Funding
Investment
Disclosed funding deals, kept apart by instrument. Equity, grants, milestone awards, offtakes and convertible notes are never added into one total.
- 82of 98 deals on record carry a cash amount. The other 16 have none disclosed.
- $3.9bnin recorded equity for Commonwealth Fusion Systems, the most of the 25 organisations with a priced round here.Profile
By instrument
| Instrument | Deals | With amount |
|---|---|---|
| Equity round | 68 | 67 |
| Milestone-based award | 9 | 0 |
| Grant | 6 | 4 |
| Convertible note or SAFE | 5 | 5 |
| SPAC merger | 4 | 3 |
| IPO | 3 | 3 |
| Offtake or power purchase agreement | 3 | 0 |
| Total | 98 | 82 |
Equity raised
Only the rounds recorded here, so this is not each company's total raised. 6 of the 26 organisations have a single round on record. Amounts in euros or pounds are converted at a fixed approximate rate and marked ≈.
| Company | Equity | Rounds | Non-equity | Unpriced |
|---|---|---|---|---|
| Commonwealth Fusion Systems | $3.9bn | 5 | — | 1 |
| Oklo | $3.4bn incl. $276m via SPAC | 5 | — | — |
| NuScale Power | $2.9bn incl. $146m via SPAC | 6 | — | — |
| X-energy | $2.5bn | 3 | Grant $438m | — |
| TerraPower | $1.5bn | 2 | — | — |
| Helion Energy | $1.4bn | 3 | — | 1 |
| newcleo | ≈$719m incl. $31m via SPAC | 5 | Convertible note or SAFE $35m | — |
| NANO Nuclear Energy | $627m | 8 | — | — |
| Proxima Fusion | ≈$622m | 4 | Grant $3m | — |
| Radiant | $505m | 3 | — | — |
| Zap Energy | $315m | 3 | — | 1 |
| TAE Technologies | $250m | 1 | Convertible note or SAFE $200m | — |
| General Fusion | $147m | 3 | Convertible note or SAFE $60m | 2 |
| Last Energy | $140m | 2 | — | — |
| Deep Fission | $137m | 3 | — | — |
| Aalo Atomics | $133m | 3 | — | — |
| Tokamak Energy | $125m | 1 | — | 2 |
| Marvel Fusion | ≈$122m | 2 | — | — |
| Thea Energy | $120m | 2 | Grant $20m | 2 |
| Xcimer Energy | $100m | 1 | — | 1 |
| Type One Energy | $82m | 1 | — | 1 |
| Avalanche Energy | $45m | 2 | Convertible note or SAFE $29m, Grant $10m | — |
| Realta Fusion | $45m | 2 | — | 1 |
| Acceleron Fusion | $24m | 1 | — | — |
| Maritime Fusion | $5m | 1 | — | — |
| Pacific Fusion | — $900m committed, not received | 0 | — | — |
All deals 98
| Date | Company | Instrument | Amount | Detail |
|---|---|---|---|---|
| 2026-09-21 | newcleo | SPAC merger | $31m | Listing on Nasdaq (NWCL, trading from 22 September 2026) by business combination with NewHold Investment Corp. III, closed 21 September 2026. Recorded at the $31 million the company says came from NewHold's trust account at closing, after redemptions. NewHold held 20,125,000 public shares redeemable at about $10.58 each at 30 June 2026, so most of the trust was redeemed. The $216 million PIPE is a separate record. Up to $75 million more under a forward purchase agreement is contingent and not recorded. |
| 2026-09-21 | newcleo | Equity round | $216m | $216 million PIPE completed with the NewHold business combination on 21 September 2026. Segmented from the SPAC trust proceeds. |
| 2026-08-18 | Thea Energy | Equity round Series B | unpriced | Extension of the Series B announced 18 August 2026, with Brevan Howard Macro Venture, Aloniq, ALJ Investments, Beyond Earth Ventures and unnamed strategic investors. The amount is not disclosed and is recorded as undisclosed, not as zero. |
| 2026-07-30 | Commonwealth Fusion Systems | Equity round | $1bn | $1 billion of additional equity financing announced 30 July 2026. The release gives no round name and names no investors ("pension funds, sovereign wealth funds, and infrastructure and industrial corporate partners"). Hyundai Motor Group's investment, announced 10 September 2026, was made as part of this round and is not a separate deal. The release's "total of $4 billion" is the company's cumulative figure and is not a deal. |
| 2026-07-27 | Thea Energy | Grant | $20m | ARPA-E ARPA-E SCALEUP award of $20 million announced 27 July 2026, for production lines of modular high-temperature superconducting magnets. This is the award as announced, not money received. |
