Every fusion startup that has raised over $100M

每一家融资超过 1 亿美元的核聚变初创公司

Over the last several years, fusion power has gone from the butt of jokes — always a decade away! — to an increasingly tangible and tantalizing technology that has drawn investors off the sidelines. The technology may be challenging to master and expensive to build today, but fusion promises to harness the nuclear reaction that powers the sun to generate nearly limitless energy here on Earth. 在过去的几年里，核聚变能源已经从一个笑柄——“永远还需要十年！”——转变为一种日益切实且诱人的技术，吸引了投资者纷纷入场。尽管这项技术目前掌握难度大且建设成本高，但核聚变有望利用驱动太阳的核反应，在地球上产生近乎无限的能源。

If startups are able to complete commercially viable fusion power plants, then they have the potential to upend trillion-dollar markets. The bullish wave buoying the fusion industry has been driven by three advances: more powerful computer chips, more sophisticated AI, and powerful high-temperature superconducting magnets. Together, they have helped deliver more sophisticated reactor designs, better simulations, and more complex control schemes. 如果初创公司能够建成商业上可行的核聚变电站，它们就有潜力颠覆万亿美元的市场。推动核聚变行业发展的乐观浪潮主要源于三大进步：更强大的计算机芯片、更先进的人工智能以及强大的高温超导磁体。这些技术的结合，助力实现了更精密的反应堆设计、更好的模拟效果以及更复杂的控制方案。

It doesn’t hurt that, at the end of 2022, a U.S. Department of Energy lab announced that it had produced a controlled fusion reaction that produced more power than the lasers had imparted to the fuel pellet. The experiment had crossed what’s known as scientific breakeven, and while it’s still a long ways from commercial breakeven, where the reaction produces more than the entire facility consumes, it was a long-awaited step that proved the underlying science was sound. Founders have built on that momentum in recent years, pushing the private fusion industry forward at a rapid pace. 此外，2022 年底美国能源部下属实验室宣布，其产生的受控核聚变反应输出的能量超过了激光注入燃料颗粒的能量，这一消息也起到了推波助澜的作用。该实验跨越了所谓的“科学盈亏平衡点”，虽然距离整个设施消耗能量与产出能量平衡的“商业盈亏平衡点”还有很长的路要走，但这仍是期待已久的一步，证明了其底层科学原理是可靠的。近年来，创始人们乘着这股势头，推动私营核聚变行业快速向前发展。

Commonwealth Fusion Systems

Commonwealth Fusion Systems (CFS)

Commonwealth Fusion Systems (CFS) has raised about a third of all private capital invested in fusion companies to date. Its latest round, which closed in August, added $863 million to its coffers, bringing its total raised near $3 billion. CFS’s Series B2 came four years after its $1.8 billion Series B, which helped catapult the company into the pole position. Commonwealth Fusion Systems (CFS) 筹集的资金约占迄今为止核聚变公司所获私人资本总额的三分之一。其 8 月份完成的最新一轮融资为其增加了 8.63 亿美元，使其融资总额接近 30 亿美元。CFS 的 B2 轮融资距离其 18 亿美元的 B 轮融资已有四年，正是那轮融资帮助该公司确立了行业领先地位。

Since then, the startup has been hard at work in Massachusetts building Sparc, its first-of-a-kind power plant intended to produce power at what it calls “commercially relevant” levels. Sparc’s reactor is a tokamak design, which resembles a doughnut. The D-shaped cross section is wound with high-temperature superconducting tape, which, when energized, generates a powerful magnetic field that will contain and compress the superheated plasma. Heat generated from the reaction is converted to steam to power a turbine. 自那时起，这家初创公司一直在马萨诸塞州努力建造 Sparc，这是其首个旨在以所谓“商业相关”水平发电的电站。Sparc 的反应堆采用托卡马克设计，形状像一个甜甜圈。其 D 形横截面缠绕着高温超导带，通电后会产生强大的磁场，用于约束和压缩超高温等离子体。反应产生的热量被转化为蒸汽，进而驱动涡轮机发电。

CFS designed its magnets in collaboration with MIT, where co-founder and CEO Bob Mumgaard worked as a researcher on fusion reactor designs and high-temperature superconductors. The Massachusetts-based CFS expects to have Sparc operational in late 2026 or early 2027. Later this decade, the company says it will begin construction on Arc, its commercial power plant that will produce 400 megawatts of electricity. The facility will be built near Richmond, Virginia, and Google has agreed to buy half its output. CFS is backed by a long list of investors, including Breakthrough Energy Ventures, The Engine, Bill Gates, and others. CFS 与麻省理工学院（MIT）合作设计了其磁体，联合创始人兼首席执行官 Bob Mumgaard 曾在此担任核聚变反应堆设计和高温超导体研究员。总部位于马萨诸塞州的 CFS 预计 Sparc 将于 2026 年底或 2027 年初投入运营。该公司表示，在本世纪 20 年代末，将开始建设其商业电站 Arc，该电站将产生 400 兆瓦的电力。该设施将建在弗吉尼亚州里士满附近，谷歌已同意购买其一半的电力输出。CFS 背后拥有庞大的投资者阵容，包括 Breakthrough Energy Ventures、The Engine、比尔·盖茨等人。

