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State of Fusion — Quarterly Reports

A 40-page deep dive into commercial fusion every quarter. Capital flows, milestone tracker, confinement scorecard, and the policy outlook. Free with email.

Q3 2026 · ~42 pages
State of Fusion — Q3 2026
The fusion industry crossed $9.7B in cumulative private capital this quarter, with Helion's $465M round and Focused Energy's Series A bringing the week's total above $1B. We track 33 venture-backed developers across 12 confinement approaches, 7 first-of-a-kind plants under design, and the policy momentum from the DOE's SHINE conditional loan.