Theglobalfusionindustryin2025

FusionCompaniesSurveyby

theFusionIndustryAssociation

Contents

Foreword4

Theheadlinefiguresthisyear6 Fiveyeartrends:2021-20258 Thefusionindustryin202510Profilesoftoday'sfusionplayers18

Theglobalfusionindustryin2025

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Theglobalfusionindustryin2025

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FOREWORD

Thisyear’sGlobalFusionIndustryReportmarksasignificantmilestone

–ourfifthconsecutivereporttrackingdevelopmentsinthecommercialfusionsector.Thisreportbeganin2021asanefforttoanswerthethreequestionswewerealwaysbeingasked:“Who?”“Howmuch?”and

–especially–“When?”Wefoundthatdirectlyaskingthecompaniesworkingtocommercializefusionwasthebestwaytoanswerthese

questions,andtheresultingreportsbroughtvisibilityandclaritytoa

nascentindustry.Intheyearssince,we’veheardthatthisreporthas

becomeanindispensabletoolforunderstandingthegrowthand

evolutionofthefusionindustry.With53companiesparticipatingthisyear,andwithahalf-decadeofdata,wecanidentifycleartrendsthatspeaktoboththepromiseandchallengesofcommercialfusionenergy.

Five-YearTrends

Thegrowthinfundingisthemoststrikingindicatoroftheindustry’s

acceleratingtrajectory.Inourfirstreport,wewereproudthatthe

industryhadattracted$1.9billionintotalinvestment.Today,thatfigurehassurpassed$9.7billion,withover$2.6billionraisedinthelast

yearalone.That’snotjustafive-foldincrease–it’sasignalofmaturinginvestorconfidence,technologicalprogress,andarapidlycoalescingsupplychain.Thisisdespitethefactthatmostofthelasthalf-decade

havenotbeenbanneryearsforbroaderinvestmentintechnologyfields–affirmingfusion’suniqueappealasasecure,scalable,andcleanenergysolutiontotheworld’spowerneeds.

Thenumberofcompaniesandemployeescontinuestogrowaswell.Justfiveyearsago,wesurveyed23fusioncompanies.In2025,we

surveyed53,representingmorethan4,600employees–amorethanfour-foldincreasefrom2021–andsupportingatleast9,300supplychainjobs.Thedirectemployeenumberclimbstoover18,000whencompaniesprojecttheworkforceneededtobuildpilotplants.Fusionisnolongerpurelyascientificeffort;itisaglobalindustrialmovement.

Thatmovementisproducingresults.Thisyear’sdataincludes$2.6

billioninnewinvestment,withmajorraisesbyPacificFusion,Helion,

ProximaFusion,andTAETechnologies.We’veseentheentryofeightnewcompanies,severalwithmajorstartupbacking.Thatdevelopmentreflectsahealthy,innovation-drivenmarketplacethatistestingmultipletechnicalapproaches.Whileundoubtedlynotallconceptswillbecomemarketleaders,thisispreciselyhowtechnologicalrevolutionsunfold.

Lookingoverfiveyearsofsurveys,afewtrendsstandout:

?Capitalisincreasing,withfundinggrowingeveninyearswheretheglobaleconomytightened.

?Public-privatepartnershipsareexpanding,especiallyin

theU.S.,U.K.,Germany,Japan,andChina,wheregovernmentsareengagingwithindustrytoshareriskandaccelerate

commercialization.

?Companiesarematuring,movingfromprototypesandsmall

teamstoaddressingengineeringandmanufacturingchallenges,integratingsystemdevelopment,andstartingtositefirstplantsandstrikedealswithearlypowercustomers.

?Investordiversityisincreasing,withsupportfromdeeptechVCs,industrialconglomerates,sovereignfunds,andstrategicenergy

companies.

?Fusionisattractingserioustalent,growinginheadcount,

experience,field,andglobalreach–withfusiondevelopersnowoperatinginmorethanadozencountries.

