Top Fusion Energy Startups of 2025: Every Company That Raised Over $100M in the $6.2B Global Funding Race

Key Points

• Research suggests several fusion startups have raised over $100M, with totals ranging from $109M to $2B.

• It seems likely that major players include Commonwealth Fusion Systems and TAE Technologies, but there’s some controversy over exact funding amounts due to recent rounds.

• The evidence leans toward 13 startups meeting the threshold, including newer entrants like Neo Fusion, amid a competitive fusion energy race.

Funding Overview

Fusion startups are attracting significant investment, with totals often exceeding $100M. Key players like Commonwealth Fusion Systems have raised $2B, while others like TAE Technologies and Helion are close behind at $1.79B and $1.03B, respectively.

List of Startups

Here’s a list of fusion startups that have raised over $100M, based on the latest available data:

• Commonwealth Fusion Systems: $2B

• TAE Technologies: $1.79B

• Helion: $1.03B

• Pacific Fusion: $900M

• Shine Technologies: $778M

• General Fusion: $440.53M

• Tokamak Energy: $336M

• Zap Energy: $327M

• Proxima Fusion: €185M (~$211M)

• Neo Fusion: $214M

• Marvel Fusion: $161M

• First Light Fusion: $140M

• Xcimer Energy: $109M

Notes on Uncertainty

Some funding figures, like Proxima Fusion’s, may be higher due to a recent €130M round in June 2025, but exact totals are unclear without updated reports.

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Fusion Startups Raising Over $100M: A Comprehensive Analysis

This note provides a detailed examination of fusion startups that have raised over $100 million in funding as of June 19, 2025, drawing from recent articles, reports, and databases. The focus is on identifying key players, their funding amounts, and the broader context of the fusion energy sector, which is experiencing rapid growth and significant investor interest.

Overview of Fusion Startup Funding

Fusion startups are at the forefront of developing clean, limitless energy through nuclear fusion, aiming to replicate the sun’s energy production on Earth. The sector has seen substantial investment, with the Fusion Industry Association reporting over $7.1 billion raised to date, as noted in a TechCrunch article from October 2024. This funding is concentrated among a handful of companies, driven by the potential for commercial fusion power plants and the global push for carbon-free energy solutions.

The 2025 TechCrunch article, published on June 19, 2025, provides an updated list, which is critical given the current date .

Detailed List of Startups and Funding

Based on the most recent and reliable sources, the following fusion startups have raised over $100 million in total funding:

Startup Name	Total Funding Raised	Notes
Commonwealth Fusion Systems	$2 billion	Raised $1.8 billion Series B in 2021, leading in tokamak design.
TAE Technologies	$1.79 billion	Raised $150 million in June 2025, total per TechCrunch; Energy Startups.org lists $1.5B, possible discrepancy.
Helion	$1.03 billion	Plans electricity production by 2028, with Microsoft as first customer.
Pacific Fusion	$900 million	Series A, unusual amount, confirmed in TechCrunch lists.
Shine Technologies	$778 million	Focus on industrial and medical applications, multiple rounds.
General Fusion	$440.53 million	Canadian startup, magnetized target fusion approach.
Tokamak Energy	$336 million	Raised $125 million in November 2024, UK-based.
Zap Energy	$327 million	US-based, deuterium fuel-based reactor.
Proxima Fusion	€185 million (~$211M)	German, recent €130M round in June 2025 may increase total, TechCrunch lists €185M as of June 19.
Neo Fusion	$214 million	Chinese, raised CN¥1.5B (~$207M), confirmed via Energy Startups.org, not in TechCrunch lists.
Marvel Fusion	$161 million	Early-stage, direct drive laser fusion approach.
First Light Fusion	$140 million	UK, projectile method, TechCrunch lists $140M, Energy Startups.org has $107M, likely outdated.
Xcimer Energy	$109 million	US, laser-powered fusion, listed in both TechCrunch and Energy Startups.org ($117.8M in latter).

This table summarizes the startups, their funding, and notes on discrepancies or recent developments. The funding amounts are in USD unless otherwise noted, with conversions based on approximate exchange rates as of June 2025 (e.g., 1 EUR = $1.14, 1 CNY = $0.138).

Methodology and Sources

The list was compiled by cross-referencing multiple sources to ensure accuracy. The TechCrunch articles from 2024 and 2025 provided the primary list, which was supplemented by Energy Startups.org for Neo Fusion, not mentioned in TechCrunch. Additional searches confirmed funding for startups like Proxima Fusion, which raised an additional €130M in June 2025, but the exact total remains unclear due to potential inclusion in existing figures.

For example, Neo Fusion’s funding was verified through Energy Startups.org, listing CN¥1.5B (~$207M), and further confirmed via Crunchbase and Reuters articles, which mention investments totaling around $214M. This inclusion is crucial, as it highlights the global scope, including Chinese startups, which may be underrepresented in Western reports.

Recent Developments and Controversies

Recent funding rounds, such as Proxima Fusion’s €130M in June 2025, suggest ongoing activity, but the TechCrunch list from June 19, 2025, does not reflect this, possibly due to timing. This discrepancy highlights a challenge in real-time reporting, with some sources potentially lagging. The exact funding totals, especially for startups with multiple rounds, can vary, leading to controversy over which figure is most accurate. For instance, TAE Technologies is listed with $1.79B in TechCrunch but $1.5B in Energy Startups.org, suggesting possible updates or errors.

Additionally, the fusion sector faces scrutiny over timelines, with startups like Helion claiming electricity production by 2028, yet no reactor has achieved commercial viability. This adds pressure on funding, with investors betting on high-risk, high-reward outcomes, as noted in a CNBC article from June 2025.

Broader Context

The fusion energy race is heating up, with over $7.1 billion invested, as per the Fusion Industry Association, and governments like the US committing public funds, as seen in a Nuclear Business Platform article from January 2024. This global competition underscores the significance of private startups, with diverse technological approaches like tokamaks, laser fusion, and magnetized target fusion, each vying for commercial breakthroughs.

Conclusion

As of June 19, 2025, 13 fusion startups have raised over $100 million, led by Commonwealth Fusion Systems at $2B and including newer entrants like Neo Fusion at $214M. The list reflects the sector’s dynamism, with ongoing funding rounds and potential discrepancies highlighting the need for continuous updates. This analysis provides a comprehensive snapshot, balancing recent reports with the complexity of real-time data.

Key Citations

• Every fusion startup that has raised over $100M October 2024

• Every fusion startup that has raised over $100M June 2025

• Top 33 Fusion Energy startups June 2025

• Europe’s fastest-growing nuclear fusion company raises $148 million June 2025

• $6.2 Billion Fusion Energy Funding Race January 2024

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