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Devens, MA, USA · Private · cfs.energy
HTS tokamak (SPARC demo; ARC plant planned in Chesterfield County, VA)
Open roles
143
▲ 7 since 2026-10-30
Federal awards
$2.8M
2 grants, contracts, loans
Last private raise
$1.8B
Form D · 2021-11-19
SEC filings
4
latest 2021-12-02
Coming up
POLICYChina's suspension of export controls (US–China truce)
China suspended its October 2025 rare earth export-control expansion and its ban on gallium, germanium and antimony exports to the US for one year under the Nov 2025 truce. The suspension expires around Nov 2026. Affects Rare earths (incl. yttrium).
+ THESISPOLICY45Y / 48E: wind and solar
Construction had to begin by Jul 4, 2026; otherwise the project must be placed in service by Dec 31, 2027. Affects Rare earths (incl. yttrium).
+ THESISHIRING143 open roles (+7 since Oct 30, 2026)
Biggest teams: Other 29, Operations - Manufacturing 24, Internships 20, Assembly 17.
+ THESISPOLICYSection 232: wind turbines
Proclamation on wind turbine imports published in the Federal Register Oct 28, 2026; trade press reports it orders negotiations rather than immediate tariffs. Affects Rare earths (incl. yttrium).
+ THESISCONTRACTFusion companies sign LOIs for federal R&D awards
ANS Nuclear Newswire: The Department of Commerce announced the signing of four letters of intent for federal research and development awards under the CHIPS and Science Act focused on semiconductors and power electronics, including awards for fusion companies Helion and Commonwealth Fusion Systems.
ans.org →+ THESISPOLICYDOE adds helium to the Critical Material List
DOE added helium to its Critical Material List, citing semiconductors, natural-gas leak testing and quantum computing. Helium also cools fusion magnets and high-temperature gas reactors. Affects Fusion, SPARC.
+ THESISOTHERCommonwealth Fusion Systems gets $85M to build better fusion-ready semiconductors
TechCrunch (climate): Top-funded fusion startup Commonwealth Fusion Systems received an $85 million award from the federal government to advance conductors for fusion power plants.
techcrunch.com →+ THESISPROJECT · SPARCAbout 80% assembled; DOE approves ARC design milestones
Devens, MA
blog.cfs.energy →+ THESISFUNDING · COMPANY ROUNDCompany round: Google, Eni, pension and sovereign funds$1.0B
Closed · Company round (total raised about $4B); funds SPARC completion and ARC
utilitydive.com →+ THESISFUNDING · COMPANY ROUNDCompany round: CFS equity round (CFS total raised now $4B)$1.0B
Closed · For SPARC completion and the path to ARC; no ARC project financing disclosed
grpva.com →+ THESISOFFTAKE · ARC (FALL LINE FUSION POWER STATION)Eni signs PPA worth over $1B
Chesterfield County, VA
enerdata.net →+ THESISOFFTAKE · ARC (FALL LINE FUSION POWER STATION)Google signs 200 MW PPA
Chesterfield County, VA
ans.org →+ THESISHow it works
A donut-shaped chamber where powerful magnets hold plasma hotter than the sun's core as it loops around. New high-temperature superconducting magnets let the machine be much smaller.
OPEN IN 3D →Others on this approach
ProofBuilt and tested a 20-tesla high-temperature superconducting magnet; SPARC about 80% assembledAug 5, 2026blog.cfs.energy
NextSPARC net-energy demonstration (target ~2027), then ARC
Supply-chain security
Secured · Contracted · At risk · Unknown — rated only on public evidence; Unknown means nothing has been disclosed.
Sources: company job boards (daily), SEC EDGAR, USAspending.gov, and the reviewed technology spreadsheets. Public records only cover US entities, so foreign companies and private firms that don't file will show gaps.
Money behind this company's projects. Company-wide raises are listed but not counted in totals.
Read from SEC 8-Ks (bankruptcy, default, delisting, restatement, impairment, restructuring), cash runway in annual reports, Form D raises and the 30-day hiring trend. A prompt to look closer, not a credit rating.
2026-10-302026-11-09
Teams moving over 30 days: Assembly +3 (now 17), R&D Test +3 (now 7), Operations - Manufacturing -2 (now 24)
By team
By location
Companies file a Form D within 15 days of selling shares privately. “Sold” is the amount raised so far in that offering; amended notices (D/A) update earlier ones.
| First sale | Notice | Offered | Sold |
|---|---|---|---|
| 2021-11-19 | D · filed 2021-12-02 | $1.8B | $1.8B |
| 2020-05-11 | D · filed 2020-05-26 | $100M | $81M |
| 2018-05-30 | D/A · filed 2019-07-01 | $115M | $115M |
| 2018-05-30 | D · filed 2018-06-27 | $100M | $65M |
Matched recipient: COMMONWEALTH FUSION SYSTEMS LLC
STEP 2/4 · AT RISK REBCO superconducting tapeHigh-temperature superconducting magnets use a rare-earth barium copper oxide layer.
STEP 3/4 · AT RISK Magnet-based fusion developersThe largest fusion company is built on HTS magnets.
STEP 3/3 · WATCH Copper-intensive technologiesMagnet coils and stabilizers; also every grid and transmission project.
STEP 3/5 · WATCH Fusion gets its first buyersContracts exist before the technology is proven, so delivery risk stays with the developer.
Critical inputs
Rare earths (incl. yttrium)×2Tungsten×2Helium×2Copper×2Beryllium×2Lithium
Policy that applies
2026-10-28 · contract
Fusion companies sign LOIs for federal R&D awardsANS Nuclear Newswire: The Department of Commerce announced the signing of four letters of intent for federal research and development awards under the CHIPS and Science Act focused on semiconductors and power electronics, including awards for fusion companies Helion and Commonwealth Fusion Systems.2026-10-23 · other
Commonwealth Fusion Systems gets $85M to build better fusion-ready semiconductorsTechCrunch (climate): Top-funded fusion startup Commonwealth Fusion Systems received an $85 million award from the federal government to advance conductors for fusion power plants.Only Form D notices on file (shown at left).