Industry raised $2.64 billion in last 12 months, says latest FIA report
The fusion industry raised $2.64bn (€2.25bn) in private and public funding in the 12 months leading to July 2025, according to the annual Global Fusion Industry Report by the Fusion Industry Association (FIA).
The figure represents a significant increase from 2024 and is the second highest yearly fusion funding figure since the report began, after a record year in 2022, the FIA said.
Total funding for the 53 fusion companies covered in the latest report stands at $9.7bn, a five-fold increase since 2021.
This year’s total figure includes several major funding rounds including the $900m Series A for US-based Pacific Fusion, which came out of stealth mode in November 2024. Other significant rounds included a $425m Series F for US-based Helion in January 2025, and €113m Series B for Germany-based Marvel Fusion.
Despite the acceleration in funding, 83% of respondents still consider investment a major challenge.
When asked how much more investment each company would need to bring their first pilot plants online, answers ranged from $3m to $12.5 bn, with a median response of $700m.
Giving a total of $77bn, this is eight times more than has been committed to the industry to date, though the report emphasises that this should not be taken as the total investment needed, as there will inevitably be some consolidation, with a smaller number of market leaders emerging.
Nonetheless, fusion companies remain confident in their timelines for delivering fusion-generated electricity to the grid, with 84% of respondents believing this will happen before the end of the 2030s and 53% by 2035.
More than half of the fusion energy startups in the report are based in the US (29), while a further 13 are in Europe. The remainder are operating in countries across Asia and Oceania.
