Intelligence Tool

Compare Fusion Companies

Side-by-side comparison of up to 4 developers. Capital, paradigm, fuel cycle, timeline and engineering risk — at a glance.

Commonwealth Fusion Systems Helion Energy TAE Technologies

Funding raised (USD M)

Normalized program scorecard

Attribute	Commonwealth Fusion Systems	Helion Energy	TAE Technologies
Country	USA	USA	USA
Confinement	Magnetic	Magneto-Inertial	Magnetic
Paradigm	Magnetic confinement — compact high-field tokamak	Magneto-inertial — Field-Reversed Configuration (FRC)	Magnetic confinement — Field-Reversed Configuration
Fuel cycle	Deuterium-Tritium (D-T)	Deuterium-Helium-3 (D-³He)	Hydrogen-Boron (p-¹¹B) — aneutronic
Funding	≈ $3.0B cumulative	$1B+ (Series F: $425M, 2025)	~$1.2B private + $6B SPAC valuation (TMTG merger, 2026)
Device	SPARC (demo) → ARC (400 MW pilot)	Polaris → Tiny Merge testbed → Orion (50 MWe)	Norm → 50 MWe utility pilot
Timeline	SPARC ops 2026 · Net gain 2027 · ARC early 2030s	Microsoft PPA delivery 2028	50 MWe siting from 2026
Status	SPARC ~75% complete; ARC sited with Dominion Energy	Polaris operating; Orion under construction in WA	Norm breakthrough; skipping Copernicus to commercial era
Key investors	Tiger Global, Breakthrough Energy Ventures, NVentures (NVIDIA), Google, Eni	Sam Altman, Mithril Capital, Capricorn, SoftBank	Google, Vulcan Capital, Wellcome Trust, Chevron Technology Ventures
Bottlenecks	Tritium breeding ratio > 1.0 at commercial scale · Neutron-induced first-wall damage (tungsten armor + RAFM steel) · REBCO tape supply chain (kilometres of HTS conductor per magnet)	Plasma-ring merging stability at full energy · Helium-3 fuel sourcing (Helion synthesises its own from D-D side reactions) · Capacitor-bank lifetime under repetitive discharge	p-¹¹B requires ignition temperatures >10× the D-T cycle · Bremsstrahlung radiation losses at boron temperatures · Direct conversion of charged α products to electricity

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Thesis Sensitivity Engine

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Weights sum: 100

Capital30

Milestones20

Tech Maturity20

Timeline20

IP / Backing10

Live Ranking — Top 10

Capital-Weight Sensitivity

How each company's score moves as the capital weight slides from 0 → 100%.

#	Company	Country	Funding	Weighted Score
1	Commonwealth Fusion Systems	USA	≈ $3.0B cumulative	91
2	Helion Energy	USA	$1B+ (Series F: $425M, 2025)	67
3	TAE Technologies	USA	~$1.2B private + $6B SPAC valuation (TMTG merger, 2026)	65
4	General Fusion	Canada	≈ $1B implied (Spring Valley III SPAC, 2026)	63
5	China Fusion Energy Co.	China	≈ $2B initial state capitalisation	61
6	Type One Energy	USA	—	48
7	Tokamak Energy	UK	≈ £250M cumulative	47
8	Proxima Fusion	Germany	€185M Series A (2025)	46
9	Energy Singularity	China	—	41
10	Zap Energy	USA	—	35
11	Kyoto Fusioneering	Japan	—	30
12	Kronos Fusion Energy	USA	—	29
13	ENN Energy	China	—	26
14	Marvel Fusion	Germany	€113M Series B (2024)	23
15	SHINE Technologies	USA	—	22

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Citations & Sources

Academic & financial rigor

[01]
Company filings, press releases and primary disclosures
Various
[02]
FIA Global Fusion Industry Report 2025
Fusion Industry Association