LookingtotheFuture

Whiletheprevailingsensefromtheseresultsshouldbeoptimism,thechallengesremainsteepandtheonlyresponseshouldbethat“more”isneeded.Forthefirsttimethisyear,weaskedhowmuchmore

investmenteachcompanywouldneedtobringtheirfirstpilotplants

online.Theanswersvariedwidely,aswouldbeexpectedfroman

industrywithdiversetechnologicalapproachesandprogressionalongpathways.Themedianrespondentreportedneeding$700million

moretobringtheirfirstplantsonline,buttheresponsesweresovariedthatitishardtogeneralizeanswers.

Whenanswerswerecombined,thetotalcapitalrequiredtobringeverysurveyedcompanytocommercializationisabove$77billion–eight

timesmorethanhasbeencommittedtotheindustrytodate.However,

weshouldn'ttakethatasthenumberneededtocreateacommercial

fusionindustry;itisimplausiblethateverycompanywillsuccessfullymakeitatscale.Furthermore,companiescanconsolidateefforts;someofthedevelopmentanddeploymentcostscanbesharedthroughpartnershipsandjointventures.Thrivingglobalindustriesgenerallyseeseveral

companiesemergeasleaders,withothersasfastfollowers.Likeother

high-techindustries,fusionwillundoubtedlyseeareductioninthenumberofcompaniesevenasthevalueandfootprintofthesectorgrows.

Timing

Aswithpastyears,theresultsofthisyear’ssurveyconfirmthat

theindustryremainsfocusedonthe2030sasthedecadefor

commercialization.Ofthe45companiesthatresponded,the

overwhelmingmajority–35–anticipateoperatingacommercially

viablepilotplant,capableofgeneratingnetenergy,between2030

and2035.Asmallnumberarepushingforearliermilestones,withfivecompaniestargetingcommercialreadinessbefore2030,whileanotherfiveexpecttoreachthatstagelater,between2036and2040.Thesepilotplanttimelinesmarkasignificantsteptowardcommercialplantsthatwilldeliverpowertocustomers,with28companiesexpecting

toconnecttothegridbetween2030and2035,andonlyahandfulprojectingdeliverybeyond2040.

Lookingbeyondindividualcompanygoals,theindustry’scollective

forecastreflectsasimultaneouslyrealisticandambitiousoutlook.Askedwhenthefirstfusionplant–anywhere–willdeliverelectricitytothe

grid,two-thirdsofrespondentspredictbetween2031and2040.

Whilejustafewseecommercializationhappeningbefore2030,theseprojectionsreinforcethetransitionoffusionfromascienceexperimenttoanemergingenergytechnologywithnear-termpotential.Thefusionindustryisgearingupforadefiningdecade,andthedatashowsthatconfidenceisstrongerthanever.

ChallengestoOvercome

Althoughtimingprojectionsareclear,thesurveyalsohighlightsthatthereisagreatdealofworktocome.

Asthefusionindustrypushestowardcommercialization,companiesidentifyarangeofnear-termchallengesthatmustbeovercomeby

2030.Whiletheobviouschallengeofachievingsufficientfusionpowergainisatthetop,othertechnicalconcernsincludefuelcyclesufficiencyanddevelopingneutron-resilientmaterials,alongwithresolving

engineeringquestionsuniquetofusion.TheFIAandourmembersareactivelyengagedwithgovernmentstodevelopsolutionstothese

verychallenges.

Finally,accesstofundingremainsamajorissueforfusioncompanies,underscoringthelongdevelopmenttimelinesandcapitalintensity

oftheindustry.Acrosstheboard,theresponseshighlightthatwhilefusion’spromiseiswithinreach,sustainedprogresswillrequire

acontinuationoftechnologicalbreakthroughsandfinancial,regulatory,andpolicysupport.