TAE Technologies

Founded in 1998, TAE Technologies (formerly known as Tri Alpha Energy) was spun out of the University of California, Irvine by Norman Rostoker. It uses a field-reversed configuration, but with a twist: after the two plasma shots collide in the middle of the reactor, the company bombards the plasma with particle beams to keep it spinning in a cigar shape. That improves the stability of the plasma, allowing more time for fusion to occur and for more heat to be extracted to spin a turbine. TAE Technologies（前身为 Tri Alpha Energy）成立于 1998 年，由 Norman Rostoker 从加州大学欧文分校分拆出来。它使用场反转配置（FRC），但有一个独特之处：在两束等离子体在反应堆中心碰撞后，公司会用粒子束轰击等离子体，使其保持雪茄状旋转。这提高了等离子体的稳定性，从而为核聚变发生争取了更多时间，并能提取更多热量来驱动涡轮机。

In December 2025, TAE announced that it would merge with President Donald Trump’s social media company, Trump Media & Technology Group. The all-stock transaction would value the combined company at $6 billion. TAE would receive $200 million plus another $100 million upon filing paperwork with the Securities and Exchange Commission. TAE CEO Michl Binderbauer will serve as co-CEO of the combined company alongside Devin Nunes, who had been sole CEO of Trump Media. The fusion startup had previously raised $150 million in June from existing investors, including Google, Chevron, and New Enterprise. Before the merger, TAE had raised a total of $1.79 billion, according to PitchBook. 2025 年 12 月，TAE 宣布将与唐纳德·特朗普总统的社交媒体公司——特朗普媒体与技术集团（Trump Media & Technology Group）合并。这项全股票交易对合并后公司的估值为 60 亿美元。TAE 将获得 2 亿美元，并在向美国证券交易委员会提交文件后额外获得 1 亿美元。TAE 首席执行官 Michl Binderbauer 将与此前担任特朗普媒体唯一首席执行官的 Devin Nunes 一起担任合并后公司的联席首席执行官。这家核聚变初创公司此前曾在 6 月份从谷歌、雪佛龙和 New Enterprise 等现有投资者处筹集了 1.5 亿美元。据 PitchBook 数据显示，在合并前，TAE 总共筹集了 17.9 亿美元。

Helion

Of all fusion startups, Helion has the most aggressive timeline. The company plans to produce electricity from its reactor in 2028. Its first customer? Microsoft. Helion, based in Everett, Washington, uses a type of reactor called a field-reversed configuration, where magnets surround a reaction chamber that looks like an hourglass with a bulge at the point where the two sides come together. At each end of the hourglass, the reactor spins the plasma into doughnut shapes that are shot toward each other at more than 1 million mph. 在所有核聚变初创公司中，Helion 的时间表最为激进。该公司计划在 2028 年利用其反应堆发电。它的第一个客户是谁？微软。总部位于华盛顿州埃弗里特的 Helion 使用一种称为场反转配置的反应堆，磁体环绕着一个反应室，该反应室看起来像一个沙漏，在两侧汇合处有一个凸起。在沙漏的两端，反应堆将等离子体旋转成甜甜圈形状，并以超过每小时 100 万英里的速度向对方发射。

When they collide in the middle, additional magnets help induce fusion. When fusion occurs, it boosts the plasma’s own magnetic field, which induces an electrical current inside the reactor’s magnetic coils. That electricity is then harvested directly from the machine. The company most recently raised $465 million in June in a Series G that valued the company at $15.5 billion. Its previous round, announced in January 2025, totaled $425 million. Altogether, Helion says it has raised $1.5 billion. Investors include Sam Altman, SoftBank Vision Fund 2, Reid Hoffman, KKR, BlackRock, Peter Thiel’s Mithril Capital Management, and Capricorn Investment Group. 当它们在中间碰撞时，额外的磁体有助于诱发核聚变。当核聚变发生时，它会增强等离子体自身的磁场，从而在反应堆的磁线圈内感应出电流。这些电力随后直接从机器中收集。该公司最近在 6 月份完成了 4.65 亿美元的 G 轮融资，估值为 155 亿美元。其此前于 2025 年 1 月宣布的融资总额为 4.25 亿美元。Helion 表示，其总共筹集了 15 亿美元。投资者包括萨姆·奥特曼（Sam Altman）、软银愿景基金 2 期、里德·霍夫曼（Reid Hoffman）、KKR、贝莱德（BlackRock）、彼得·蒂尔（Peter Thiel）的 Mithril Capital Management 以及 Capricorn Investment Group。

Pacific Fusion

Pacific Fusion burst out of the gate with a Series A that topped $1 billion, the startup has told TechCrunch. That’s a whopping sum even among well-funded fusion startups. The company will use inertial confinement to achieve fusion, but instead of lasers compressing the fuel, it will use coordinated electromagnetic pulses. The trick is in the timing: All 156 impedance-matched Marx generators need to produce 2 terawatts for 100 nanoseconds, and those pulses need to simultaneously converge on the target. The company is led by CEO Eric Lander, the scientist who led the Human Genome Project, and president Will R. Pacific Fusion 以超过 10 亿美元的 A 轮融资惊艳亮相，该初创公司告诉 TechCrunch。即使在资金雄厚的核聚变初创公司中，这也是一笔巨额资金。该公司将使用惯性约束来实现核聚变，但它不是使用激光来压缩燃料，而是使用协调的电磁脉冲。诀窍在于时机：所有 156 个阻抗匹配的 Marx 发生器需要在 100 纳秒内产生 2 太瓦的功率，并且这些脉冲需要同时汇聚在目标上。该公司由首席执行官 Eric Lander（曾领导人类基因组计划的科学家）和总裁 Will R 领导。