| 2026-07-07 | Proxima Fusion | Equity round | ≈$444m EUR 411m | Google EUR 411 million financing round announced 7 July 2026, led by XTX Ventures and East X Ventures with RWE and Google as strategic investors. The company states a valuation of EUR 2.4 billion without saying whether it is pre- or post-money, so no valuation field is set. The release does not name the round; no round label is recorded. The release's "more than EUR 650 million ... including EUR 95 million in public grants" is the company's cumulative figure and mixes grants with equity. Bavaria's EUR 400 million public funding commitment to the Alpha project is separate and is not a deal here. |
| 2026-06-22 | Deep Fission | IPO | $34m | Public offering the company calls its initial public offering: 2,500,000 shares at $16.00, completed 22 June 2026: $40.0 million gross, $34.3 million net after $3.2 million underwriting and $2.5 million other expenses. |
| 2026-06-04 | Helion Energy | Equity round | $500m | Series G announced 4 June 2026 at $465 million and closed in September 2026 at $500 million, led by Thrive Capital, at a stated $15.5 billion post-money valuation. One round: the $465 million initial close is part of the $500 million, never a separate deal. The vocabulary has no Series G term, so no round label is recorded. The release's "total invested to date ... $1.5 billion" is the company's cumulative figure. |
| 2026-06 | NANO Nuclear Energy | Equity round | $26m | First sales under a $400 million at-the-market programme: 1,000,000 shares at $26.75 in June 2026, $26.75 million gross and $25.6 million net. $373.25 million of the programme was unsold at 30 June 2026 and no further sales were made to the 10-Q date; that capacity is not recorded. |
| 2026-05-27 | Thea Energy | Equity round Series B | $100m | Series B of $100 million announced 27 May 2026, led by US Innovative Technology Fund (USIT). No named investor has an organisation record yet. |
| 2026-05-13 | Oklo | Equity round | $670m+ | At-the-market equity programme of up to $1.0 billion opened 13 May 2026 and terminated 10 September 2026 after selling 17,971,448 shares for about $1.0 billion gross. Recorded at $670.0 million, the net proceeds reported to 30 June 2026 (10,712,054 shares), as a minimum: net proceeds for the July to September sales are not yet reported. |
| 2026-04-23 | X-energy | IPO | $1.1bn | Initial public offering on Nasdaq (XE): prospectus dated 23 April 2026, IPO closed 27 April 2026. 50,892,857 Class A shares at $23.00 including the over-allotment. Recorded at $1,089,764 thousand, the proceeds net of all issuance costs reported in the 10-Q equity statement; the 10-Q cash-flow line net of underwriting only is $1,103,235 thousand, and the gross at $23.00 a share is about $1.17 billion. |
| 2026-02-26 | NuScale Power | Equity round | $984m | At-the-market equity programme of up to $1.0 billion opened 26 February 2026 and completed in June 2026: 89,727,165 shares for $1.0 billion gross and $984.5 million net. A further programme opened in August 2026 has no reported sales and is not recorded. |
| 2026-02-05 | Deep Fission | Equity round | $75m | Private placement of 5,333,333 shares at $15.00 on 5 February 2026: $80.0 million gross, $75.1 million after $4.851 million of offering costs. |
| 2026-02-03 | Avalanche Energy | Convertible note or SAFE | $29m | $29 million announced 3 February 2026, led by RA Capital Management, with existing investors including Founders Fund, Lowercarbon Capital and Toyota Ventures. The release gives no round name. The SEC Form D for this offering ($29,218,480 sold, first sale 23 December 2025) reports the security only as an option or right to acquire another security, not as equity, which is how SAFE-type instruments are filed; it is therefore segmented as convertible, not priced equity. The release says the money provides the private match for the Washington State grant. |
| 2026-01-21 | General Fusion | SPAC merger | unpriced | Listing on Nasdaq (GFUZ) by business combination with Spring Valley Acquisition Corp. III, agreed 21 January 2026 and closed 10 July 2026. The announcement's "US$230 million of trust capital (assuming no redemptions)" is NOT what General Fusion received: 21,075,896 of the 23,000,000 public shares were redeemed (about 92%). The trust cash actually delivered after redemptions has not yet been reported in any filing opened, so the amount is undisclosed rather than estimated. The PIPE is a separate record. |
