A record $4.48 billion was raised by private operators in the global fusion industry in the 12 months to July 2026, new data from the Fusion Industry Association (FIA) has revealed.
According to the FIA’s Global Fusion Industry Report, this level of private investment is 69% higher than in the previous year, and brings total funding in the sector to $14.24 billion since 2021.
The report surveyed 56 fusion companies around the world, reporting six new entrants since last year, while three companies withdrew from the market. When the report was first published in 2021, some 23 fusion companies were surveyed, indicating that the market has more than doubled in the intervening period.
Industry progress
“This year’s report shows how far fusion has come – from being defined by national labs and government R&D programs to being dominated by private fusion investment totalling over $4 billion in just one year,” commented Andrew Holland, CEO of the Fusion Industry Association.
“This year’s record funding comes at a time when the imperative for fusion energy is greater than ever as energy security demands and environmental threats are joined by the need for huge amounts of clean energy to fuel the AI revolution.”
Among the largest funding announcements were Commonwealth Fusion Systems raising $863 million in a Series B2 round, while Helion Energy secured $465 million, Inertia Enterprises raised $450 million in a Series A round, and Proxima Fusion attracted $518 million.
For the first time, the FIA surveyed market participants on siting agreements and power purchase agreements, with some six firms already having secured sites for future facilities, while a further four are actively evaluating options. Five companies have signed power purchase or offtake agreements, with two more in active discussions.
Interest from tech firms is helping to drive demand, the report noted – Microsoft signed a power purchase agreement with Helion Energy in 2023, while Google signed an agreement with Commonwealth Fusion Systems last year.
Up and running
Most the companies surveyed (71%) expect the first commercial fusion plans to begin generating electricity during the 2030s, however, two thirds (67%) cite funding as the sector’s biggest short-term challenge. This is lower than last year (84%), however.
When asked how much funding they would need to make a fusion power plant commercially viable, respondents estimated they would require an average of $2.7 billion to bring a commercial fusion power plant into operation, however responses ranged from $100 million to $10.9 billion.
“I’m confident that the sector has the ability to deliver commercial fusion in the 2030s,” Holland added. “The existence of siting agreements and power purchase agreements shows that commercial fusion energy is on the horizon.
“However, alongside private investment, fusion companies still need the support of governments to address common challenges including the availability of resilient materials and the fusion fuel cycle. The governments that update their programs and funding priorities to meet the sector’s needs today will be the ones to capitalise on this vital emerging industry.” Read more here.
