State of the Fusion Industry: 2026 Global Industry Report w/ The FIA

研报英文原文证据摘录

State of the Fusion Industry: 2026 Global Industry Report w/ The FIA

Global | Sustainability & Transition Strategy July 14, 2026

State of the Fusion Industry: 2026 Global

Industry Report w/ The FIA

We joined and participated in the launch of the Fusion Industry Association's

(FIA) '26 report – an up-to-date assessment of the state of the fusion landscape.

KTs: 1) Fusion saw +$4.5bn of new investment over the past year, bringing total

disclosed funding to ~$14bn across 56 companies globally. 2) The US remains

the epicenter of private fusion, with >25 companies; 3) Companies estimate an

avg. of ~$2.7bn in additional funding to reach a commercial plant.

1) Investment Growth – Total disclosed funding rose by $4.47bn in 2025 (up from $2.3bn), making

the most recent period one of the strongest for capital formation. Total funding now stands at

$14.24bn. Private capital continues to dominate, accounting for $13.3bn, while public support

stands at ~$1bn globally. Five companies (Commonwealth Fusion Systems, TAE Technologies,

Helion Energy, Pacific Fusion & SHINE) have now surpassed $1bn of cumulative funding. Recent

sizable rounds include CFS ($863m), Proxima Fusion ($518m), Helion ($465m), Inertia Fusion/

Shanghai Yicheng Technology ($293m), SHINE ($240m) & Focused Energy ($240m).

2) Company Landscape – The latest report surveyed 56 private companies active across the

space globally. The FIA notes 6 new companies, with 3 dropping out. The data shows continued

diversity of approaches, suggesting that the market is yet to fully settle on the future approach(es).

The US leads with >25 companies. Chinese companies have increasingly begun engaging with

the FIA, however visibility into technology pathways, costs & commercialization timelines remains

limited vs. Western peers.