| 2026-01-21 | General Fusion | Equity round | $108m | PIPE financing alongside the Spring Valley business combination: 10,556,367 units at $10.20 (each one convertible preferred share and one warrant) for $107.7 million gross, completed at closing on 10 July 2026. Announced in January 2026 at about $105 million. Segmented from the SPAC trust proceeds. |
| 2025-12-18 | TAE Technologies | Convertible note or SAFE | $200m | $200 million unsecured convertible promissory note from Trump Media & Technology Group (TMTG), signed 18 December 2025 alongside an agreement to merge the two companies in an all-stock transaction. TMTG's balance sheet carries the $200 million note receivable at 31 December 2025 and 30 June 2026, so it was funded. A further $100 million is available at TAE's request once TMTG files its Form S-4; TMTG's second-quarter 2026 results release (10 August 2026) still says TMTG "intends to file" the S-4, so that tranche is not recorded. The merger itself was pending at that date, targeted for the fourth quarter of 2026, and is not a financing. TMTG has no organisation record, so it is not linked as a participant. |
| 2025-12-17 | Radiant | Equity round | $300m+ | Lockheed Martin "More than $300 million" in a new round announced 17 December 2025, led by Draper Associates and Boost VC; the release gives no round name, so no round label is recorded. Lockheed Martin joined the round through Lockheed Martin Ventures (announced 17 February 2026, amount undisclosed). SEC Form D (filed 30 December 2025) reports $268,805,033 sold of a $350,000,018 offering at that date, below the $300 million headline, so the headline is recorded as a minimum and the Form D figure is kept here for comparison. |
| 2025-12-16 | Last Energy | Equity round Series C | $100m+ | Series C of "more than $100 million", announced as closed on 16 December 2025, led by the Astera Institute. |
| 2025-12-04 | Oklo | Equity round | $1.5bn | At-the-market equity programme of up to $1.5 billion opened 4 December 2025 and closed 28 January 2026. Net proceeds $1,476.2 million: $294.3 million from December 2025 sales and $1,181.9 million from January 2026 sales. Gross $1,499.9 million. |
| 2025-11 | Maritime Fusion | Equity round Seed | $5m | Seed round led by Trucks VC, with Aera VC, Alumni Ventures, Y Combinator and angel investors. |
| 2025-11 | X-energy | Equity round Series D | $700m | Series D Preferred Units: $700.0 million gross, closed 21 November 2025 (48,154,955 units). The prospectus reports $22.4 million of issuance costs against it. Investors are not named in the filing text used here. |
| 2025-10-07 | NANO Nuclear Energy | Equity round | $379m | Private placement of 8,490,767 shares at $47.11 to six institutional investors, closed 10 October 2025: about $400 million gross and about $378.6 million net. |
| 2025-09-09 | Proxima Fusion | Equity round Series A | ≈$16m EUR 15m | EUR 15 million extension of the Series A, announced 9 September 2025, with CDP Venture Capital, the European Innovation Council Fund and Brevan Howard Macro Venture Fund as new investors. Only the increment is recorded; the EUR 130 million Series A is a separate record. The release's "total funding to EUR 200 million" is cumulative and is not a deal. |
| 2025-09-05 | Deep Fission | Equity round | $27m | Private placement of 10,000,000 shares at $3.00, closed 5 September 2025 alongside the reverse merger that made Deep Fission public: $30.0 million gross, $27.1 million after $2.91 million of offering costs. |
| 2025-08-28 | Commonwealth Fusion Systems | Equity round Series B | $863m | Breakthrough Energy Ventures, Eni, Google, Fujikura Series B2 of $863 million announced 28 August 2025. No lead is named. Existing investors named as increasing their stakes include Breakthrough Energy Ventures, Eni and Google; new investors include NVentures (NVIDIA) and a 12-company Japanese consortium that includes Fujikura. Other named investors have no organisation record yet. |
