Fusion Startups That Raised $100M+ in the Race for Clean Energy
Which fusion companies have raised more than $100 million? As of early 2026, at least a dozen private fusion startups worldwide have crossed that milestone—many with backing from top-tier venture capital firms, tech billionaires, and even government partnerships. Driven by breakthroughs in AI, superconducting magnets, and computational modeling, fusion energy is no longer just a scientific pipe dream. It’s now a high-stakes tech race with global implications for climate, security, and energy independence.
Why Fusion Funding Is Surging Right Now
For decades, fusion power was mocked as “always 30 years away.” But recent scientific and engineering leaps have changed that narrative dramatically. In late 2022, the U.S. Department of Energy’s National Ignition Facility achieved scientific breakeven—producing more energy from a fusion reaction than the energy delivered to the fuel. While commercial viability remains years off, the feat ignited investor confidence. Add in advances in high-temperature superconductors, machine learning for plasma control, and modular reactor designs, and it’s no surprise that fusion has become one of the hottest sectors in deep tech.
Commonwealth Fusion Systems: The MIT Spin-Out Leading the Pack
No list of well-funded fusion startups is complete without Commonwealth Fusion Systems (CFS). The Massachusetts-based company, spun out of MIT, has raised over $2 billion to date—by far the most in the sector. Backed by Bill Gates, Google, and Eni, CFS is building SPARC, a compact tokamak reactor designed to demonstrate net energy gain by 2027. Their breakthrough? A proprietary high-temperature superconducting magnet that dramatically shrinks reactor size—and cost—compared to traditional designs.
TAE Technologies: Betting on an Alternative Path
TAE Technologies has taken a different route. Instead of using deuterium-tritium fuel like most competitors, TAE’s beam-driven field-reversed configuration targets hydrogen-boron fusion—a cleaner but more technically demanding reaction. The California company has quietly raised more than $1.2 billion since its founding in 1998. With recent validation from third-party scientists and partnerships with Google and Mitsubishi, TAE is now constructing its Copernicus prototype, targeting net energy by the late 2020s.
Helion Energy: Microsoft’s Power Partner
Helion Energy made headlines in 2023 when it signed a power purchase agreement with Microsoft—the first of its kind for fusion. The Washington-based startup uses a pulsed magnetic fusion approach and aims to directly convert fusion energy into electricity, skipping the traditional steam-turbine step. Backed by Sam Altman and Mithril Capital, Helion has raised over $600 million and is racing to deliver electricity to Microsoft by 2028—a bold, if controversial, timeline.
Tokamak Energy: The UK’s Compact Contender
Across the Atlantic, Tokamak Energy in the UK has raised more than $250 million to advance its spherical tokamak design. Using high-temperature superconducting magnets like CFS, the company claims its ST80-HTS prototype will achieve 100 million degrees Celsius by 2026—hot enough for sustained fusion. The startup has strong ties to the UK Atomic Energy Authority and is positioning itself as Europe’s answer to American fusion dominance.
General Fusion: Backed by Jeff Bezos, Built for Scalability
General Fusion, based in Canada, uses a magnetized target fusion approach that compresses plasma with synchronized pistons—a mechanical method that could be cheaper to manufacture at scale. The company has raised over $300 million, with notable backing from Jeff Bezos. Its demonstration plant, under construction in the UK, aims to prove commercial feasibility by 2027. The design prioritizes maintainability and modularity—key for future grid integration.
Zap Energy: The Low-Cost Dark Horse
Zap Energy stands out for its simplicity. The Seattle-based startup uses a sheared-flow-stabilized Z-pinch configuration—no lasers, no magnets, no cryogenics. This minimalist design could slash costs dramatically. Having raised over $200 million from investors like Chevron and Lowercarbon Capital, Zap is scaling its FuZE-Q prototype with the goal of achieving scientific breakeven this year. If successful, it could disrupt the entire fusion development playbook.
Type One Energy: Stellarators Get a Modern Makeover
Stellarators—twisty, complex fusion devices once deemed too hard to build—are getting a second life thanks to Type One Energy. Using AI-driven design and 3D printing, the Wisconsin startup has raised over $100 million to modernize this decades-old concept. With support from the DOE’s Milestone Program and partnerships with Oak Ridge National Lab, Type One is positioning stellarators as the stable, steady-state alternative to tokamaks.
The Role of Government in Private Fusion Growth
While private capital dominates headlines, U.S. and international government programs have played a crucial enabling role. The DOE’s recent $50 million Milestone Program offers matching funds to startups hitting technical targets. Meanwhile, the UK, Japan, and the EU have launched fusion regulatory frameworks and test facility access programs. This public-private synergy is accelerating timelines and de-risking investments—a key reason so many startups have cleared the $100M threshold.
What’s Next for the $100M+ Fusion Club?
The next three years will be decisive. Most of these well-funded startups aim to demonstrate net energy gain or key subsystem milestones by 2028. Success could trigger a second wave of funding—and early commercial deals. Failure might cool investor enthusiasm, at least temporarily. Either way, the fusion landscape has evolved from theoretical labs to real-world engineering, with billions on the line and the promise of clean, limitless power driving the mission forward.
Why This Fusion Boom Matters Beyond Wall Street
This isn’t just about ROI. If even one of these startups succeeds, the impact could reshape global energy systems, slash carbon emissions, and reduce geopolitical tensions over fossil fuels. For climate-conscious investors, energy policymakers, and tech enthusiasts alike, the fusion race represents more than a financial opportunity—it’s a potential turning point for civilization. And for the first time in history, that future feels within reach.
