Startup industry trends

Research evidence excerpt

Startup industry trends

23 June 2026

Mizuho Securities Equity Research Cross-sector Research / Investment Strategy

Industry Overview

Unlisted startups set to benefit from ¥370t investment in 17 strategic areas

Following on from our 22 June report, in this report the Mizuho SecuritiesAnalyst:

unlisted/frontier research team highlights unlisted startups likely to benefit fromMitsuki Nakata

the government’s plan to invest more than ¥370t in 17 strategic areas through+81 3 6202 8379

mitsuki.nakata@mizuho-sc.com public-private collaboration under the government’s growth strategy.

Senior Analyst:

Nuclear fusion: Kyoto Fusioneering, Helical Fusion, and EX-FusionTomoki Akiyama

+81 3 6202 8048 Japan’s Fusion Energy Innovation Strategy, revised on 4 June, targets a world-

tomoki.akiyama@mizuho-sc.com first power generation demonstration in the 2030s. The strategy is premised

on expansion of the fusion industry encompassing diverse approaches that

are not limited to the tokamak type, considered the most advanced in terms of

research, for future industrialization. (The tokamak method confines plasma

using a magnetic field generated by circularly arranged coils combined with

an induced current, whereas the helical method forms a magnetic field using

only twisted helical coils and confines plasma without using plasma current.

The laser method uses high-power lasers to instantaneously compress and

heat fuel to trigger fusion.) The ¥3.1t public-private investment reported by the

media is likely to benefit domestic startups such as Kyoto Fusioneering, which

develops critical components for tokamak reactors; Helical Fusion, which

develops helical fusion reactors; and EX-Fusion, which develops laser fusion

reactors.

Eye on growing defense and surveillance demand for marine drones;