Fusion Industry Attracts Record Annual Funding of $4.48bn, Raising Total to $14.24bn
- 56 fusion companies raised a total of $4.48bn in the 12 months leading to July 2026, says Fusion Industry Association’s 2026 report
- Annual total is the highest since the survey began in 2021 and 69% higher than 2025’s total
- Total fusion funding reported since 2021 stands at $14.24bn, a seven-fold increase
13 July 2026: Annual funding for the fusion industry saw a record year of $4.48bn raised in the 12 months leading to July 2026, according to The Global Fusion Industry in 2026 Report by the Fusion Industry Association (FIA). The fusion sector has reported a total of $14.24bn since the annual survey began in 2021 and now employs over 16,000 people.
Now in its sixth year, the report aims to provide a comprehensive view of fusion sector growth and progress towards commercial fusion. This year, the FIA surveyed 56 fusion companies – up from 23 in 2021 – with six new entrants since last year, while three companies withdrew.
This year’s figures include major funding rounds such as Commonwealth Fusion Systems (CFS), which raised an $863m Series B2 round in August 2025; Inertia Enterprises, which raised a $450m Series A in February 2026; Helion Energy, which raised $465m in June 2026; and Proxima Fusion, which raised $518m in July 2026.
Also included this year, for the first time, was incoming investment from companies announcing plans to join the public markets. Two companies, TAE Technologies and General Fusion, are preparing to join the Nasdaq exchange in 2026 and both received hundreds of millions of dollars in new investment as part of the process of going public. Their participation in the stock market demonstrates increasing confidence in commercial fusion, bringing new investment, along with a different type of scrutiny to the sector.
Siting and power purchase agreements
Market demand for fusion energy is growing, with this year’s report asking about siting and power purchase agreements (PPAs) for the first time. Six companies already have a siting agreement, with another four actively evaluating options. Five companies have a PPA, offtake agreement, or similar commercial commitment, with two more in discussions.
These agreements are being accelerated by AI’s energy demands – led by Microsoft’s PPA with Helion Energy in 2023 and Google’s deal with CFS in June 2025 – reducing market risk by ensuring both buyers and sellers are ready to go as soon as fusion is commercially viable.
Diverse approaches
Fusion companies continue to focus on diverse technological approaches, including magnetic confinement (48%), inertial confinement (21%), magneto-inertial (14%), and several others. The geographical diversity of private fusion is also growing. While American-based companies dominate (28), including all five that have raised over $1 billion, they are joined by companies from 12 other nations, including four each in the UK, Germany, and China, and three each in India, France, and Japan.
Commercial fusion by the 2030s
What hasn’t changed is the timeline, as the majority of fusion companies (71%) still expect the first fusion plant to deliver commercial electricity by the 2030s. But challenges remain. Despite the leap in annual investment, funding is still the biggest short-term challenge, named by two-thirds of respondents (67%), although fewer than last year (84%). When asked how much funding they would need to make a fusion power plant commercially viable, responses ranged from $100m to $10.9bn, with an average of $2.7bn, slightly higher than last year ($2.6bn).
Other significant short-term challenges named were power efficiency (64%) and neutron-resilient materials (64%). Longer term, the availability of neutron-resilient materials (57%) was the leading concern, followed by power efficiency (52%) and tritium self-sufficiency (52%).
“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 totaling over $4bn in just one year,” comments 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.”
“I’m confident that the sector has the ability to deliver commercial fusion in the 2030s. The existence of siting agreements and power purchase agreements shows that commercial fusion energy is on the horizon,” continues Holland. “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 capitalize on this vital emerging industry.”
ENDS
About the Report
This is the sixth annual “Global Fusion Industry Report” from the Fusion Industry Association. Responses are based on answers to a survey issued to private fusion companies. We approached the fusion businesses that we know about and where contact information was available. Their responses were voluntary, and we strive to be impartial, presenting the information on the various companies as it has been conveyed to us. This survey should be seen as a snapshot in time; a view of the industry when the survey was conducted in the second quarter of 2026. Repeating the activity year-on-year enables us to see the picture evolving.
Many private fusion companies are members of the Fusion Industry Association, though this is not a requirement for the report, and we strive to treat members and non-members the same. Membership of the FIA requires companies to have a plan for fusion commercialization, to demonstrate private investment to support their mission, and to pay dues. Companies playing a supportive role in the fusion industry may join as Affiliate Members, but these wider-industry companies are not the subject of this report.
About the Fusion Industry Association (FIA)
FIA is the leading voice of the global fusion industry and a central point for coordination across the fusion community to support accelerated growth.
For further information, please contact:
Anna King
PR Lead
Memetic Communications
anna@memetic-comms.com
Caroline Anderson
Director of External Affairs
Fusion Industry Association
caroline@fusionindustryassociation.org
