Q3 2026 · ~42 pages

State of Fusion — Q3 2026

Capital, milestones, and the path to first-of-a-kind

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.