Investors Launch General Fusion to New Heights in Its Historic Debut as the First Publicly Traded Fusion Company

General Fusion made its debut on the Nasdaq today under the ticker GFUZ, becoming the first publicly traded fusion power company, surpassing its rival TAE Technologies, which has backing from Trump, by several months.

Investor enthusiasm has been robust. As trading started on Monday, the stock jumped 40% from $12.85 by 12:50 p.m. ET.

In January, General Fusion confirmed its merger with Spring Valley Acquisition Corp. III, which was completed last week.

Without any redemptions, the fusion power company could have added up to $230 million to its balance sheet. However, most de-SPAC transactions typically face a wave of redemptions prior to completion. This situation is no different; while the company has yet to release specific figures, a report from the Globe and Mail estimates that General Fusion might collect less than $30 million after accounting for redemptions and fees.

Alongside the de-SPAC, General Fusion also secured $108 million from private investors. Overall, the company claims to have approximately $150 million in cash.

Before disclosing the reverse merger, General Fusion faced financial hurdles and was struggling to secure additional funding. The company attempted to raise $125 million but fell short by May 2025, resulting in layoffs of at least 25% of its workforce. A few months later, it successfully convinced existing investors to contribute another $22 million in what was termed a “pay to play” round.

This funding round offered General Fusion some crucial breathing space. Nevertheless, the significant costs associated with fusion energy prompted the company to seek further financing, ultimately resulting in the reverse merger announced in January.

Founded in 2002, General Fusion is one of the oldest companies in the fusion power sector. Over the years, it has raised over $600 million from private investors.

The company’s approach to achieving fusion energy, termed magnetized target fusion, utilizes electromagnetic fields to create magnetized plasma—a combination of superheated particles—inside a chamber surrounded by liquid lithium. Once created, the plasma will employ piston rings to compress the liquid lithium around the fusion fuel until the atoms fuse, releasing energy.

Initially, the company indicated its intention to use steam to drive the pistons; however, it currently refrains from specifying this, instead stating that “synchronized mechanical drivers” will push the lithium blanket toward the plasma.

Originally, the company aimed to use its LM26 device to achieve a key milestone known as breakeven—where a fusion reaction generates more energy than is needed to initiate it—sometime this year. Due to financial difficulties, this timeline has since been extended, likely pushing it to 2028 or beyond. General Fusion aims to launch its first power plant “by approximately 2035.”