Every fusion startup that has raised over $100M

Over the last several years, fusion power has gone from the butt of jokes — always a decade away! — to an increasingly tangible and tantalizing technology that has drawn investors off the sidelines.

The technology may be challenging to master and expensive to build today, but fusion promises to harness the nuclear reaction that powers the sun to generate nearly limitless energy here on Earth. If startups are able to complete commercially viable fusion power plants, then they have the potential to upend trillion-dollar markets.

The bullish wave buoying the fusion industry has been driven by three advances : more powerful computer chips, more sophisticated AI, and powerful high-temperature superconducting magnets. Together, they have helped deliver more sophisticated reactor designs, better simulations, and more complex control schemes.

It doesn’t hurt that, at the end of 2022, a U.S. Department of Energy lab announced that it had produced a controlled fusion reaction that produced more power than the lasers had imparted to the fuel pellet. The experiment had crossed what’s known as scientific breakeven, and while it’s still a long ways from commercial breakeven, where the reaction produces more than the entire facility consumes, it was a long-awaited step that proved the underlying science was sound.

Founders have built on that momentum in recent years, pushing the private fusion industry forward at a rapid pace. Below is a list of startups that have raised over $100 million in committed capital from private investors, according to data provided to TechCrunch by FusionX .

Commonwealth Fusion Systems (CFS) has raised about a third of all private capital invested in fusion companies to date. Its latest round, which closed in July, added $1 billion to its coffers, bringing its total raised to $3.94 billion, according to FusionX.

CFS’s catapulted into the lead in 2021 with a $1.8 billion Series B. Since then, the startup has been hard at work in Massachusetts building Sparc, its first-of-a-kind power plant intended to produce power at what it calls “commercially relevant” levels. The company says Sparc should reach scientific breakeven — also known as Q > 1 — sometime in 2027.

Sparc’s reactor is a tokamak design, which resembles a doughnut. The D-shaped cross section is wound with high-temperature superconducting tape , which, when energized, generates a powerful magnetic field that will contain and compress the superheated plasma. Heat generated from the reaction is converted to steam to power a turbine. CFS designed its magnets in collaboration with MIT, where co-founder and CEO Bob Mumgaard worked as a researcher on fusion reactor designs and high-temperature superconductors.

The Massachusetts-based CFS expects to have Sparc operational in late 2026 or early 2027. Later this decade, the company says it will begin construction on Arc, its commercial power plant that will produce 400 megawatts of electricity.