U3O8$86.00/lb0.62%|CCJ$121.082.31%|OKLO$74.444.12%|CEG$198.451.15%|URA$28.901.51%|URNM$52.302.84%|NXE$12.573.42%|U3O8$86.00/lb0.62%|CCJ$121.082.31%|OKLO$74.444.12%|CEG$198.451.15%|URA$28.901.51%|URNM$52.302.84%|NXE$12.573.42%|
SECOND ATOMIC AGE
The Next Frontier

Fusion Energy Tracker

Fusion represents the ultimate promise of the Second Atomic Age — unlimited clean energy from hydrogen isotopes. Track progress from lab to commercial reality.

8
Companies Tracked
$28.4B
Private Capital
1
Achieved Q>1
4
Pre-commercial Stage

Fusion Milestone Timeline

2021
Commonwealth

SPARC high-temperature superconducting magnet achi

2022
TAE

Copernicus device achieved plasma temperatures of

2022
NIF

First ignition: 3.15 MJ output from 2.05 MJ laser

2023
Renaissance

Secured €16M seed round; HTS stellarator design pu

2023
Helion

Polaris device (7th) achieved >100M°C in self-heat

2024
Zap

FuZE-Q device demonstrated stable shear-flow stabi

2024
General

Plasma Injector 3 demonstrated plasma compression

2024
ITER

Vacuum vessel sector assembly completed; machine a

Q>1 achieved (ignition)
Pre-commercial / Demo
R&D phase

Demonstration Phase

ITER

DemonstrationTokamakInternational (France)
$22.0B
raised
Latest milestone · 2024-06-15

Vacuum vessel sector assembly completed; machine assembly entering critical phase

Target:2039
Backed by: EU, US, Russia, China, Japan, South Korea, India

ITER is the world's largest tokamak, under construction in France with 35-nation collaboration. Targeting Q=10 (ten times energy input). Revised timeline targets first plasma 2033 with full D-T operation by 2039. Budget overruns delayed original 2025 target.

Pre-Commercial

Helion Energy

Pre-commercialField-Reversed ConfigurationUS
$2.8B
raised
Latest milestone · 2023-12-01

Polaris device (7th) achieved >100M°C in self-heated D-He3 plasma — first commercial-scale demonstration

Target:2028
Backed by: Microsoft ($678M), Sam Altman, OpenAI

Helion's unique D-He3 FRC approach uses magnetic reconnection for direct electricity conversion — no steam turbines. Microsoft contracted for power delivery by 2028. Polaris achieved fusion temperatures; net electricity demonstration pending.

Commonwealth Fusion Systems

Pre-commercialTokamakUS
$1.8B
raised
Latest milestone · 2021-09-08

SPARC high-temperature superconducting magnet achieved 20T field strength — world record for fusion-relevant magnets

Target:2025
Backed by: Tiger Global, Breakthrough Energy Ventures, Google

CFS is building SPARC, a compact high-field tokamak using revolutionary HTS magnets. Its 20T magnet demo validated the physics basis. ARC power plant targeting first plasma 2025, commercial power by early 2030s. Backed by $1.8B from institutional investors.

General Fusion

Pre-commercialMagnetized TargetCanada
$400M
raised
Latest milestone · 2024-02-20

Plasma Injector 3 demonstrated plasma compression targets; UK demonstration plant site selected at Culham

Target:2027
Backed by: Bezos Expeditions, BDC Capital

General Fusion uses mechanical pistons to compress a magnetized plasma — a simpler, lower-cost approach. UK demonstration plant planned at Culham. Amazon's Jeff Bezos is an investor. Targets commercial power by 2030.

Research & Development

NIF / LLNL (National Ignition Facility)

⚡ Q>1
R&DInertial ConfinementUS
$3.5B
raised
Latest milestone · 2022-12-05

First ignition: 3.15 MJ output from 2.05 MJ laser input — Q>1 achieved (December 2022)

Target:2035
Backed by: US Department of Energy (government)

NIF achieved a historic milestone in December 2022 — the first fusion experiment to produce more energy than the laser energy delivered to the target (Q>1). Subsequent shots have repeated ignition. Commercial development requires laser efficiency improvements from ~1% to >20%.

TAE Technologies

R&DField-Reversed ConfigurationUS
$1.2B
raised
Latest milestone · 2022-04-08

Copernicus device achieved plasma temperatures of 75 million°C, exceeding fusion threshold

Target:2030
Backed by: Google, Goldman Sachs, Chevron

TAE Technologies pursues p-B11 (proton-boron) aneutronic fusion via FRC plasmas. Their Copernicus machine hit 75M°C, well above ignition temperature for their fuel cycle. Commercial target 2030, requiring further plasma density improvements.

Zap Energy

R&DShear-flow Z-pinchUS
$160M
raised
Latest milestone · 2024-01-10

FuZE-Q device demonstrated stable shear-flow stabilized Z-pinch plasma at fusion-relevant parameters

Target:2031
Backed by: Lowercarbon Capital, Addition, Breakthrough Energy Ventures

Zap Energy's shear-flow Z-pinch approach eliminates the need for expensive magnets or lasers — a potentially transformative cost reduction. Spinning plasma flows stabilize the pinch. FuZE-Q demonstrated fusion-relevant plasma; commercialization target 2031.

Renaissance Fusion

R&DStellaratorFrance
$25M
raised
Latest milestone · 2023-09-01

Secured €16M seed round; HTS stellarator design published, targeting simpler steady-state plasma

Target:2033
Backed by: Plural, Vsquared Ventures

Renaissance Fusion is building a high-temperature superconducting stellarator — inherently steady-state unlike tokamaks. Early stage but technically differentiated approach. EU-based with French government support.

The Fusion Investment Thesis

Why Fusion Now

Three converging factors make this the pivotal decade for fusion: HTS magnet breakthroughs enabling compact tokamaks, over $5B in private capital chasing the market, and AI/hyperscaler electricity demand creating an urgent commercial pull for carbon-free baseload.

NIF Ignition Milestone

The NIF achieved scientific breakeven (Q>1) in December 2022 — the first time in history. While commercial laser fusion requires laser efficiency improvements from ~1% to 20%+, the physics are proven. Multiple subsequent shots have repeated ignition.

Near-Term Signposts

Watch for: CFS SPARC first plasma (2025), Helion Polaris net electricity demonstration (~2026), General Fusion UK demo site operations (~2027), and ITER first plasma (revised to 2033). Each milestone de-risks the broader sector.