TradingKey - 在 12 月 18 日，美国东部时间，特朗普媒体与科技集团 (NASDAQ: DJT) 宣布以全股票方式收购核聚变能源公司 TAE Technologies，交易估值超过 60 亿美元。到市场收盘时，DJT 的股价 上涨超过 40%。
<img src="https://imageproxy.pbkrs.com/https://resource.tradingkey.com/uploads/20251219/DJT-4f45b4f0d8b14c5f9b9aab9799134195.jpg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://resource.tradingkey.com/uploads/20251219/DJT-4f45b4f0d8b14c5f9b9aab9799134195.jpg"/>
[DJT 股票图表，来源：TradingKey]
DJT 此次收购将使 DJT 从一个社交媒体平台转变为一个涵盖能源和生命科学的控股公司，并计划在 2026 年开始建设其首个公用事业规模的聚变电厂。
交易细节显示，此次全股票收购预计将在 2026 年中期完成。合并后，新公司将由双方股东按完全摊薄基础各持有约 50% 的股份。DJT 将向 TAE 提供高达 2 亿美元的现金作为签约支持，监管文件提交后再提供额外的 1 亿美元。
新公司将采用共同首席执行官结构，现任 DJT 首席执行官德文·努尼斯和 TAE 首席执行官米赫尔·宾德鲍尔共同领导，同时大天空合伙人创始人迈克尔·施瓦布将被提名为九人董事会的主席。此结构设计旨在平衡媒体和科技能源的双重业务，确保聚变项目的快速推进。
DJT 首席执行官德文·努尼斯在公告中表示，此次收购将为 TAE 提供宝贵的资本和公共市场准入，促进聚变技术的商业化，并确保美国在满足人工智能能源需求方面的领导地位。
TAE 首席执行官米赫尔·宾德鲍尔指出，公司最近的技术突破加快了资本部署的步伐，团队已准备好应对全球能源短缺。他进一步强调，合并将把前沿科学转化为国家基础设施优势，加速清洁、无限能源的部署。
然而，这笔交易也引发了广泛的争议。DJT 目前的市值约为 29 亿美元，但它以高估值收购一家尚未实现商业聚变的私营公司，这引发了投资者对其基本面的担忧。
DJT 最新的季度收入仅为 368 万美元，同比下降 3.8%，惊人的 EBITDA 为-1.758 亿美元，净亏损为 5480 万美元，导致市销率高达 797 倍。
在这种背景下，一些市场参与者将此次收购形容为 “投机交易”。
从更广泛的角度来看，此次收购反映了人工智能数据中心对电力需求的爆炸性增长，而传统能源来源难以满足这种需求。核聚变被认为是终极清洁能源解决方案，能够提供无限的无碳电力。
然而，交易的风险同样显著。尽管 TAE 已经运营了多个原型反应堆，但在实现真正的电网连接发电之前，仍需克服监管和技术障碍。合并需要股东和监管机构的批准，电厂建设也面临选址和环境评估等多重挑战。
此外，DJT 作为一家高度依赖其政治品牌的媒体公司，收入波动性极大。其与深科技企业的整合是否能产生协同效应仍然受到投资者的质疑。
市场分析表明，尽管短期市场热情高涨，但此次收购的长期价值取决于 TAE 技术商业化的进展。如果电厂建设在 2026 年顺利进行并吸引更多机构资本，新公司可能成为清洁能源和人工智能基础设施的先锋，具有可观的股价潜力。
相反，如果商业聚变再次延迟，合并可能会加剧 DJT 的估值泡沫风险，导致剧烈修正。
总体而言，通过以 60 亿美元收购 TAE Technologies，特朗普媒体与科技集团显著扩大了其业务范围，并利用其政治品牌高调进入聚变能源领域。尽管股价的飙升增强了投资者信心，但也突显了其战略转型的不确定性。
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特朗普媒体科技集团

特朗普媒体科技集团 (NASDAQ: DJT) 宣布以 60 亿美元的全股票收购核聚变公司 TAE Technologies。这一举措将 DJT 从一个社交媒体平台转变为一个能源和生命科学的控股公司。由于 DJT 当前的财务状况和 TAE 的高估值，这笔收购引发了争议。此次合并旨在推动聚变技术的发展，但面临监管和技术挑战。公告发布后，股票上涨了 40%，反映了投资者的热情和对战略风险的担忧

TradingKey - On December 18, U.S. ET, Trump Media &amp; Technology Group (NASDAQ: DJT) announced an all-stock acquisition of nuclear fusion energy company TAE Technologies, with a transaction valuation exceeding $6 billion. By market close, DJT's stock price surged over 40%.
