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，核聚变能源已经从人们口中的笑柄——“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、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浪潮主要得益于三大进步：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、更优化的模拟仿真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. 此外，2022 年底美国能源部下属实验室宣布，其实现的受控核聚变反应产生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“商业盈亏平衡点”（即反应产生的能量超过整个设施的消耗）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。

Founders have built on that momentum in recent years, pushing the private fusion industry forward at a rapid pace. Below is a list of startups that have raised over $100 million in committed capital from private investors, according to data provided to TechCrunch by FusionX. 近年来，创始人们乘势而上，推动私营核聚变行业快速发展。根据 FusionX 提供给 TechCrunch 的数据，以下是已从私人投资者处筹集超过 1 亿美元承诺资本的初创公司名单。

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 July, added $1 billion to its coffers, bringing its total raised to $3.94 billion, according to FusionX. CFS’s catapulted into the lead in 2021 with a $1.8 billion Series B. 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。据 FusionX 数据显示，该公司 7 月完成的最新一轮融资为其增加了 10 亿美元资金，使其融资总额达到 39.4 亿美元。CFS 在 2021 年凭借 18 亿美元的 B 轮融资一跃成为行业领头羊。

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. The company says Sparc should reach scientific breakeven — also known as Q > 1 — sometime in 2027. 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。该公司表示，Sparc 预计将在 2027 年某个时间点实现科学盈亏平衡，即 Q > 1。

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. 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”（field-reversed configuration）的反应堆，磁体环绕着一个反应室，该反应室看起来像一个在两端汇合处有凸起的沙漏。

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 has raised $3.2 billion in committed capital, according to FusionX. 该公司最近在 6 月份完成了 4.65 亿美元的 G 轮融资，估值达到 155 亿美元。其上一轮融资于 2025 年 1 月宣布，总额为 4.25 亿美元。据 FusionX 数据，Helion 总共筹集了 32 亿美元的承诺资本。

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. 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孵化而出。它同样使用场反转配置，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。

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. 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。

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. Pacific Fusion 以超过 10 亿美元的 A 轮融资惊艳亮相，该初创公司向 TechCrunch 透露了这一消息。即使在资金雄厚的核聚变初创公司中，这也是一笔惊人的数字。该公司将利用惯性约束来实现目标。