Every technology tracked, from class to segment: the leading companies, the projects deploying it, the minerals it depends on, and funding open right now.
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Projects tracked
15
3 operating · 3 in construction
Capital committed
Not disclosed
no project-level financing disclosed yet; company raises are on Capital
Companies tracked
43
ranked on this page
Operating capacity
Pre-commercial
3 test or pilot plants, no grid power yet · 1,750 MW planned
Next milestone
~2026
Construction start (target)
Coming up
PROJECT · HAMMIR MIRROR DEVICEConstruction start (target)
Realta Fusion · OM Station (former Oscar Mayer site), Madison, WI
ans.org →+ THESISPROJECT · SPARCNet fusion energy (Q>1) demonstration (target)
Commonwealth Fusion Systems · Devens, MA
utilitydive.com →+ THESISOFFTAKE · ORIONAt least 50 MW to Microsoft (contract deadline)
Helion Energy · Malaga, WA
fusionenergynews.com →+ THESISCONTRACTHelion Energy: Fusion 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 →+ THESISCONTRACTCommonwealth Fusion Systems: Fusion 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 →+ THESISPARTNERSHIPProxima Fusion: Proxima signs MoU with Kyoto Fusioneering on gyrotrons, fuel cycle
Proxima and Kyoto Fusioneering signed an MoU to expand joint work on next-generation gyrotrons for plasma heating and fuel cycle technologies for fusion power plants.
proximafusion.com →+ THESISPARTNERSHIPProxima Fusion: Proxima signs MoU with Fujikura on HTS tape supply in Germany
Proxima and Fujikura signed an MoU to jointly assess the technical, commercial and economic feasibility of a stable HTS tape supply platform, including potential local production in Lower Saxony.
proximafusion.com →+ 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, Orion.
+ THESISTechCrunch (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 →+ THESISFUNDING · SEC FORM DBlue Laser Fusion: private raise reported (amended)$34M
Offering size $50,000,000
sec.gov →+ THESISTechCrunch (climate): Helion now has another $225 million to help speed development of its first fusion power plant, due to provide Microsoft with electricity in 2028.
techcrunch.com →+ THESISOTHERGeneral Fusion: General Fusion announces world-first 1 keV electron temperature milestone
The company's LM26 demonstration machine reached 1 keV electron temperature, which it describes as a first for its low-speed compressional heating approach. Next targets are 10 keV and the Lawson criterion.
generalfusion.com →+ THESISTokamaks, stellarators and other magnet-confined plasmas (CFS, Tokamak Energy, Proxima, Type One).
Devens, MA, USA · HTS tokamak (SPARC demo; ARC plant planned in Chesterfield County, VA)
PROTOTYPE
$4.0B
SPARCARC (Fall Line Fusion Powe…
Updated 3 months ago · SPARC: About 80% assembled; DOE approves ARC design milestones
Knoxville, TN, USA · Stellarator; building the Infinity Two pilot power plant with TVA at Bull Run, TN
PROTOTYPE
$200M Series B (Oct 2026) plus earlier rounds?
Infinity TwoInfinity One prototype
Updated 34 days ago · Infinity Two: $200M Series B
Kearny, NJ, USA · Planar-coil stellarator (Eos), simpler magnets built from arrays of flat coils
Prototype
Updated 6 months ago · Eos stellarator: Thea raises a $100M Series B to site and build Eos
Madison, WI, USA · Compact magnetic mirror for industrial heat and power; UW–Madison spinout
Prototype
Updated 4 months ago · Hammir mirror device: Realta picks Madison's former Oscar Mayer site for its HQ and Hammir
Princeton, NJ, USA · Stellarator fusion for power and neutrons; Princeton spinout
Early R&D
No dated updates yet
College Park, MD, USA · Magnetic-confinement fusion startup
Early R&D?
No dated updates yet
San Francisco, CA, USA · Compact tokamak fusion for ship propulsion (YC-backed)
Early R&D (YC)?
No dated updates yet
Southlake, TX, USA · Fusion startup (formerly American Fusion)
Early R&D?
No dated updates yet
San Diego, CA, USA · Fast Modular Reactor (helium-cooled) in NRC pre-application; also TRISO and SiC fuel work
Research facility (DIII-D)
Private · Nov 2026 · en.wikipedia.org
Munich, Germany · Quasi-isodynamic stellarator
≈$683M
Private · Jul 7, 2026 (€411M round, €2.4B valuation) · valueaddvc.com
Oxfordshire, UK · Spherical tokamak with HTS magnets
$336M
Private · Jun 2026 · thenextweb.com
Field-reversed configurations, Z-pinch and magnetized-target concepts (Helion, TAE, Zap, General Fusion).
Foothill Ranch, CA, USA · Beam-driven field-reversed configuration
PROTOTYPE
$1.79B (pre-merger)?
Updated 10 months ago · First utility-scale plant (TAE): Site selection begins for the 50 MWe first plant; construction planned to start in 2026 after approvals
Everett, WA, USA · Pulsed field-reversed configuration; Microsoft power purchase agreement
PROTOTYPE
≈$1.5B raised; one tracker reports $3.2B committed?
