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Fusion energy: milestones, money and rules

The standing record of fusion's path from experiment to power plant: public machines, milestone programs, private money, the rules, and the first plant sites and power deals.

Updated · first published · 10 min read

Where things stand

As of October 8, 2026, fusion has a laboratory ignition record, an international machine whose core components have all arrived, and power plant sites, none with a finished plant.

Public machines anchor the science. Lawrence Livermore's National Ignition Facility first got more fusion energy out than its lasers put in on December 5, 2022, and holds a record of 8.6 MJ from 2.08 MJ, set April 7, 2025. ITER's 2024 baseline puts deuterium-tritium operation in 2039. China's BEST tokamak is scheduled for completion by the end of 2027.

Governments now also pay for results. DOE's Milestone-Based Fusion Development Program picked eight companies in 2023; Thea Energy says DOE certified its pilot plant design in January 2026, a first for the program. Former DOE program staff count about $200 million appropriated through fiscal 2026 and $36.5 million paid as of September 10. Germany's SPRIND opened a milestone program on October 7 with €500 million to 2029, its early money meant to flow mainly as equity. The UK is investing over £2.5 billion in fusion over five years, including STEP, a prototype plant at West Burton targeting first operations in 2040.

The private checks are bigger. The Fusion Industry Association counted $4.48 billion raised in the 12 months to July 2026. Among this year's rounds: Inertia's $450 million led by Bessemer Venture Partners, Helion's Series G led by Thrive Capital, Proxima Fusion's €411 million led by XTX Ventures and East X Ventures, $1 billion for Commonwealth Fusion Systems (CFS), whose release names no lead, and Type One Energy's $200 million co-led by Breakthrough Energy Ventures and Clutterbuck Capital. TAE Technologies is going public through a merger with Trump Media that has not closed.

In the US, a fusion machine is headed for regulation as a kind of particle accelerator under materials rules, not as a reactor; fission is on our advanced reactors page. The NRC chose its byproduct material framework in April 2023, and its proposed rule of February 26, 2026 would write the particle accelerator definition into its regulations; the law sets December 31, 2027 for final regulations. Thirty-eight Agreement States would oversee machines within their borders. Tennessee issued its first fusion-specific license, to Type One, on August 31, and Helion says it holds the Washington licenses its plant needs. H.R. 10574, which its sponsor says would provide $10 billion, has sat in committee since September 24. Britain's Energy Act 2023 exempts fusion facilities from nuclear site licensing.

The first plants have sites and buyers. CFS plans its roughly 400 MW ARC in Chesterfield County, Virginia, for the early 2030s, with Google and Eni signed for power; Google's agreement is anchored in CFS's SPARC machine reaching net fusion energy, which CFS says will happen in 2027. Helion is building Orion in Malaga, Washington, to supply Microsoft. TVA issued Type One a letter of intent for Infinity Two at Bull Run, Tennessee, now rated 400 MWe. Pacific Fusion's Albuquerque machine is a demonstration, not a power plant.

Timeline

2023202420252026Oct 7, 2026Oct 6, 2026Oct 6, 2026Oct 2, 2026Oct 2, 2026Sep 30, 2026Sep 30, 2026Sep 30, 2026Sep 24, 2026Sep 21, 2026Sep 15, 2026Sep 15, 2026Sep 14, 2026Sep 10, 2026Sep 9, 2026Sep 2, 2026Aug 31, 2026Aug 27, 2026Aug 25, 2026Jul 30, 2026Jul 16, 2026Jul 7, 2026Jun 16, 2026Jun 9, 2026Jun 8, 2026Jun 4, 2026May 27, 2026Apr 28, 2026Feb 26, 2026Feb 11, 2026Jan 13, 2026Dec 18, 2025Oct 1, 2025Sep 22, 2025Sep 19, 2025Jul 30, 2025Jul 22, 2025Jun 30, 2025Jun 12, 2025Apr 7, 2025Dec 17, 2024Jul 9, 2024Jul 3, 2024May 31, 2023May 10, 2023Apr 13, 2023Dec 5, 2022
47 dated events, 2022 to 2026. Jump to 2026, 2025, 2024, 2023, 2022.
  1. 2026

  2. SPRIND launched a milestone-based fusion program for Germany's research ministry, with €500 million to be made available by 2029 and total public funding to rise to as much as €2.5 billion (SPRIND).

    Coverage Germany's SPRIND opens fusion milestone program with up to €500M to 2029

  3. Type One Energy closed a $200 million Series B co-led by Breakthrough Energy Ventures and Clutterbuck Capital, for its stellarator program and Project Infinity (Type One Energy).

    Coverage Type One Energy raises $200M Series B for its Tennessee fusion plant

  4. Xcimer Energy finalized up to $30.5 million for the second budget period of DOE's milestone program, bringing its potential milestone payments to $39.5 million (Xcimer Energy).