Public-PrivatePartnershipsGrow

Theamountofpublicfundingthatcompaniesidentifiedaddinginto

theircapitaltablesthisyearincreasedby84%,growingbyalmost

$360milliontonearly$800millionintotal.Itisnotonlyprivatefundsthatseelong-termbenefitstofusion;governmentsalsorecognizetheeconomicadvantagesofnurturingagrowingindustrythatwillusherinjobsandexpandsupplychains.Inthelastyear,governmentpoliciesincountrieslikeJapan,Germany,China,theUnitedKingdom,theUnitedStates,Korea,Canada,andtheEuropeanUnionhaveworkedtoboosttheirfusionprogramming.

Asfusioninnovationadvances,theindustryisgeneratingtechnologicalandeconomicbenefitsbeyondfusion.Fusioncompaniesarespinningoutinnovationssuchasmagnetsandhightemperaturesuperconductors,whichbenefitindustriesfromwindturbinestomaglevtrains.Justas

thespaceraceproducedinnovationsineverythingfrommicrochipstowirelesscommunicationstocordlessdrills,fusionresearchisexpandingnewpossibilitieswithapplicationswellbeyondfusionpower.

InvestorDiversification

Investordiversityinthefusionsectorcontinuestobroaden,reflectinggrowingconfidenceacrossawidespectrumofcapitalsources.Thisyear’ssurveyhighlightsbackingfromanexpansiverangeofinvestors,includingdeeptechventurecapitalfirmslikeDCVC,Leitmotif,and

BreakthroughEnergyVentures;industrialgiantssuchasChevron,

SiemensEnergy,andNucor;sovereignandquasi-publicfunds

includingIn-Q-Tel,theEuropeanInnovationCouncilFund,andPlynthEnergy;andstrategicplayersfromthewiderenergysectorlikeShellVenturesandEnergyImpactPartners.Thepresenceofinvestorsfromfieldsasvariedastelecommunications,realestate,anddefense

–alongsideparticipationfromfamilyofficesandtechpioneers–

underscoresfusion’sappealbeyondtraditionalhightechorclean

energycircles.Thisincreasinglydiverseinvestmentbaseisnotonly

providingvitalcapital,butalsohelpingfusioncompaniesestablish

commercialpartnerships,navigateregulatorylandscapes,andprepareforglobaldeployment.

MovingForwardwithFirstCustomersandSites

Today’scommercialmomentumdidnotexistin2021.Injustafew

years,theindustryhasundergoneamajorshift,withcompaniesforgingearlycustomerpartnershipsandsecuringsitesfortheirfirstplants.

In2023,HelionEnergybecamethefirstfusioncompanytosigna

powerpurchaseagreement(PPA)toprovideMicrosoftwithelectricityfromitsfirstfusionpowerplant,expectedtobeonlineby2028.HelionlaterannouncedacollaborationwithNucor,thelargeststeelproducerintheU.S.,toexplorefusion’sroleindecarbonizingheavyindustry.InJune2025,CommonwealthFusionSystems(CFS)announcedthefirstdirectPPAwithGoogleaspartofapartnershipthatalsoincludedanexpandedinvestmentintoCFS.

Alongsidethesecommercialagreements,fusioncompanieshavebeenadvancingplansforsitingtheirfirstpowerplants.InFebruary2024,

TypeOneEnergysignedaMemorandumofUnderstandingwiththe

TennesseeValleyAuthoritytoexplorebuildingaplantataretiredcoalpowerplantinTennessee.InDecember2024,CommonwealthFusionSystemsannounceditwoulddevelopitsfirstplantoutsideRichmond,Virginia,viaajointdevelopmentagreementthatispartofapartnershipwithutilityDominionEnergy,targetingoperationsintheearly2030s.Andinearly2025,FocusedEnergyunveiledapartnershipwiththe

GermangovernmenttodevelopasiteataformernuclearfacilityinBiblis,asmalltownintheHesseregion.

Ascompanieszeroinonearlydeploymentsites,regionsarestartingtoracetopositionthemselvesas“fusionhubs,”aimingtocapturetheeconomicandworkforcebenefitsoftheemergingindustry.IntheU.S.,clustersareforminginthePacificNorthwest,California,theGreat

Lakes,andtheNortheast.Perhapstheworld’sleadingfusioncluster

hasbeenestablishedwithBritishgovernmentsupportaroundOxford.Othernationsareworkingtopositionthemselvesassitesforearly

adoption,aligningregulationsandputtingforwardpolicytostrengthensupplyandworkforcenetworks.