PolarisOrionNucor fusion plant (Helion)
Updated 5 months ago · Orion: State and county licenses secured
Janesville, WI, USA · Fusion-based neutron testing and medical isotope production; expanding into nuclear fuel recycling, stepping toward power
FIRST COMMERCIAL
≈$1.0B
No dated updates yet
Zap Energy#10
Everett, WA, USA · Sheared-flow-stabilized Z-pinch
PROTOTYPE
$327M
No dated updates yet
Tukwila, WA, USA · Micro-scale fusion (Orbitron electrostatic confinement); FusionWERX test facility
Prototype
No dated updates yet
San Leandro, CA, USA · Pulsed-power fusion (Z-pinch drivers); also sells pulsed-power testing
Prototype
No dated updates yet
Cambridge, MA, USA · Muon-catalyzed fusion
Early R&D
No dated updates yet
Pasadena, CA, USA · Magneto-inertial fusion (plasma jets and helical plasmas) for space propulsion
Early R&D (space propulsion)
No dated updates yet
Longmont, CO, USA · Compact magnetic fusion; builds fusion test equipment and magnets
Early R&D
No dated updates yet
Middlesex, NJ, USA · Dense plasma focus with hydrogen-boron fuel
Early R&D
No dated updates yet
Tustin, CA, USA · Staged Z-pinch magneto-inertial fusion
Early R&D
No dated updates yet
Chantilly, VA, USA · Impact fusion: hypervelocity projectiles fired at fuel targets
Early R&D
No dated updates yet
Los Alamos, NM, USA · Plasma-based direct conversion to electricity; fusion research
Early R&D
No dated updates yet
Energy Matter Conversion Corp. (EMC2)
San Diego, CA, USA · Polywell electrostatic confinement fusion
Early R&D?
No dated updates yet
Broomfield, CO, USA · Distributed fusion power using lithium and hydrogen fuels
Early R&D?
No dated updates yet
USA · Pulsed fusion startup
Early R&D?
No dated updates yet
USA · Fusion startup
Early R&D?
No dated updates yet
Richmond, BC, Canada · Magnetized target fusion
$612M private + $127M SPAC
Public via SPAC (Nasdaq, Jul 2026) · Jul 2026 · thenextweb.com
Laser- or pulser-driven implosion (Pacific Fusion, Inertia, Focused Energy, Xcimer).
Fremont, CA, USA · Pulser-driven inertial fusion
LAB
≈$1.0B (Series A in milestone tranches)
Updated 3 months ago · Albuquerque demonstration system: Ground broken
USA · Laser-driven inertial fusion
LAB
$450M?
Updated 9 months ago · Thunderwall laser pilot: $450M Series A
Denver, CO, USA · Laser inertial fusion using high-energy excimer lasers
Prototype
Phoenix laser prototypeAthena pilot plant (Xcimer)
Updated 5 months ago · Athena pilot plant (Xcimer): DOE approves Athena's preconceptual design and technology roadmap
Austin, TX, USA · Proton fast-ignition laser inertial fusion
Early R&D
No dated updates yet
Goleta, CA, USA · Laser inertial fusion with high-efficiency lasers and boron fuel
Early R&D
No dated updates yet
Longview Fusion Energy Systems
Orinda, CA, USA · Laser inertial fusion power plant design based on NIF indirect drive
Early R&D
No dated updates yet
USA · Laser inertial fusion with argon-fluoride lasers
Early R&D?
No dated updates yet
Cambridge, MA, USA · Inertial fusion; out of stealth Oct 2026 with $6.2M seed
Out of stealth (Oct 2026)
No dated updates yet
Munich, Germany · Laser-driven fusion using nanostructured targets
~$208M
Private · 2026 · techcrunch.com
Fuel cycle, isotopes and magnets that fusion plants need.
San Francisco, CA, USA · Fuel-cycle technology for fusion plants (tritium handling, breeding)
Supplier (fuel cycle)
No dated updates yet
USA · Laser isotope separation for fusion and fission materials (lithium-6 and more)
Supplier (isotope enrichment)?
No dated updates yet
London, UK; New Jersey facility · High-temperature superconducting magnets for fusion; New Jersey factory planned from 2027 (UK headquarters)
Out of stealth (Oct 2026)
No dated updates yet
Kyoto Fusioneeringunverified
Kyoto, Japan · Components for fusion plants: gyrotrons, blankets, fuel-cycle systems
~$121M
Private · 2026 · techcrunch.com
Oxfordshire, UK · Projectile-driven inertial fusion; now offering its core technology to others
~$140M
Private · 2026 · techcrunch.com
The open problems between fusion and large-scale deployment.UNSOLVED · 3IN PROGRESS · 1LARGELY SOLVED · 1
Net energy gain in a power-plant-relevant machineUNSOLVED
A plant must put out much more energy than it takes to run, not just more fusion energy than the heating delivered to the fuel.
