General Fusion debuts on Nasdaq as first publicly traded fusion company
Stock jumps 40% as fusion startup targets first power plant by 2035
General Fusion became the first publicly traded fusion energy company on Monday after debuting on the Nasdaq under the ticker GFUZ, with shares surging about 40% as investors rushed into the sector.
The Canadian fusion startup completed its merger with Spring Valley Acquisition Corp. III last week, marking a milestone for the fusion industry ahead of rival TAE Technologies' expected public listing.
Stock rallies after public debut
General Fusion's shares climbed around 40% from their opening price of $12.85 during early trading, reflecting strong investor interest in companies developing commercial fusion energy.
The company announced plans to go public through a special purpose acquisition company (SPAC) merger in January.
Company secures fresh funding
Although heavy shareholder redemptions reduced proceeds from the SPAC deal, General Fusion said it also raised $108 million from private investors.
The company now holds about $150 million in cash, providing funding to continue developing its fusion technology after facing financial pressures over the past two years.
Before announcing the merger, the startup had struggled to secure new investment, resulting in workforce reductions and an emergency funding round from existing investors.
General Fusion aims for commercial fusion power
Founded in 2002, General Fusion has raised more than $600 million from private investors over its history.
The company is developing magnetized target fusion, a process that combines electromagnetic fields, superheated plasma and liquid lithium to generate fusion reactions capable of producing clean energy.
Its long-term goal is to generate more energy from a fusion reaction than is required to initiate it—a milestone known as breakeven.
Power plant target pushed back
General Fusion had originally hoped to reach breakeven with its LM26 demonstration system this year, but funding challenges delayed that timeline.
The company now expects that milestone no earlier than 2028 and is targeting the launch of its first commercial fusion power plant by around 2035.
As competition intensifies in the fusion sector, General Fusion's Nasdaq debut makes it the first publicly listed company offering investors direct exposure to commercial fusion energy development.