    Coverage Xcimer Energy finalizes up to $30.5M more from DOE fusion milestone program

  5. Trump Media filed a delaying amendment to its S-4 for the TAE merger, holding the registration's effective date until a further amendment or an SEC determination (delaying amendment).

  6. ITER took delivery of vacuum vessel sector #2 from Europe, which it calls the last of its core tokamak components (ITER).

    Coverage ITER's ninth and final vacuum vessel sector arrives from Europe

  7. Trump Media & Technology Group filed the registration statement for its all-stock merger with TAE Technologies; it has not yet become effective (Form 8-K).

  8. Trump Media and TAE amended and restated the $200 million convertible note Trump Media funded in December 2025; TAE may draw up to $100 million more until November 29, 2026 (Form 8-K), and the S-4 says TAE's recurring losses, negative operating cash flows and continuing capital needs raise substantial doubt about its ability to continue as a going concern (Form S-4).

    Coverage Helion closes at $500M, Hyundai joins CFS, Trump Media files for TAE

  9. California enacted SB 925, which requires the California Energy Commission to deliver a fusion strategic plan by December 31, 2029 (SB 925).

    Coverage Newsom signs SB 925 fusion strategic plan and AB 2647 nuclear assessment

  10. H.R. 10574, the American Leadership in Fusion Act, was introduced and referred to the House Committee on Science, Space, and Technology (GovInfo).

    Coverage Lofgren fusion bill would appropriate $10 billion for commercialization

  11. nT-Tao and Orion Nuclear Energy signed an MoU making Orion the US project development partner for nT-Tao's compact fusion system, designed for up to 20 MW (GlobeNewswire).

    Coverage nT-Tao and Orion sign MoU on US deployment of up-to-20 MW fusion system

  12. At an IAEA General Conference side event, CNNC released an HL-3 tokamak joint experimental plan, and China Fusion Energy Co. signed a memorandum of cooperation with the ITER Organization (CNNC).

    Coverage CNNC proposes fusion engineering platform, unit signs ITER memorandum

  13. UK Fusion Energy, STEP's delivery body, became a Tier 1 member of the Manufacturing Technology Centre and expects to spend up to £10 million through it (UK Fusion Energy).

    Coverage UK Fusion Energy joins MTC as Tier 1 member, to spend up to £10m on R&D

  14. The UK and US closed the Global Fusion Policy Summit in London with a joint statement that fusion safety standards should be distinct from fission safety standards (GOV.UK).

    Coverage UK Fusion Week: a UK-US statement, a supercomputer link and up to £3m

  15. Hyundai Motor Group became an investor in CFS's $1 billion round; CFS gave no amount (CFS).

  16. Thea Energy said 16 peer-reviewed papers on its Helios stellarator power plant had been published as a special issue of Fusion Engineering and Design (GlobeNewswire).

    Coverage Thea Energy's Helios stellarator design lands in 16 peer-reviewed papers

  17. Realta Fusion and Madison Gas and Electric agreed to explore a 200 MWe fusion plant in Wisconsin, with MGE's parent taking an equity stake in Realta (PR Newswire).

    Coverage MGE Energy buys into Realta Fusion to explore 200-MWe Wisconsin plant

  18. Tennessee issued Type One Energy the state's first fusion-specific byproduct material license, for Project Infinity at TVA's Bull Run site (TDEC).

    Coverage Tennessee issues Type One Energy a fusion-specific license

  19. Marathon Fusion said its plasma centrifuge had enriched hydrogen and lithium isotopes (PR Newswire).

    Coverage Marathon Fusion says its plasma centrifuge enriched lithium and hydrogen

  20. Pacific Fusion broke ground on a $1 billion campus in Albuquerque for a machine designed to reach net facility gain by 2030 (Pacific Fusion), and NNSA signed a memorandum of understanding with the company (NNSA).

    Coverage Pacific Fusion breaks ground on a $1 billion fusion campus in Albuquerque

  21. CFS announced $1 billion of new capital, which it called the largest single fusion funding round since its own $1.8 billion round in 2021, for $4 billion raised in total (CFS).

  22. Lawrence Livermore reported more than 3,000 full-power shots on the Sirius pulsed-power prototype in a campaign with Pacific Fusion under a cooperative research agreement (LLNL).

    Coverage LLNL and Pacific Fusion push Sirius pulser past 3,000 shots

  23. Proxima Fusion announced a €411 million round led by XTX Ventures and East X Ventures, backing Alpha, its net-energy stellarator demonstrator near Munich (Proxima Fusion).

  24. Helion said the Washington Department of Health had granted it two licenses for its Orion fusion power plant (Helion).