TheGrowingFusionWorkforce

Fusionisattractingtop-tiertalentfromaroundtheworld,withworkforcegrowthreflectingthesector’sacceleratingmomentumandglobal

scope.Since2021,thenumberofpeopleemployeddirectlybyprivatefusioncompanieshasmorethanquadrupled,andthisexpansionis

matchedbygrowthinthebroaderfusionecosystem,withsupplychainjobstriplinginthelasttwoyears.FusioncompaniesareheadquarteredacrossmorethanadozencountriesinNorthAmerica,Europe,Asia,andOceania.Fusionsciencehasalwaysbeenaglobaleffortthat

spansborders,butonlynowisitdevelopingintoatrulyinternationalbusiness,drawinginengineers,scientists,manufacturers,andbusinessleaderstohelpbuildthenextgreatenergyindustry.

Conclusion

Afterwritingfiveofthesereports,thetrajectoryisclear.Fusionisno

longeradreamthatisperenniallydeferredto“20yearsfromnow.”

Itisatechnologybeingbuilttoday,withtangibleprogressyearoveryear.Thenextfewyearswilldeterminenotjustwhichcompanies

succeed,buthowthisgenerationdeliversonapromisemadedecadesagowhenthepotentialoffusionwasdiscovered:topowertheworldwithsecure,limitless,cleanenergy.

WeattheFusionIndustryAssociationareproudtoservethis

remarkablecommunity.Wethankthecompaniesthatrespondedto

thisyear’ssurveyfortheirparticipationandtransparency–andwe

lookforwardtocontinuingtoworktogethertomakecommercialfusionpowerareality.

AndrewHolland

ChiefExecutiveOfficer

FusionIndustryAssociation

THEHEADLINEFIGURES

THISYEAR

TOTALFUNDING2025

Totalfundingtodate:

Totalthisyear:

Totalprivatefundingtodate:

Totalpublicfundingtodate:

$9,766,000,000

$2,643,573,000

$8,971,150,000

$794,850,000

*Somefigureshavebeenconvertedtodollars/rounded.

NOTABLEINVESTMENTSSINCETHELASTSURVEY

$900m

$425m

Helion

PacificFusion

$150m

TAE

$150m

ProximaFusion

$200m

$130m

ZapEnergy

Marvel

$125m

TokamakEnergy

$110m

Focused

$36m

RealtaFusion

$64m

TypeOneEnergyGroup

Energy

$55m

ENNScience

andTechnology

$36m

RenaissanceFusion

Development

*Someinvestmentshavenotbeenpubliclyannouncedsoarenotincludedhere.

Theglobalfusionindustryin2025

6

COMPANIESWITHOVER$1BNINVESTMENT

$$$

COMMONWEALTHTAETECHNOLOGIESHELIONENERGY

FUSIONSYSTEMS

HOWMUCHMOREFUNDINGDOYOUESTIMATENEEDINGTODELIVERACOMMERCIALPLANT?

29responses

$10bn+

$1bn-$10bn

$1-$100m$100m-$1bn

Median:$694m

Individualrequirements:Notethatdifferentdesignshavedifferentaimsandpoweroutputs,and

companiesareatdifferentstagesontheirjourney.

