canada |
2002 |
Not a spin-off |
Magnetized target fusion |
2035 |
$500 million |
|
Inertia |
Livermore, California |
2024 |
Not a spin-off |
Laser-driven indirect drive |
Mid-2030s |
$450 million |
|
Marvel Fusion |
Munich, Germany |
2019 |
Unknown |
Laser-driven inertial confinement |
Mid 2030s |
$440 million |
|
Zap Energy |
Everett, Washington |
2017 |
University of Washington, Seattle |
Sheared-flow-stabilized Z-pinch fusion |
Late 2030s |
$338 million |
|
YAN Fusion |
Shanghai, China |
2025 |
Not a spin-off |
Stellarator |
2030s |
$293 million |
|
Type One Energy |
Knoxville, Tennessee |
2019 |
University of Wisconsin–Madison |
Stellarator |
2034 |
$200 million |
|
Xcimer Energy |
Denver, Colorado |
2022 |
Not a spin-off |
Laser-driven inertial confinement |
2035 |
$165 million |
|
First Light Fusion |
Oxford, UK |
2011 |
University of Oxford, UK |
Hybrid fast ignition |
Late 2030s |
$156 million |
|
Kyoto Fusioneering |
Tokyo, Japan |
2019 |
Kyoto University, Japan |
Unknown |
Unknown |
$144 million |
|
Startorus Fusion |
Xi’an, China |
2021 |
Unknown |
Magnetic confinement |
2028 |
$139 million |
|
Thea Energy |
Kearny, New Jersey |
2022 |
Princeton University and the Princeton Plasma Physics Laboratory, New Jersey |
Stellarator |
2030s |
$130 million |
|
Energy Singularity |
Shanghai, China |
2021 |
Unknown |
Tokamak |
Unknown |
$112.5 million |
|
Avalanche Energy |
Seattle, Washington |
2018 |
Unknown |
Magnetic-electrostatic confinement |
2030 |
$104.2 million |
|
Fuse |
San Leandro, California |
2019 |
Not a spin-off |
Magnetized liner inertial fusion |
Unknown |
$65 million |
|
Helical Fusion |
Tokyo, Japan |
2021 |
National Institute for Fusion Science, Toki, Japan |
Stellarator |
Late 2030s |
$60 million |
|
Realta Fusion |
Madison, Wisconsin |
2022 |
University of Wisconsin–Madison |
Tandem magnetic mirror |
Early to mid-2030s |
$59 million |
|
Energy Matter Conversion |
San Diego, California |
1984 |
Not a spin-off |
Combined magnetic and inertial confinement |
2038 |
$40 million |
|
EX-Fusion |
Osaka, Japan |
2021 |
Osaka University, Japan |
Laser-driven inertial confinement (quantum enhanced) |
Unknown |
$38 million |
|
Blue Laser Fusion |
Goleta, California |
2022 |
Not a spin-off |
Laser-driven inertial confinement |
2035 |
$37.5 million |
|
nT-Tao |
Hod Hasharon, Israel |
2019 |
Not a spin-off |
Compact pulsed stellarator |
Early 2030s |
$34 million |
|
Gauss Fusion |
Garching, Germany |
2022 |
Unknown |
Stellarator |
2045 |
$31.5 million |
|
OpenStar Technologies |
Wellington, New Zealand |
2021 |
Not a spin-off |
Magnetic confinement |
2034 |
$29.4 million |
|
Novatron Fusion Group |
Stockholm, Sweden |
2019 |
Not a spin-off |
Open magnetic confinement |
2035 |
$28 million |
|
Acceleron Fusion |
Cambridge, Massachusetts |
2023 |
Unknown |
Muon-catalysed fusion |
Early 2030s |
$26.5 million |
|
MIFTI Fusion |
Tustin, California |
2009 |
Not a spin-off |
Z-pinch |
2035 |
$24 million |
|
GenF |
Elancourt, France |
2024 |
Multinational aerospace company Thales |
Laser-driven inertial confinement |
2040 |
$10.8 million |
|
Pranos Fusion |
Bengaluru, India |
2024 |
Institute for Plasma Research, Gandhinagar, India |
Tokamak |
Unknown |
$7.2 million |
|
Tibbar Plasma Technologies |
Los Alamos, New Mexico |
2015 |
Not a spin-off |
Magnetic-electrostatic confinement |
2040 |
$4.8 million |
|
Horne Technologies |
Longmont, Colorado |
2008 |
Not a spin-off |
Hybrid magnetic confinement |
Mid 2030s |
$4.8 million |
|
ASPL Fusion |
Gandhinagar, India |
2025 |
Not a spin-off |
Linear magnetic mirror |
2041 |
$2 million |
|
NearStar Fusion |
Chantilly, Virginia |
2021 |
HyperJet Fusion, Chantilly, Virginia |
Magnetized target impact fusion |
2034 |
$2 million |
|
Deutelio |
Grono, Switzerland |
2022 |
Unknown |
Poloidal magnetic confinement |
2034 |
$540,000 |
|
Anubal Fusion |
Hyderabad, India |
2024 |
Not a spin-off |
Laser-driven inertial confinement |
2030 |
$500,000 |
|
LaserFusionX |
Springfield, Virginia |
2022 |
US Naval Research Laboratory, Washington DC |
Laser-driven inertial confinement |
2041 |
$458,000 |
|
Liberty Fusion |
Santa Fe, New Mexico |
2025 |
Los Alamos National Laboratory, New Mexico |
Plasma jet driven magneto-inertial fusion |
2038 |
$0 |
|
Longview Fusion Energy Systems |
Livermore, California |
2021 |
Not a spin-off |
Laser-driven inertial confinement |
2033 |
$0 |
|
Infroton Fusion |
Darien, Connecticut |
2024 |
Not a spin-off |
Magneto-inertial fusion |
December 2028 |
$0 |
|
Stellarex Energy |
Toronto, Canada |
2022 |
Princeton University, New Jersey |
Stellarator |
2030s |
$0 |
Neil Savage is a science and technology journalist in Massachusetts.
doi: https://doi.org/10.1038/d41586-026-02513-5
This article is part of Nature Outlook: Nuclear power, a supplement produced with financial support from Oklo Inc. Nature maintains full independence in all editorial decisions related to the content. About this content.