  25. Tennessee's fusion machine rules, Chapter 0400-20-14, took effect (TDEC).

  26. DESNZ opened consultation on EN-8, the draft National Policy Statement for fusion energy, which closed August 17 and is being analysed (GOV.UK).

  27. Helion announced a $465 million Series G led by Thrive Capital, and later updated the page to say the round closed at $500 million in September (Helion).

  28. Thea Energy raised a $100 million Series B led by Thomas Tull's US Innovative Technology Fund (Thea Energy).

  29. CFS applied to connect its first ARC plant to PJM Interconnection and named the Chesterfield County site the Fall Line Fusion Power Station (CFS).

  30. The NRC published its proposed rule "Regulatory Framework for Fusion Machines," with comments due May 27 (Federal Register).

  31. Inertia announced a $450 million Series A led by Bessemer Venture Partners (GlobeNewswire).

  32. Thea Energy said DOE had certified its Helios preconceptual pilot plant design, the first awardee in the milestone program to receive that certification (Thea Energy).

  33. 2025

  34. Trump Media & Technology Group and TAE Technologies agreed an all-stock merger, with either side able to terminate if it has not closed by December 18, 2026 (Form 8-K).

  35. The Hefei Institutes of Physical Science installed the Dewar base of BEST, a compact tokamak under construction in Hefei scheduled for completion by the end of 2027 (HFIPS).

  36. Eni signed a power offtake agreement worth more than $1 billion for electricity from CFS's ARC plant (CFS).

  37. TVA issued Type One Energy a letter of intent on potential deployment of its fusion plant at the former Bull Run Fossil Plant (TVA, reprinted by Type One Energy).

  38. Helion began work on the site of Orion, its first fusion power plant, in Malaga, Washington (Helion).

  39. CNNC inaugurated China Fusion Energy Co. in Shanghai (CNNC).

  40. Google signed a power purchase agreement for 200 MW from CFS's first ARC plant (CFS).

  41. The UK government announced a record £2.5 billion for fusion, including support for STEP, the prototype plant at West Burton that targets first operations in 2040 (GOV.UK).

  42. The National Ignition Facility set its yield record, 8.6 MJ from 2.08 MJ of laser energy, a target gain of 4.13 (LLNL).

  43. 2024

  44. CFS said it would build its first ARC plant, about 400 MW, in Chesterfield County, Virginia (CFS).

  45. The ADVANCE Act became law, adding a "fusion machine" definition to the Atomic Energy Act and requiring an NRC report on licensing frameworks for mass-manufactured fusion machines (Public Law 118-67).

  46. ITER presented its 2024 baseline: start of research operation in 2034, full magnetic energy in 2036 and deuterium-tritium operation in 2039 (ITER).

  47. 2023

  48. DOE announced $46 million for eight companies in its Milestone-Based Fusion Development Program (DOE).

  49. Helion agreed to supply Microsoft electricity from its first fusion plant, expected online by 2028 (Helion).

  50. The NRC Commission approved licensing and regulating fusion energy systems under its byproduct material framework in 10 C.F.R. Part 30 (NRC).

  51. 2022

  52. The National Ignition Facility produced 3.15 MJ of fusion energy from 2.05 MJ of laser energy, which DOE called the first controlled fusion experiment to reach that milestone (DOE).

Next milestone

  • 2026-10-30: Suggestions close for National Academies experts reviewing DOE's milestone program.
  • 2026-11-29: TAE's window to draw up to $100M more from Trump Media closes.
  • 2026-12-18: Trump Media and TAE merger must close by now, or either may terminate.
  • 2026-12-31: Year-end; Type One intends to break ground at Bull Run in 2026.
  • 2027-01-13: Applications close for SPRIND's fusion milestone program.
  • 2027-12-31: Statutory deadline for the NRC's fusion machine regulations.
  • 2029-12-31: California's fusion strategic plan is due to the Legislature.

The nearest hardware dates belong to the big machines. ITER aims to move the module built around vacuum vessel sector #9 into the tokamak pit at the beginning of December (ITER) and expects the last module there by mid-2027. CFS says SPARC will pass net fusion energy in 2027, and BEST is scheduled for completion by the end of 2027. On rules, the NRC's rulemaking tracker puts the final fusion machine rule at December 31, 2027, the date the law sets, and H.R. 10574 awaits committee action. On money, the National Academies study will assess DOE's milestone approach, and SPRIND's call says it will decide in principle in 2029 which demonstrators to back. Type One's January release put Infinity Two construction as early as 2028 under TVA's letter of intent (Type One Energy), and the company has said it intends to break ground on Project Infinity's first phase at Bull Run in 2026.

This is a maintained page: it is revised as the record changes, and every revision is reviewed before it goes live. Dates in the text are the dates the facts hold for, not the date you are reading it.

Sources

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