Private fusion companies have raised almost $4.5bn in funding over the past year – a 70% increase year-on-year. That is according to a report on the state of the fusion industry, which was published yesterday by the Fusion Industry Association (FIA). The report – The Global Fusion Industry in 2026 – also finds that private fusion endeavours now employ over 16 000 people worldwide.
The report surveyed 56 private fusion companies around the world – most of which are based in the US and Europe. Some of the biggest players in private fusion include Commonwealth Fusion Systems (CFS), General Fusion, TAE Technologies and Tokamak Energy.
Magnetic confinement, in which magnetic fields are used to contain a high-temperature plasma, is the most popular fusion technique being used by 48% of firms, according to the report. Inertial confinement, which uses rapid compression, usually by lasers, to create a confined plasma for a short period of time, is employed by 21% of firms with other techniques such as magneto-inertial taking up the remainder.
While electricity generation is a main target for private fusion companies, many also see the technology also being applied to space propulsion with other markets including marine propulsion, hydrogen fuel and industrial heat.
The funding boost for this year’s figures have come from major funding rounds with CFS raising $863m in August 2025 while Inertia Enterprises, Helion Energy and Proxima Fusion have raised about $1.5bn in total this year.
Ambitious goals
The first FIA report on the fusion industry was published in 2021, where it found that private fusion endeavours have received over $1.8bn of funding since the 1990s.
The 2021 report discovered that over two-thirds of the 35 companies surveyed thought that electricity generated from fusion would enter the grid in the 2030s with a further 20% thinking it would more likely come in the later decades.
That confidence, however, has grown with this year’s report finding that 71% expect the first fusion plant to deliver commercial electricity by the 2030s. Fusion industry outlines ambitious plans to deliver electricity to the grid by 2035
Indeed, FIA chief executive Andrew Holland says he is “confident” that commercial fusion will be delivered in the 2030s.
“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,” he says. “The governments that update their programmes and funding priorities to meet the sector’s needs today will be the ones to capitalize on this vital emerging industry.”
The report comes as General Fusion has become the first fusion company to be publicly listed. It joined the Nasdaq exchange with $150m in fresh funding, which is expected to go towards the firm’s Lawson tokamak programme that is expected to be complete in 2028.