Where it standsLaser fusion at Lawrence Livermore's NIF passed target gain in 2022, but no magnetic or pulsed machine has shown Q>1. SPARC is about 80% assembled and targets Q>1 around 2027; Helion's Polaris and Pacific Fusion's demonstrator aim to show electricity or facility gain by 2030.
Commonwealth Fusion SystemsHelion EnergyPacific FusionTAE TechnologiesZap Energyblog.cfs.energy
Tritium supply and breedingUNSOLVED
Deuterium–tritium plants need tritium, which barely exists in nature: world stocks of about 20–30 kg come mostly from Canadian CANDU reactors. Each plant must breed its own from lithium faster than it burns it.
Where it standsNo breeding blanket has been demonstrated at scale. Designs depend on lithium enriched in lithium-6, which needs new enrichment capacity. Helion and TAE pursue fuels (D–He3, p–B11) that reduce or avoid tritium but are harder to ignite.
Commonwealth Fusion SystemsType One EnergyHelion EnergyTAE Technologiesphysicsworld.com
Materials that survive neutron damageUNSOLVED
Fusion neutrons (14 MeV) are far more energetic than fission neutrons and degrade walls and blankets; replacing parts often would kill plant economics.
Where it standsThere is no full fusion-spectrum test facility yet; Europe's IFMIF-DONES is under construction. Companies are testing candidate steels, tungsten and liquid-metal walls (Zap) in fission reactors and ion beams as proxies.
Commonwealth Fusion SystemsZap EnergyType One Energyphysicsworld.com
High-temperature superconducting (HTS) tape supplyIN PROGRESS
Compact tokamaks and stellarators need thousands of kilometres of REBCO tape per machine; tape cost and quality set magnet cost.
Where it standsGlobal capacity is roughly 3,000 km a year and expanding (UKAEA, Feb 2026), but quality varies, qualification and testing capacity is thin, and joints and winding remain hard. Developers are signing supply deals and new factories (e.g. Proxima in Lower Saxony).
Commonwealth Fusion SystemsType One EnergyProxima FusionTokamak Energythefusioncluster.com
Licensing and regulationLARGELY SOLVED
Without a clear rulebook, financing and siting stall.
Where it standsThe NRC decided in 2023 to regulate fusion like particle accelerators (byproduct-material rules) rather than fission reactors, and the 2024 ADVANCE Act wrote that into law. States issue the licenses: Washington licensed Helion's Orion site (Jun 2026) and Tennessee issued the first commercial fusion machine license to Type One (Aug 2026).
Helion EnergyType One EnergyCommonwealth Fusion Systemsfusionenergynews.com
Commonwealth Fusion Systems · Devens, MA
CONSTRUCTION
Commonwealth Fusion Systems · Chesterfield County, VA
DEVELOPMENT · 400 MW
Helion Energy · Malaga, WA
CONSTRUCTION · 50 MW
Helion Energy · Everett, WA
OPERATING
Pacific Fusion · Albuquerque, NM
CONSTRUCTION
TAE Technologies · Site to be selected
ANNOUNCED · 50 MW
Type One Energy · Bull Run, near Oak Ridge, TN
PERMITTED · 350 MW
Zap Energy · Everett, WA
OPERATING
Inertia Enterprises · Site to be announced
DEVELOPMENT
Helion Energy · Site to be selected
ANNOUNCED · 500 MW
Xcimer Energy · Denver, CO
OPERATING
Xcimer Energy · Site to be selected
ANNOUNCED · 400 MW
Thea Energy · Site to be selected (2026)
ANNOUNCED
Realta Fusion · OM Station (former Oscar Mayer site), Madison, WI
DEVELOPMENT
Type One Energy · TVA Bull Run Energy Complex, Clinton, TN
PERMITTED
What fusion depends on, what each input does in this technology, and how exposed it is (red high, blue medium, green low). Prices are 2025 averages (USGS); live prices arrive with Markets.
Breeds tritium fuel: neutrons hitting lithium-6 in the blanket around the plasma make tritium, the fuel that doesn't occur in nature. Some designs also use liquid lithium or lithium-lead as coolant.
Largest producer: Australia
Armor for the divertor and other plasma-facing surfaces, chosen because it has the highest melting point of any metal and sheds little material into the plasma.
Largest producer: China
Yttrium or gadolinium is the 'RE' in REBCO (rare-earth barium copper oxide) high-temperature superconducting tape, which makes compact high-field magnets possible.
Largest producer: China
Stabilizer in superconducting tape and cable, plus normal-conducting coils, busbars and power supplies (pulsed designs like Helion and Zap use mostly copper).
Largest producer: Chile
Coolant that keeps superconducting magnets at roughly 20 K (HTS) or 4 K (low-temperature magnets).
Largest producer: United States
Niobium-titanium and niobium-tin wire for low-temperature superconducting magnets (used in ITER and some stellarator designs).
Largest producer: Brazil
Neutron multiplier in breeding blankets (each fast neutron can release two), so a plant breeds more tritium than it burns; also used as FLiBe salt in some designs.
Virginia Department of Energy