Capital Markets · Dashboard

Funding & Investment

Comprehensive view of private capital, government grants, and corporate offtake agreements driving the fusion economy.

Total Private Capital

$8.9B

+18% YoY

Active Backed Ventures

+9 YoY

Govt Cost-Share (FY26)

$1.12B

+24% YoY

Avg. Round Size

$148M

−6% QoQ

Private Bellwethers · Cumulative Funding

Company	HQ	Architecture	Cumulative ($M)	Last Round	Lead Investors
Commonwealth Fusion Systems	Devens, MA	HTS Tokamak	$3,000	Series B2 · 2024	Breakthrough Energy, Tiger Global, Google
TAE Technologies	Foothill Ranch, CA	FRC (p-B11)	$1,200	Series G · 2025	Chevron, Sumitomo, Google
Helion Energy	Everett, WA	FRC (D-³He)	$1,030	Series F · 2025	SoftBank, Sam Altman, Mithril
Pacific Fusion	San Leandro, CA	Pulsed ICF	$900	Series B · 2026	General Catalyst, Lowercarbon
SHINE Technologies	Janesville, WI	D-T Neutron Source	$650	Series C · 2024	Fidelity, Antares, Shine Ventures
Tokamak Energy	Oxfordshire, UK	Spherical Tokamak	$450	Series C · 2024	East X Ventures, Future Planet
General Fusion	Richmond, BC	MTF	$440	SPAC · 2026	Public (NASDAQ: GFUS)
Zap Energy	Everett, WA	Z-Pinch	$327	Series D · 2025	Lowercarbon, Breakthrough
Marvel Fusion	Munich, DE	Laser ICF	$220	Series B · 2025	Earlybird, HV Capital, Tengelmann
Xcimer Energy	Denver, CO	KrF Laser ICF	$160	Series A · 2025	Polymath, Lowercarbon, Emerson
Proxima Fusion	Munich, DE	Stellarator	$165	Series A · 2025	Cherry, Plural, EIC
First Light Fusion	Oxfordshire, UK	Projectile ICF	$120	Series C · 2024	IP Group, Braavos, Hostplus
Type One Energy	Madison, WI	Stellarator	$85	Series A · 2025	Innovation Endeavors, Shorewind
Focused Energy	Darmstadt, DE / CA	Laser-Driven	$80	Series A · 2024	Prime Movers, Learning Curve
Kyoto Fusioneering	Kyoto, JP	Tritium Fuel Cycle	$75	Series B · 2024	JERA, Mitsubishi, Asahi Kasei
Realta Fusion	Madison, WI	Magnetic Mirror	$25	Seed · 2024	Wisconsin Alumni, Union Square
Avalanche Energy	Seattle, WA	Orbitron	$40	Series A · 2024	Lowercarbon, AEI HorizonX

Government Programs

DOE Milestone Program · Tranche II
2026 · 8 awardees
$42M
ARPA-E BETHE & GAMOW
2024–25 · 11 awards
$50M
UK STEP Programme (West Burton)
2024 · UKAEA-led prototype
$271M
EU EUROfusion Framework
2021–27 · Multi-state appropriation
$760M
Japan Moonshot Fusion (NIFS + QST)
2023–28 · Fast-track demo reactor
$180M
China CFETR Engineering Design
2025–30 · Chengdu facility build-out
$400M
Korea KSTAR / K-DEMO Roadmap
2024–30 · ITER spin-off program
$120M

Corporate Offtake (PPAs)

Microsoft ← Helion Energy
50 MW
Online: 2028 · Undisclosed
Google ← CFS
200 MW
Online: Early 2030s · ARC pilot offtake
AWS ← X-Energy (SMR/fusion stack)
320 MW
Online: 2031 · Hybrid PPA
Nucor Steel ← Helion Energy
25 MW
Online: 2030 · Industrial baseload
U.S. Air Force ← Zap Energy
10 MW
Online: 2029 · Mobile deployable demo

Interactive Tool

Capital Flow Explorer

Filter every disclosed private fusion round by year, paradigm, region and size.

Deal Filters

16 deals · $6,641M

Minimum deal size: $0M

Year range: 2021–2026

Region

Paradigm

Cumulative Capital — Filtered Deal Stream

Capital by Paradigm

Top Recipients (filtered)

Date	Company	Round	Paradigm	Region	Amount
2026-03	Tokamak Energy	Series D	Tokamak	EU	$180M
2026-01	Pacific Fusion	Series B	ICF/Laser	NA	$900M
2025-10	Xcimer Energy	Series A	ICF/Laser	NA	$100M
2025-08	Kyoto Fusioneering	Series C	Tokamak	Asia	$130M
2025-06	Helion Energy	Series F	FRC/MTF	NA	$425M
2025-04	Proxima Fusion	Series A	Stellarator	EU	$165M
2025-02	Zap Energy	Series D	Z-Pinch	NA	$130M
2024-12	Commonwealth Fusion Systems	Series B2	Tokamak	NA	$863M
2024-11	Marvel Fusion	Series A	ICF/Laser	EU	$70M
2024-09	Proxima Fusion	Seed	Stellarator	EU	$21M
2024-07	Tokamak Energy	Series C	Tokamak	EU	$125M
2024-03	Pacific Fusion	Series A	ICF/Laser	NA	$900M
2023-11	Type One Energy	Seed	Stellarator	NA	$82M
2023-05	Helion Energy	Series E	FRC/MTF	NA	$500M
2022-06	TAE Technologies	Series G	FRC/MTF	NA	$250M
2021-12	Commonwealth Fusion Systems	Series B	Tokamak	NA	$1800M

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Slice the entire private fusion deal stream live with your own filters.

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Top recipients and capital-by-paradigm rebuild instantly
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Citations & Sources

Academic & financial rigor

[01]
The Global Fusion Industry in 2025 (Annual Report)
Fusion Industry Association (FIA)
[02]
PitchBook Emerging Tech Research — Fusion Q4 2025
PitchBook Data, Inc.
[03]
DOE Milestone-Based Fusion Development Program Awards
U.S. Department of Energy · 2024–26
[04]
Helion–Microsoft PPA Announcement
Helion Energy & Microsoft · May 2023
[05]
Google–CFS Offtake LOI
Google Cloud & Commonwealth Fusion Systems · June 2025
[06]
UK STEP Programme — West Burton Site Selection
UK Atomic Energy Authority · 2022
[07]
EUROfusion Roadmap to Fusion Electricity
EUROfusion Consortium · 2018, rev. 2024
[08]
General Fusion SPAC Filing (Form S-4)
U.S. SEC EDGAR · Jan 2026
[09]
SHINE Technologies Series C Disclosure
SHINE Technologies LLC · 2024
[10]
Marvel Fusion Series B Press Release
Marvel Fusion GmbH · 2025
[11]
Japan Moonshot Fusion Programme — Cabinet Office
Government of Japan · 2023
[12]
CFETR Engineering Design Phase-II Report
Chinese Academy of Sciences (ASIPP) · 2025