| 2025-08-19 | Aalo Atomics | Equity round Series B | $100m | Series B of $100 million, announced as closed on 19 August 2025, led by Valor Equity Partners. |
| 2025-08-18 | Kairos Power | Offtake or power purchase agreement | unpriced | 50 MW to Tennessee Valley Authority from Power purchase agreement announced 18 August 2025: TVA to buy up to 50 MW from Kairos Power's Hermes 2 plant in Oak Ridge, Tennessee, with Google receiving the plant's clean-energy attributes through the TVA system. Term, start date and binding terms are not stated, so isBinding is left unset. |
| 2025-08-06 | General Fusion | Equity round | $18m | Rights offering of Class B Series 1 redeemable convertible preferred shares, closed 6 August 2025, for $18.4 million. The company's "US$22 million financing" headline adds a CAD 5.0 million Strategic Innovation Fund commitment to this; that public money is not equity and is not included. At the same closing the July 2024 convertible notes were exchanged for preferred shares; that exchange is not new money. |
| 2025-07-23 | Avalanche Energy | Grant | $10m | $10 million grant from the Washington State Department of Commerce, announced 23 July 2025, for the FusionWERX neutron-source facility. The February 2026 release says the $29 million raise provides the grant's private match. This is the award as announced; disbursement is not reported. |
| 2025-06-18 | TerraPower | Equity round Growth | $650m | $650 million fundraise, announced as closed on 18 June 2025, with NVentures (NVIDIA), Bill Gates and HD Hyundai named. No round name is given. A later release (20 January 2026) says Korea Hydro & Nuclear Power invests through "SK's previously announced $250 million investment"; that SK commitment's date and relation to this round are not stated in any document opened, so it is not recorded. |
| 2025-06-12 | Oklo | Equity round | $440m | Underwritten public offering of 7,666,667 shares at $60.00, closed 16 June 2025: $460.0 million gross, $440.1 million net after $18.4 million underwriting and $1.5 million other costs. |
| 2025-06-02 | Oklo | Equity round | $526m | At-the-market equity sales under a 2 June 2025 sales agreement: 7,384,019 shares sold 2 August to 3 September 2025 for $540.0 million gross and $526.1 million net. |
| 2025-06 | Proxima Fusion | Equity round Series A | ≈$140m EUR 130m | Series A of EUR 130 million (the release gives $150 million), announced as closed on 11 June 2025. Co-led by Cherry Ventures and Balderton Capital, neither of which has an organisation record yet. |
| 2025-06 | newcleo | Convertible note or SAFE | ≈$35m EUR 32m | EUR 32.1 million raised by newcleo SA in June 2025 through redeemable bonds, converted into newcleo SA shares on 30 June 2025 and later exchanged for newcleo Ltd shares (December 2025). The later share exchange is not new money. |
| 2025-05-13 | Realta Fusion | Equity round Series A | $36m | Series A of $36 million announced 13 May 2025, led by Future Ventures, with Khosla Ventures returning. SEC Form D reports $35,510,568 sold, first sale 1 May 2025. |
| 2025-05 | NANO Nuclear Energy | Equity round | $99m | Private placement of 3,888,889 shares at $27.00, closed 28 May 2025: about $105 million gross and about $99 million net. |
| 2025-03-27 | Marvel Fusion | Equity round Series B | ≈$54m EUR 50m | EUR 50 million extension of the Series B, announced 27 March 2025, with EQT Ventures, Siemens Energy Ventures, the EIC Fund, Tengelmann Ventures and Bayern Kapital named. The company says this brings the round to EUR 113 million; the first close (EUR 62.8 million) is recorded separately, so only the EUR 50 million increment is recorded here. None of the named investors has an organisation record (Siemens Energy Ventures is named, not its parent). |
| 2025-01-28 | Helion Energy | Equity round | $425m | Series F of $425 million announced 28 January 2025, led by Lightspeed Venture Partners and SoftBank Vision Fund 2, at a stated $5.425 billion post-money valuation. Neither lead has an organisation record yet. The vocabulary has no Series F term, so no round label is recorded. |