Theglobalfusionindustryin2025

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Theglobalfusionindustryin2025

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Theglobalfusionindustryin2025

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Key

PublicfundingPrivatefunding

FIVEYEARTRENDS:2021-2025

Totalfunding

(annualincreaseinbrackets)

TOTAL:$9.7bn

($2.6bn)

8.9bn

($2.2bn)

TOTAL:$7.1bn

($0.9bn)

TOTAL:$6.2bn

($1.4bn)

6.7bn

($0.8bn)

5.9bn

($1.2bn)

TOTAL:$4.8bn

($2.9bn)

$4.7bn

($2.9bn)

TOTAL:$1.9bn

$1.8bn

$85m

$795m

($369m)

$426m

($154m)

$272m

($155m)

$117m

($32m)

2025

2024

2023

Upto20212022

Numberofrespondents

45

53

41

31

23

20212022202320242025

Employedbyfusioncompanies

(30responses)

1,096

1,545

2021

2022

20233,073

20244,107

20254,607

18,200

Bypilotplant(proiected)

Estimatedjobssupportedbyfusioncompanies’supplychain

2023

3,000

(20responses)

2024

5,900

(20responses)

2025

9,300

(30responses)

Theglobalfusionindustryin2025

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Theglobalfusionindustryin2025

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ByprimaryHQ

THEFUSIONINDUSTRY

2.Targetmarkets

Primaryandsecondarymarkets(respondentscouldselectmultiple)

IN2025

1.Location

PrimarySecondary/spin-offmarkets:

ElectricitygenerationOff-gridenergy IndustrialheatMedical

Spacepropulsion

Hydrogenand/orcleanfuelsMarinepropulsion

33

874

33

1

ElectricitygenerationOff-gridenergy IndustrialheatMedical

Spacepropulsion

Hydrogenand/orcleanfuelsMarinepropulsion

2

7

13

7

6

6

6

1Sweden

1

4

Canada

3Germany

UK

Othernamedmarketsincluded:materialsresearch,lithiumbreeding,nuclearwastetransmutation,laserdrivenimaging,neutronsource,Radiation-as-a-Service(RaaS),hardrocktunnelingandmining,diagnosticdevelopment,neutronimagingandradiationeffectstestingforadvancedindustrialinspection,tritiumandradioisotopeproduction.

29

France

3

3

Switzerland

31

USA

Japan

1

China

Israel

2

3.Employees

India

23%

Scientists

1

1

Australia

33%

Other

Fusion

Zealand

New

employees

byrole

0.1%

Other

(basedon41

responses)*

3

Washington

2

Wisconsin

2

Massachusetts4

NewJersey

26%

Female

44%

Engineers

1

10

Fusion

employeesbygender

(basedon38responses)*

3

Colorado

California2Maryland

Virginia

1

Tennessee

1

NewMexico

74%

Male

Numbersareapproximateandbasedoncompanies’estimatedfigures,roundedtothenearest10%.Companiesthatdidnotprovidedemographicandroledataarenotreflectedinthesefigures.

Theglobalfusionindustryin2025

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Theglobalfusionindustryin2025

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4.Selected*investorswhohavemadeinvestmentsinfusioninthelast12months

31Ventures

ENNGroup

PlayfairVC

Addition

EQTVentures

PlynthEnergy

Athos

EuropeanInnovationCouncilFund

PRIMEPULSE

AvilaVC

Fukikara

SamAltman

b2ventures

FurukawaElectric

Santander

BAMElevate

FutureVentures

ShellVentures

BayernKapital

Granitor

SiemensEnergy

BreakthroughEnergyVentures

GSBackers

SiteGround

BWGroup

HVCapital

SoftbankVisionFund2

CapricornInvestmentGroup

Industrial47VentureStudio

SorosFundManagementLLC

ChevronTechnologyVentures

Industrifonden

SpecialInvest

ChishimaRealEstate

In-Q-Tel

Speedinvest

Climentum

Nichicon

St1

CréditMutuelImpact

Itochu

TengelmannVentures

DCVC

K-CAP

Thales

DelightVentures

KhoslaVentures

TitletownTech

DeutscheTelekom

Leitmotif

TomEnterprise

GeneralCatalyst

LightspeedVenturePartners

Unit-E,AxonPartners

GoodVenturesFoundation

LowercarbonCapital

WARFVentures

Google

Marubeni

Mayfield

EarlybirdVC

MithrilCapital

XplorVentures

EcosphereVentures

VirginiaVenturePartners

MiyakoCapital

MizuhoFinancialGroup

Acompletelistofreportedinvestorsoveralltimeisavailableinpreviousyear'sreports:

EmersonCollective

Nucor

/

EnergyImpactPartners

NVTRNSupporters

fusion-industry-report-archive

*Investorinformationisself-reportedbycompanies.Thislistreflectsthosereportedinvestmentsmadeinthepast12months.TheFIAisnotresponsiblefortheresponseslistedinthisreportfromsurveyparticipantsanddoesnotintendtodiscloseanyproprietaryinformation.Foracompletehistoryofreportedinvestors,pleaserefertoourearlierreports.

5.Public-PrivatePartnerships

20companies

reportbeingengagedinaPublic-PrivatePartnership(PPP)thatincludescost-sharingwithgovernment

Mostgrantsinthewithacoupleashighas

$5-15mrange$100-150m

(milestonedependent)

NotedPPPsinclude:

?Milestone-BasedFusionDevelopmentProgram:

U.S.DepartmentofEnergy(DOE)programto

supportdevelopmentofafusionpilotplant(FPP)andcommercializationoffusionpower.

?InnovationNetworkforFusionEnergy(INFUSE):

DOEinitiativefundingPPPstoacceleratefusionenergy

developmentbyprovidingaccesstonationallaboratories.

?INCITE:ProvidesaccesstoDOE’ssupercomputingfacilitiestoacceleratescientificdiscoveriesandtechnologicalinnovations.

?CHADWICK:PartofDOE’sAdvancedResearchProjects

Agency–Energy(ARPA-E)focusedondevelopingadvancedmaterialsforthefirstwalloffusionmachines.

?TheUK’sProsperityPartnershipprogramme:

Fundscollaborativeresearchbetweenuniversitiesandindustrytodriveinnovationinkeytechnologies.

6.Approach

Generalapproach

25Magneticcon?nement(inc.Tokamak,Stellarator)

11Inertialcon?nement

6Magneto-inertial

4Hybridelectrostaticcon?nementw1Muon-catalyzedfusion

4Non-traditionalconcepts/Notstated

Speci?capproach

7Stellarator

7Laser-driveninertialcon?nement

4Sphericaltokamak

3Tokamak

3Magnetizedtargetfusion

3Magnetic-electrostaticcon?nement

3FieldReversedCon?guration

2Laser-driveninertialcon?nement,withpB11fuel

2Z-pinch

1Active-targetmuonproductionandhighdensityfusioncell

1Inertial-electrostaticlatticecon?nement

1Poloidalmagneticcon?nement

1Pulsedmagneto-plasmapressurizedcon?nement

1Shock-driveninertialcon?nement

1Plectoneme

1SupportingMultipleApproaches

1DensePlasmaFocus

1MagneticMirror

1DynamicStellarator

1LevitatedDipole

1Pulser-driveninertialcon?nement

1Quasi-isodynamicstellarator

1Spindlecusp,superconductingshielded-gridInertialElectrostaticCon?nement

1MagneticMirror

1Electrostaticcon?nement

1CentrifugalMagneticMirror

7.FuelSource

Deuterium-tritium36Proton-boron4

Multiplefuels4

Deuterium-helium33

Deuterium-deuterium2

Lithium1

Theglobalfusionindustryin2025

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Theglobalfusionindustryin2025

14

8.Whendoyouanticipateyourcompanywilloperateacommerciallyviablepilotplant?

(45responses)

9.Whendoyouanticipateyourcompanywilldeliverpowertothegrid?

(41responses)

*Lastyear’sresponseinbrackets

28(22)

1(1)

6(6)

5

5

3(3)

3(4)

35

2030-20352036-20402041-2045After2045

Before

2030

Before20302030-20352036-2040

10.Predictions

Anyvariationsbetweentheseandpreviouschartsareduetodifferentrespondentsbetweenquestions.

Whenwillthefirstfusionplantdeliverelectricitytothegrid?