<div class="lb-trans">TradingKey - 在 12 月 18 日，美国东部时间，特朗普媒体与科技集团 (NASDAQ: DJT) 宣布以全股票方式收购核聚变能源公司 TAE Technologies，交易估值超过 60 亿美元。到市场收盘时，DJT 的股价 上涨超过 40%。
</div><img src="https://imageproxy.pbkrs.com/https://resource.tradingkey.com/uploads/20251219/DJT-4f45b4f0d8b14c5f9b9aab9799134195.jpg" alt="" original-src="https://resource.tradingkey.com/uploads/20251219/DJT-4f45b4f0d8b14c5f9b9aab9799134195.jpg"/>
[DJT Stock Chart, Source: TradingKey]
<div class="lb-trans">[DJT 股票图表，来源：TradingKey]
</div>DJT This acquisition will transform DJT from a social media platform into a holding company encompassing energy and life sciences, with plans to commence construction on its first utility-scale fusion power plant in 2026.
<div class="lb-trans">DJT 此次收购将使 DJT 从一个社交媒体平台转变为一个涵盖能源和生命科学的控股公司，并计划在 2026 年开始建设其首个公用事业规模的聚变电厂。
</div>Transaction details indicate that the all-stock acquisition is expected to close by mid-2026. Following the merger, the new company will be approximately 50% owned by each party's shareholders on a fully diluted basis. DJT will provide TAE with up to $200 million in cash as signing support, with an additional $100 million after regulatory filings.
<div class="lb-trans">交易细节显示，此次全股票收购预计将在 2026 年中期完成。合并后，新公司将由双方股东按完全摊薄基础各持有约 50% 的股份。DJT 将向 TAE 提供高达 2 亿美元的现金作为签约支持，监管文件提交后再提供额外的 1 亿美元。
</div>The new company will adopt a co-CEO structure, with incumbent DJT CEO Devin Nunes and TAE CEO Michl Binderbauer co-leading, while Big Sky Partners founder Michael Schwab will be nominated as Chairman of the nine-person board. This structural design aims to balance the dual businesses of media and tech energy, ensuring the rapid advancement of the fusion project.
<div class="lb-trans">新公司将采用共同首席执行官结构，现任 DJT 首席执行官德文·努尼斯和 TAE 首席执行官米赫尔·宾德鲍尔共同领导，同时大天空合伙人创始人迈克尔·施瓦布将被提名为九人董事会的主席。此结构设计旨在平衡媒体和科技能源的双重业务，确保聚变项目的快速推进。
</div>DJT CEO Devin Nunes stated in the announcement that this acquisition will provide TAE with valuable capital and public market access, facilitating the commercialization of fusion technology and securing the United States' leadership in meeting AI energy demands.
<div class="lb-trans">DJT 首席执行官德文·努尼斯在公告中表示，此次收购将为 TAE 提供宝贵的资本和公共市场准入，促进聚变技术的商业化，并确保美国在满足人工智能能源需求方面的领导地位。
</div>TAE CEO Michl Binderbauer noted that the company's recent technological breakthroughs have accelerated the pace of capital deployment, and the team is ready to address global energy shortages. He further emphasized that the merger will transform cutting-edge science into a national infrastructure advantage and accelerate the deployment of clean, limitless energy.
<div class="lb-trans">TAE 首席执行官米赫尔·宾德鲍尔指出，公司最近的技术突破加快了资本部署的步伐，团队已准备好应对全球能源短缺。他进一步强调，合并将把前沿科学转化为国家基础设施优势，加速清洁、无限能源的部署。
</div>However, the transaction has also sparked widespread controversy. DJT currently has a market capitalization of approximately $2.9 billion, yet it is acquiring a private company that has not yet achieved commercial fusion at a high valuation, raising investor concerns about its fundamentals.