| 2025-01 | General Fusion | Grant | unpriced | Government of Canada Strategic Innovation Fund (now Strategic Response Fund) contribution: the January 2025 third amendment to the 2019 contribution agreement added CAD 15.0 million, all received during 2025. The agreement's total eligible funding was CAD 74.25 million after a March 2026 amendment; that is a ceiling and is not recorded. The March 2026 amendment's CAD 5.0 million came in exchange for warrants and is not included here. |
| 2025 | General Fusion | Convertible note or SAFE | $45m | SAFE (Simple Agreement for Future Equity) financing for $44.5 million gross, closed in the fourth quarter of 2025 and January 2026, with SAFE warrants attached. |
| 2025 | NuScale Power | Equity round | $1.3bn | At-the-market equity sales during calendar 2025 across three programmes (the 2024, Q3 2025 and Q4 2025 programmes): 57,112,216 shares for $1,327.6 million gross and $1,299.7 million net. Reported by NuScale as one annual figure, so recorded as one record. |
| 2024-12-05 | Tokamak Energy | Grant | unpriced | Public co-funding of a $52 million ST40 upgrade programme announced 5 December 2024 with the US DOE and the UK Department for Energy Security and Net Zero (DESNZ). The company says the $52 million "is divided evenly among all three partners", so Tokamak Energy funds a third itself. The two public contributions are to a joint programme, not stated as cash to the company, and their form (grant, cost share or in-kind) is not stated. No amount is recorded. |
| 2024-12 | Acceleron Fusion | Equity round Series A | $24m | Series A led by Lowercarbon Capital and Collaborative Fund. |
| 2024-11-14 | Radiant | Equity round Series C | $165m | Series C announced 14 November 2024 at $100 million, led by DCVC, and closed 28 May 2025 at $165 million with new investors including StepStone, Giant Ventures and ARK Venture Fund. One round: the $100 million first announcement is part of the $165 million, never a separate deal. |
| 2024-11 | Tokamak Energy | Equity round Growth | $125m | $125 million announced 20 November 2024, co-led by East X Ventures and Lingotto Investment Management (neither has an organisation record yet). The release's "$335 million raised since 2009" mixes $275 million private with $60 million UK and US public funding and is not a deal. |
| 2024-11 | NANO Nuclear Energy | Equity round | $55m | Private placement of 2,500,002 shares with warrants, closed 27 November 2024: about $55.1 million net. |
| 2024-10-14 | Kairos Power | Offtake or power purchase agreement | unpriced | 500 MW to Google from 2030 Master Plant Development Agreement with Google, signed and announced 14 October 2024: a path to 500 MW of Kairos plants by 2035, first deployment targeted by 2030, with Kairos selling energy, ancillary services and attributes to Google under plant-level PPAs. The 500 MW is a framework target, not a signed capacity purchase; plant-level PPA terms are not disclosed, so isBinding is left unset. Capacity is a company target (planned), not a delivered figure. |
| 2024-10-09 | Zap Energy | Equity round Series D | $130m | Breakthrough Energy Ventures Series D of $130 million announced 9 October 2024, led by Soros Fund Management (no organisation record yet). Breakthrough Energy Ventures is named among existing investors participating. SEC Form D reports $129,997,713 sold, first sale 15 July 2024. |
| 2024-10 | Pacific Fusion | Equity round Series A | $900m committed, not received | Breakthrough Energy Ventures Series A of $900 million announced 25 October 2024, led by General Catalyst (no organisation record yet). Committed in stages against milestones the company has not published, so the amount is a commitment rather than cash received. |
| 2024-10 | X-energy | Equity round Series C | $700m | Series C-1, announced 16 October 2024 at about $500 million anchored by Amazon's Climate Pledge Fund, closed upsized at $700 million on 6 February 2025. One round: never record the October $500 million as a separate deal. |