(45responses)

14

11

5

3

21

2046-2050After2050

2025-20302031-20352036-20402041-2045

Whenwillthefirstfusionplantdemonstratealowenoughcost/highenoughefficiency(Q)tobeconsideredcommerciallyviable?

(44responses)

12

10

5

3

14

2025-2030

2041-2045

2046-2050

2031-20352036-2040

11.Challenges

Whatdoyouseeasthemainchallengesforfusionenergyupto2030?(42responses,non-reportedanswersindicatenotseenasaproblem/don’tknow)

Fusionpoweref?ciency;achievinghigh-enoughgain(highQ)fusionpower

Funding Tritiumself-suf?ciencyNeutronresilientmaterialsPlasmascience

Pulseduration

IntegratedsystemsengineeringGeopolitics

Nuclearsafety/regulatoryapproval

Fulllife-cycleissues(e.g.maintenance,waste,recycling,decommissioning)

Plasmaexhaust

Cryoplants(heatmanagement)

Minorchallenge

Majorchallenge

365

356

277

248

2215

1914

1819

1818

1226

1222

822

624

Whatdoyouseeasthemainchallengesforfusionenergyafter2030?(38responses,non-reportedanswersindicatenotseenasaproblem/don’tknow)

Tritiumself-suf?ciencyNeutronresilientmaterials

Fulllife-cycleissues(e.g.maintenance,waste,recycling,decommissioning)

Funding

Integratedsystemsengineering

Fusionpoweref?ciency;achievinghigh-enoughgain(highQ)fusionpower

PulsedurationGeopolitics

Nuclearsafety/regulatoryapprovalPlasmaexhaust

Plasmascience

Cryoplants(heatmanagement)

Minorchallenge

Majorchallenge

278

277

2511

2213

2015

1818

1813

1714

1220

1115

724

620

Theglobalfusionindustryin2025

17

Theglobalfusionindustryin2025

16

12.Timelineofcompaniesfounded

Companiesnewtothesurveyinorange

LaserFusionX

?

BlueLaserFusion

?

DeutelioAG

?

GaussFusion

AnubalFusion

?

GenF

?

MaritimeFusion

?

PranosFusion

?

TerraFusion

Energy

Corporation

GmbH

?

RealtaFusion

?

AvalancheEnergy

?

Commonwealth

FusionSystems

?

HelicitySpace

Corporation

Stellarex

Magneto-InertialFusion

?

Technologies,Inc.

(MIFTI)

?Tokamak

Energy

FirstLight

Fusion

?

PulsarFusion

TheaEnergy

(formerlyPrinceton

EnergyMatter

ConversionCorp

(EMC2)

Stellarators)

TibbarPlasmaTechnologies

TAE

Technologies

?

LPPFusion

XcimerEnergy

ElectricFusionSystems

?

RenaissanceFusion

20172019

20102013

1992

20212023..

www

2".0022008

1985

1998

2003"".20092011‘2015..2018.2020..20222024.

wwwwwwww

Princeton

SatelliteSystems

SHINEHelion

AcceleronFusion

?

Paci?cFusion

?

ProximaFusion

GeneralFusion

ENNScience

andTechnology

Fuse

?

Kyoto

Fusioneering

?

MarvelFusion

?

NovatronFusion

Group

?

nT-TaoCompact

Fusion

?

TypeOneEnergyGroup

Horne

Technologies

AstralSystems

Technologies

?

Development

?

ZapEnergy

?

HB11Energy

EX-Fusion

?

FocusedEnergy

Totalnumberofprivatefusioncompaniesbyyear

?

HelicalFusion

(Basedon2025responses,excludescompaniesthathavesincefoldedorconsolidated)

?

EnergySystems

?

NearStarFusion

?

OpenStar

TechnologiesLimited

?

StartorusFusion

?

EnergySingularity

FusionPower

Technology

60

50

40

30

20

10

0

LongviewFusion

1985

1992

1998

2002

2003

2008

2009

2010

2011

2013

2015

2017

2018

2019

2020

2021

2022

202