<div class="lb-trans">然而，这笔交易也引发了广泛的争议。DJT 目前的市值约为 29 亿美元，但它以高估值收购一家尚未实现商业聚变的私营公司，这引发了投资者对其基本面的担忧。
</div>DJT's latest quarterly revenue was only $3.68 million, a 3.8% year-over-year decrease, with an astonishing EBITDA of -$175.8 million and a net loss of $54.8 million, resulting in a price-to-sales ratio as high as 797x.
<div class="lb-trans">DJT 最新的季度收入仅为 368 万美元，同比下降 3.8%，惊人的 EBITDA 为-1.758 亿美元，净亏损为 5480 万美元，导致市销率高达 797 倍。
</div>Against this backdrop, the acquisition has been described by some market participants as a 'speculative deal'.
<div class="lb-trans">在这种背景下，一些市场参与者将此次收购形容为 “投机交易”。
</div>From a broader perspective, this acquisition reflects the explosive growth in power demand from AI data centers, which traditional energy sources are struggling to meet. Nuclear fusion is considered the ultimate clean energy solution, capable of providing limitless, carbon-free electricity.
<div class="lb-trans">从更广泛的角度来看，此次收购反映了人工智能数据中心对电力需求的爆炸性增长，而传统能源来源难以满足这种需求。核聚变被认为是终极清洁能源解决方案，能够提供无限的无碳电力。
</div>However, the risks of the transaction are equally significant. Although TAE has operated multiple prototype reactors, it still needs to overcome regulatory and technical hurdles before achieving true grid-connected power generation. The merger requires shareholder and regulatory approvals, and power plant construction also faces multiple challenges such as site selection and environmental assessments.
<div class="lb-trans">然而，交易的风险同样显著。尽管 TAE 已经运营了多个原型反应堆，但在实现真正的电网连接发电之前，仍需克服监管和技术障碍。合并需要股东和监管机构的批准，电厂建设也面临选址和环境评估等多重挑战。
</div>Furthermore, DJT, as a media company heavily reliant on its political brand, exhibits highly volatile revenue. Whether its integration with a deep-tech enterprise can generate synergies remains questioned by investors.
<div class="lb-trans">此外，DJT 作为一家高度依赖其政治品牌的媒体公司，收入波动性极大。其与深科技企业的整合是否能产生协同效应仍然受到投资者的质疑。
</div>Market analysis suggests that despite the short-term market enthusiasm, the long-term value of this acquisition hinges on the progress of TAE's technology commercialization. If power plant construction proceeds smoothly in 2026 and attracts further institutional capital, the new company could emerge as a pioneer in clean energy and AI infrastructure, with substantial stock price potential.
<div class="lb-trans">市场分析表明，尽管短期市场热情高涨，但此次收购的长期价值取决于 TAE 技术商业化的进展。如果电厂建设在 2026 年顺利进行并吸引更多机构资本，新公司可能成为清洁能源和人工智能基础设施的先锋，具有可观的股价潜力。
</div>Conversely, if commercial fusion is delayed again, the merger could amplify DJT's valuation bubble risk, leading to a sharp correction.
<div class="lb-trans">相反，如果商业聚变再次延迟，合并可能会加剧 DJT 的估值泡沫风险，导致剧烈修正。
</div>Overall, through the $6 billion acquisition of TAE Technologies, Trump Media &amp; Technology Group has significantly expanded its business scope and leveraged its political brand to make a high-profile entry into the fusion energy sector. While the surge in stock price boosted investor confidence, it also underscored the uncertainties of its strategic transformation.
<div class="lb-trans">总体而言，通过以 60 亿美元收购 TAE Technologies，特朗普媒体与科技集团显著扩大了其业务范围，并利用其政治品牌高调进入聚变能源领域。尽管股价的飙升增强了投资者信心，但也突显了其战略转型的不确定性。
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DJT 借助核聚变概念上涨 40%。特朗普媒体收购 TAE 是能源革命还是资本炒作？