General Fusion

Then there's layer six, which is public proxies.

As of today, there is one listed pure play, general fusion, which listed on July 13th, 2026.

And one merger that has not closed, Trump Media and Tay Technologies, who announced December 2025 and targeted for the fourth quarter of 2026.

So we're coming right up on that.

16 months later in June 2026, it closed at $15.5 billion.

So it roughly tripled.

Then there's General Fusion.

In May 2025, it laid off at least a quarter of its staff after a $125 million raise completely fell.

And Bloomberg's framing of it is that the scientific demonstration of fusion is well underway, but the commercial argument is just beginning.

As Greg Tweney, CEO of FIA member General Fusion, puts it in the piece, "Demonstrating fusion is only a small step towards building a commercial plant." So what is a commercial plant all about? Well, this article discusses that it's mostly about cost.

Every fusion company right now is building a first of a kind machine, which means almost every component is bespoke, and bespoke means expensive.

So when we talk about fusion power, it's not just about getting there, it's about getting there for a certain cost and economics.

So FIA member Thea Energy reckons its first commercial scale plant could sell power around $145 per megawatt hour, which is roughly new build fission territory, dropping to about $50 per megawatt hour once it has five or 10 systems running.

Another FIA member, Inertia Enterprises, is aiming for around $100 per megawatt hour or less.

FIA member General Fusion is quoting around $64 to $73.

Now, the more conservative view also gets an airing in this article with David Helgeson from Transition Ventures pointing out that whatever fusion does, whatever price point it has, it will be competing with very cheap electricity sources such as solar.

Rocket Lab, QuantumScape, Oklo.

Just last month, General Fusion.

And in quantum computing, it's almost become the default route.

IonQ, Rigetti, D-Wave a few years ago.

But revenue with fusion as a sector is still some ways away.

And so given the importance of earnings, given the importance of revenues and growth, how do you square that with being a public company? Or do you get to set new milestones? [chuckles]

I think it's the latter, and that's what's really exciting, right? So we took the first pure-play public fusion company public, General Fusion.

We took that public a couple weeks ago, and it's a company that's been dear to my heart.

... uh, in, in California.

Um, a- and maybe General Fusion.

But yeah, we're about 18 years old.

Um-

First of all, I will say what I got right in that book.

One of the chapters is devoted to General Fusion.

And speaking of Time magazine, they were voted as the number one or number two, I can't remember.

green technology in 2026.