NEW YORK, March 23, 2026, 14:59 EDT
Fusion energy startups are heading to public markets, lured by surging AI-driven power needs and new funding flows for always-on clean energy. General Fusion struck a blank-check merger deal to go public, while TAE Technologies is eyeing a tie-up valued at over $6 billion with Trump Media & Technology Group. Fusion’s pitch: generate electricity by fusing light atoms, replicating the sun’s energy source. 1
Why does the shift matter? Data centers are redrawing America’s power landscape. By 2030, these facilities could consume as much as 9% of all U.S. electricity. Both North American solar and wind contract prices climbed 9% in the fourth quarter of 2025—hyperscale companies scrambled to secure supply. “Hyperscalers are increasingly partnering with developers,” said Caroline Mead, a senior vice president at Engie North America. Mead points to multi-gigawatt portfolio deals now being signed. 2
Capital demands are up. Fusion investment added $2.64 billion in the 12 months through July 2025, marking the strongest gain since 2022, the Fusion Industry Association reports. Still, companies insist the sector is nowhere near the funding needed to connect to the grid. 3
General Fusion, headquartered in Vancouver, announced plans in January to go public through a merger with Spring Valley Acquisition Corp. III, a SPAC, pegging the company’s value at roughly $1 billion. Details in a February filing outlined $107.7 million in private financing and $230 million stashed in the SPAC’s trust, with the deal expected to wrap up by mid-2026 under the ticker GFUZ. “The demand for energy is massive,” Chief Executive Greg Twinney said to Reuters. 4
TAE is opting for a wider path. The company’s all-stock merger with Trump Media pegs their joint valuation above $6 billion. The plan: site selection and groundwork for a 50-megawatt fusion plant starting in 2026, with ambitions to ramp up to 350-500 MW units after that. TMTG, for its part, agreed to put in as much as $200 million upfront, plus an additional $100 million post-registration filing. Running Point Capital Advisors partner Michael Ashley Schulman called the deal “a fast lane to being publicly traded” for TAE. 5
Private companies haven’t stopped lining up buyers for their fusion energy bets. Helion inked a supply deal with Microsoft for a minimum 50 MW from its inaugural plant. Last year, Commonwealth Fusion Systems reached a 200 MW agreement with Google. A power purchase agreement, or PPA, locks in the sale of electricity over a long term. 6
On Monday, public investors jumped on the theme early. Trump Media climbed around 6.9% to $9.17 by midafternoon in New York. Oklo advanced 5.2% to $56.76, NuScale tacked on 3.3% to $11.82, while Spring Valley hovered near unchanged at $10.18.
But fusion is still a distant bet. Commercial use is nowhere near, and the U.S. Nuclear Regulatory Commission has just started reviewing a draft rule for fusion plants—public comments are accepted until May 27. 7
Federal support doesn’t stack up for fusion. In 2023, the Department of Energy put $46 million behind eight fusion firms through its milestone program. By comparison, it’s opened the door for up to $900 million in applications this year for the first small modular reactors, or SMRs, built in the U.S. That’s a sizable gap—and one reason why tapping public markets looks increasingly pivotal for fusion companies. 8
