Investors send General Fusion soaring in debut as first publicly traded fusion company
Investors send General Fusion soaring in debut as first publicly traded fusion company
投资者助力 General Fusion 首秀大涨，成为首家上市核聚变公司
General Fusion began trading on the Nasdaq today under the ticker GFUZ, becoming the first publicly listed fusion power company, beating competitor and Trump-backed TAE Technologies by several months. And investors seemed to want in. The stock rallied as trading began Monday and is now up 40% from $12.85 as of 12:50 p.m. ET.
General Fusion 今日正式在纳斯达克挂牌交易，股票代码为 GFUZ，成为首家上市的核聚变能源公司，比其竞争对手、获得特朗普支持的 TAE Technologies 早了数月。投资者似乎对此热情高涨，周一开盘后股价一路走高，截至美东时间下午 12:50，股价较 12.85 美元的开盘价上涨了 40%。
General Fusion announced in January that it would merge with Spring Valley Acquisition Corp. III, and the transaction was completed last week. Without redemptions, the fusion power company could have added as much as $230 million to its balance sheet. But most de-SPAC deals see a wave of redemptions before the merger completes. This one is no exception, and while the company hasn’t disclosed the exact amount yet, a report in the Globe and Mail estimates that General Fusion might receive less than $30 million after redemptions and fees.
General Fusion 于今年 1 月宣布将与 Spring Valley Acquisition Corp. III 合并，该交易已于上周完成。若无赎回情况，这家核聚变公司本可为其资产负债表增加高达 2.3 亿美元的资金。然而，大多数通过 SPAC（特殊目的收购公司）上市的交易在合并完成前都会遭遇一波赎回潮。此次交易也不例外，尽管公司尚未披露具体金额，但《环球邮报》的一份报告估计，在扣除赎回和费用后，General Fusion 实际获得的资金可能不足 3000 万美元。
Alongside the de-SPAC, General Fusion also raised $108 million from private investors. Altogether, the company says it holds about $150 million in cash.
除了此次 SPAC 合并外，General Fusion 还从私人投资者处筹集了 1.08 亿美元。公司表示，目前总共持有约 1.5 亿美元现金。
Before the reverse merger was announced, General Fusion was running short on cash and struggling to raise more. The company had reportedly been attempting to raise $125 million. But by May 2025, it hadn’t materialized, and General Fusion laid off at least 25% of its employees. Three months later, the company convinced existing investors to put in another $22 million in what was reportedly a “pay to play” round. That round gave General Fusion some breathing room. But fusion power is an expensive business, and the company was soon looking for more funding, which culminated in the reverse merger announced in January.
在宣布反向收购之前，General Fusion 一直现金短缺，融资困难。据报道，该公司曾试图筹集 1.25 亿美元，但截至 2025 年 5 月，融资并未落实，General Fusion 因此裁减了至少 25% 的员工。三个月后，公司说服现有投资者追加了 2200 万美元的投资，据称这是一轮“不投就出局”（pay to play）的融资。这轮融资为 General Fusion 争取到了一些喘息空间。但核聚变是一个极其烧钱的行业，公司很快又开始寻求更多资金，最终促成了 1 月份宣布的反向收购。
Founded in 2002, General Fusion is one of the oldest fusion power companies around. Over the years, it has raised over $600 million from private investors. The company’s approach to fusion power, known as magnetized target fusion, uses electromagnetic fields to create magnetized plasma, a soup of superheated particles, inside a chamber lined with liquid lithium. Once the plasma is formed, it will use rings of pistons to compress liquid lithium around the fusion fuel until the atoms within fuse and release energy.
General Fusion 成立于 2002 年，是目前历史最悠久的核聚变公司之一。多年来，它已从私人投资者手中筹集了超过 6 亿美元。该公司采用的核聚变技术被称为“磁化靶核聚变”（magnetized target fusion），即利用电磁场在内衬液态锂的腔室内产生磁化等离子体（一种超高温粒子汤）。一旦等离子体形成，公司将利用活塞环压缩周围的液态锂，挤压核聚变燃料，直到内部原子发生聚变并释放能量。
Previously, the company said it would use steam to drive the pistons, though today it doesn’t specify, merely saying that “synchronized mechanical drivers” will force the lithium blanket inward around the plasma. The company had hoped to use its LM26 device to hit a milestone known as breakeven, where a fusion reaction releases more energy than was required to ignite it, sometime this year. Its funding woes have pushed the timeline back, though, likely to 2028 or later. General Fusion says it is aiming to turn on its first power plant “by approximately 2035.”
此前，该公司曾表示将使用蒸汽驱动活塞，但目前并未明确说明，仅表示将使用“同步机械驱动器”将锂层向内推向等离子体。该公司曾希望利用其 LM26 设备在今年实现“盈亏平衡”这一里程碑，即核聚变反应释放的能量超过点火所需的能量。然而，资金困境推迟了这一时间表，预计要到 2028 年或更晚。General Fusion 表示，其目标是在“2035 年左右”启动其首座发电厂。