| 2024-10 | newcleo | Equity round | ≈$54m EUR 50m | Equity raise closed October 2024: 18,228,452 shares for EUR 49.6 million before expenses. |
| 2024-10 | NANO Nuclear Energy | Equity round | $37m | Underwritten follow-on offering of 2,117,646 units at $17.00 in October 2024 plus the over-allotment closed 29 October 2024: about $32.3 million plus about $4.9 million net, $37.2 million in total. |
| 2024-09 | Marvel Fusion | Equity round Series B | ≈$68m EUR 63m | First close of the Series B, EUR 62.8 million, led by HV Capital (no organisation record yet). The EUR 50 million extension of 27 March 2025 is recorded separately as deal:marvel-series-b-extension-2025; the company's "total round to EUR 113 million" is the sum of the two and must never be recorded as its own deal. |
| 2024-08-29 | Last Energy | Equity round Series B | $40m | Series B of $40 million announced 29 August 2024, closed earlier in 2024, led by Gigafund. The release's "total capital raised to $64 million" is cumulative and not a deal. |
| 2024-08-14 | Aalo Atomics | Equity round Series A | $27m | Series A of $27 million, announced 14 August 2024 and closed the previous month. |
| 2024-07-15 | Proxima Fusion | Grant | ≈$3m EUR 3m | EIC Accelerator award announced 15 July 2024: a EUR 2.5 million grant plus the opportunity of a EUR 15 million equity investment from the EIC Fund. Only the grant is recorded here. The equity arrived later as part of the September 2025 Series A extension and is counted there. |
| 2024-07 | Type One Energy | Equity round Seed | $82m | Breakthrough Energy Ventures Final close of the seed round at $82.4 million, 30 July 2024. This is a CUMULATIVE seed total: it includes $29 million raised in 2023, extended in 2024 by an extension led by Breakthrough Energy Ventures. Never add a separate 2023 $29 million seed deal alongside this one. |
| 2024-07 | General Fusion | Convertible note or SAFE | $16m | Secured convertible promissory notes issued July 2024 for $15.8 million at 12% interest, exchanged in August 2025 for Class B Series 2 preferred shares. The exchange is not new money and is not a separate deal. |
| 2024-07 | NANO Nuclear Energy | Equity round | $19m | Underwritten follow-on offering of 900,000 units at $20.00 in July 2024 plus the over-allotment closed 18 July 2024: about $16.1 million plus about $2.5 million net, $18.6 million in total. |
| 2024-06 | Xcimer Energy | Equity round Series A | $100m | Series A of $100 million announced 4 June 2024, led by Hedosophia (no organisation record yet). |
| 2024-05-07 | NANO Nuclear Energy | IPO | $10m | Initial public offering of 2,562,500 shares at $4.00 on 7 May 2024 plus the over-allotment closed 22 May 2024: about $9.0 million plus about $1.4 million net, $10.4 million in total. |
| 2024-05 | Oklo | SPAC merger | $276m | Listing via business combination with AltC Acquisition Corp, closed 9 May 2024 (NYSE: OKLO from 10 May). The 10-Q reports $276.2 million received at close, against a "$306 million" headline in the 7 May release. No PIPE is identified in the filing. |
| 2024-04-10 | Proxima Fusion | Equity round Seed | ≈$22m EUR 20m | Seed round of EUR 20 million announced 10 April 2024, led by redalpine, with Bayern Kapital, DeepTech & Climate Fonds and the Max Planck Foundation among participants. The release also mentions an earlier EUR 7.5 million pre-seed, but gives no date for it, so that is not recorded. |
| 2024-02-21 | Kairos Power | Milestone-based award | unpriced | DOE Technology Investment Agreement under the Advanced Reactor Demonstration Program, announced 21 February 2024: up to $303 million toward the Hermes demonstration reactor, paid as fixed payments on demonstrated milestones. No amount is recorded because $303 million is a ceiling, not cash received. |
| 2024-02-08 | Thea Energy | Equity round Series A | $20m | Series A of $20 million, announced as closed on 8 February 2024, led by Prelude Ventures. |
| 2024 | NuScale Power | Equity round | $205m | At-the-market equity sales during calendar 2024 under the 2023 and 2024 programmes: 21,527,146 shares for $210.1 million gross and $204.7 million net. |
