General Fusion completes $1B SPAC transaction, lists on NASDAQ

General Fusion closed its previously announced business combination with Atlantic Coastal Acquisition Corp. II this morning, with shares beginning trading on the NASDAQ Global Market under the ticker GFUS. The transaction valued the company at roughly $2.4 billion on a pro-forma equity basis and delivered approximately $1.0 billion in gross proceeds, net of redemptions.

Chief executive Greg Twinney said the capital would fund construction of the company's Lawson Machine 26 demonstration plant in Richmond, BC, and accelerate component qualification for a 100 MWe pilot targeted for the early 2030s. Magnetized target fusion uses pneumatic pistons to compress a magnetized plasma inside a vortex of liquid lithium — a design that has attracted both skepticism and renewed interest as supply-chain concerns mount around tritium handling.

The listing makes General Fusion the second pure-play fusion company on a U.S. exchange after the 2025 direct listing of Helion shadow vehicle HEL-X. Sponsor warrants struck at $11.50 priced near the deal threshold, suggesting the SPAC sponsor expects volatility around the company's planned Q4 2026 plasma milestones.

Reaction across the sector was muted but constructive. Andrew Holland of the Fusion Industry Association said the listing “gives the public market a second reference price for a sector that has been almost entirely private,” a development he called overdue.