Fusion Race — Live Leaderboard

The complete map of private fusion companies racing to commercial scale. $48B+ raised to date. First commercial PPA expected 2028-2029. Scores update quarterly based on technical milestones, partnerships, and funding velocity.

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Rank
Company / approach
Score

1

Commonwealth Fusion Systems

High-temp superconducting tokamak (SPARC)

Net energy gain confirmed Q3 2025 · MIT spin-out · NVIDIA, Bill Gates investors

94

2

Helion Energy

Field-reversed configuration · Polaris device

Polaris hit plasma temperature targets · 2028 MSFT PPA pilot · Sam Altman lead

88

3

Pacific Fusion

ICF · 10MJ excimer laser pulse-power

$900M Series A · largest private fusion round ever · 2029 demo target

85

4

TAE Technologies

Field-reversed config · proton-boron cycle

SPAC merger via TMTG · first US-listed fusion company · $6B valuation

82

5

Tokamak Energy

Spherical tokamak (ST40)

UK government anchor · 100M°C achieved · 2026 ST-E1 next-gen build

79

6

Zap Energy

Sheared-flow Z-pinch (FuZE-Q)

Chevron-led Series D · plasma duration milestones quarterly

75

7

First Light Fusion

Inertial projectile fusion

Big Yin device test · UKAEA partnership confirmed

71

8

Avalanche Energy

Orbitron lattice confinement

Lockheed lead · DOE grants · $40M funding round

67

+ 16 more companies tracked on the live map

General Fusion, Tri Alpha, HB11, Marvel Fusion, Lockheed Skunk Works, private Chinese labs, plus the next wave of Z-pinch and ICF approaches. Every fusion company with a working device, a credible commercial roadmap, or a hyperscaler in the room — scored and tracked.

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