| 2023-12 | NANO Nuclear Energy | Equity round Series B | $2m | Pre-IPO private round the company calls its "Series B Round": 822,144 common shares at $3.00, December 2023 to January 2024, $2,466,437 gross. |
| 2023-07 | General Fusion | Equity round | $21m | Series 1 Class F preferred shares with warrants issued July 2023 for $20.9 million. |
| 2023-05-31 | Realta Fusion | Equity round Seed | $9m | Seed round of $9 million led by Khosla Ventures, announced 31 May 2023. The same release headlines "$12 million in financing", which adds a $3 million DOE award to the seed; the award is a separate milestone-award record and is not part of this amount. |
| 2023-05 | Commonwealth Fusion Systems | Milestone-based award | unpriced | DOE Milestone-Based Fusion Development Program Selected for the DOE Milestone-Based Fusion Development Program. |
| 2023-05 | Type One Energy | Milestone-based award | unpriced | DOE Milestone-Based Fusion Development Program Selected for the DOE Milestone-Based Fusion Development Program. |
| 2023-05 | Xcimer Energy | Milestone-based award | unpriced | DOE Milestone-Based Fusion Development Program Selected for the DOE Milestone-Based Fusion Development Program. |
| 2023-05 | Zap Energy | Milestone-based award | unpriced | DOE Milestone-Based Fusion Development Program Selected for the DOE Milestone-Based Fusion Development Program. |
| 2023-05 | Realta Fusion | Milestone-based award | unpriced | DOE Milestone-Based Fusion Development Program Selected for the DOE Milestone-Based Fusion Development Program. Realta's own launch release (31 May 2023) describes "an award of $3 million" from the programme; that is the announced figure for the first budget period, not a record of cash disbursed, so it is not entered as an amount. The same release's "$12 million in financing" headline adds this award to the $9 million seed equity. |
| 2023-05 | Focused Energy | Milestone-based award | unpriced | DOE Milestone-Based Fusion Development Program Selected for the DOE Milestone-Based Fusion Development Program. |
| 2023-05 | Helion Energy | Offtake or power purchase agreement | unpriced | 50 MW to Microsoft from 2028 Power purchase agreement announced 10 May 2023: Microsoft to buy electricity from Helion's first plant, targeting "50 MW or greater" after a one-year ramp, online 2028. Constellation is power marketer. Recorded as binding on the word of Helion's CEO ("a binding agreement that has financial penalties"); the terms and penalties are undisclosed. |
| 2023-05 | Tokamak Energy | Milestone-based award | unpriced | DOE Milestone-Based Fusion Development Program Tokamak Energy Inc, the US subsidiary, selected for the DOE Milestone-Based Fusion Development Program on 31 May 2023 (one of eight selectees). |
| 2023-05 | Thea Energy | Milestone-based award | unpriced | DOE Milestone-Based Fusion Development Program Selected for the DOE Milestone-Based Fusion Development Program in May 2023 under its former name, Princeton Stellarators (one of eight selectees). The company announced the selection on 1 June 2023. |
| 2023-04-24 | Radiant | Equity round Series B | $40m | Series B of $40 million announced 24 April 2023, led by Andreessen Horowitz. The release's "total capital raised to $54 million with an additional $2.3M in government awards" keeps the awards separate; neither total is a deal. |
| 2023-04-11 | Aalo Atomics | Equity round Seed | $6m | Seed round of $6.26 million in equity, announced 11 April 2023, led by Fifty Years with Valor Equity Partners participating. |
| 2023-03 | newcleo | Equity round | ≈$94m EUR 87m | First tranche of an equity raise launched March 2023 and closed April 2024: 31,119,972 shares for EUR 87.1 million. |
| 2023 | NuScale Power | Equity round | $10m | At-the-market equity sales during calendar 2023: 1,737,378 shares for $10.4 million gross and $9.8 million net. |
| 2022-08 | TerraPower | Equity round Growth | $830m | Equity raise first announced 15 August 2022 at a minimum of $750 million (co-led by SK Inc./SK Innovation and Bill Gates), then concluded at $830 million on 3 November 2022 after a further $80 million from ArcelorMittal, KSOE and others. One round: never record the $750 million announcement as a separate deal. |
| 2022-08 | Avalanche Energy | Equity round Series A | $40m | Series A of $40 million led by Lowercarbon Capital, with Founders Fund and Toyota Ventures. The company release carries no date; the date recorded is the first sale on the SEC Form D (12 August 2022) for a $40,000,004 offering. |
| 2022-07 | TAE Technologies | Equity round Growth | $250m | $250 million, which the release calls a Series G-2 and describes as closed (19 July 2022). Named investors include Google, Chevron and Sumitomo Corporation of Americas. The release also states $1.2 billion raised to date; that cumulative figure is the company's and is not a deal. |
| 2022-06 | Zap Energy | Equity round Series C | $160m | Series C of $160 million announced 22 June 2022, led by Lowercarbon Capital (no organisation record yet). |
| 2022-06 | newcleo | Equity round | ≈$324m EUR 300m | Private fund raise completed June 2022: 200,000,000 shares for EUR 300.0 million. |
| 2022-05 | NuScale Power | SPAC merger | $146m | Listing on the NYSE (SMR) by business combination with Spring Valley Acquisition Corp., completed in May 2022 (the 10-Q states shares outstanding immediately after the transaction on 3 May 2022). Recorded at $145.5 million, the cash that came from the SPAC trust after redemptions. The $235.0 million PIPE is a separate record. Transaction costs of $39.1 million were charged against both, for $341.5 million net in total; the costs are not split between trust and PIPE. |
| 2022-05 | NuScale Power | Equity round | $235m | $235.0 million PIPE (23,700,002 Class A shares) completed with the Spring Valley business combination in May 2022. Segmented from the SPAC trust proceeds. |
| 2021-12 | Commonwealth Fusion Systems | Equity round Series B | $1.8bn+ | Eni, Breakthrough Energy Ventures Series B of more than $1.8 billion, announced as closed on 1 December 2021. Led by Tiger Global Management, which has no organisation record yet and so is not linked. The release names more than a dozen other investors; only Eni and Breakthrough Energy Ventures are linked here, so the participant list is partial. |
| 2021-11 | Helion Energy | Equity round Series E | $500m | Series E of $500 million, led by Sam Altman, announced 5 November 2021. The same release describes "the opportunity for an additional $1.7 billion" tied to performance milestones; that option is contingent and is not recorded as raised. |
| 2021-06 | Avalanche Energy | Equity round Seed | $5m | Seed round of $5 million led by Prime Impact Fund, per the Series A release. The date is the first sale on the SEC Form D (2 June 2021), which reports $5,131,980 sold. |
| 2021-04 | Zap Energy | Equity round | $25m+ | Equity offering reported on SEC Form D: $25,249,943 sold of a $27,500,000 offering at filing, first sale 20 April 2021. The Form D does not name the round, so no round label is recorded; the amount is a minimum. |
| 2021-02 | X-energy | Grant | $438m | DOE Advanced Reactor Demonstration Program cooperative agreement (Award DE-NE0009040), effective 2 February 2021: a 50/50 cost share of $2.4 billion of eligible costs, i.e. up to $1.2 billion of DOE reimbursement through 2027. The amount recorded is what X-energy reports as actually reimbursed, about $438 million by 31 December 2025, not the $1.2 billion ceiling. Reimbursement continues: the 10-Q for Q1 2026 reports a further $28.8 million received in that quarter, not included here. |
| 2020-05 | Commonwealth Fusion Systems | Equity round | $81m+ | Equity offering reported on SEC Form D: $80,600,007 sold of a $100,000,004 offering at the time of filing (26 May 2020), first sale 11 May 2020. The Form D does not name the round, so no round label is recorded. The amount is a minimum because $19.4 million remained unsold when the notice was filed. |
| 2018-05 | Commonwealth Fusion Systems | Equity round | $115m | Equity offering reported on SEC Form D/A: $114,999,971 sold, first sale 30 May 2018, offering fully sold. The Form D does not name the round, so no round label is recorded. |