全球在核聚變領域的投資激增 69%，達到 45 億美元

Authored by Alex Kimani via OilPrice.com,

• Private investment in nuclear fusion reached a record $4.48 billion in 2025.
• Most fusion firms are targeting commercialization in the 2030s.
• Major tech companies are backing fusion developers, with Microsoft signing a binding power purchase agreement with Helion, while Google, Nvidia, and other investors are funding companies such as Commonwealth Fusion Systems and Proxima Fusion.

Global private investments in nuclear fusion hit arecord $4.48 billionin 2025, in large part driven by the booming energy demands of AI data centers and rising global energy security concerns.

According to the Fusion Industry Association (FIA), confidence in the viability of nuclear fusion technology is growing, with ~71% of fusion companies now expected to deliver commercial power to the grid by the 2030s.

And that confidence is now translating into tangible dollars and infrastructure with fusion companies now inking site selection and Power Purchase Agreements (PPAs) with major tech companies.

To wit, three years ago,Helion Energysigneda first-of-its-kind power purchase agreement withMicrosoft Corp. (NASDAQ:MSFT), with Helion committing to supplying Microsoft with at least 50 megawatts of electricity from a commercial fusion plant by 2028. Unlike a loose letter of intent, this is a binding corporate PPA, with Helion facing potential financial penalties from Microsoft and its transmission partnerConstellation Energy(NASDAQ:CEG) if it fails to deliver on schedule. Constellation Energy serves as the primary power marketer, managing transmission from the reactor straight to the grid.

Last year, Helion broke ground on its first commercial-scale power facility dubbed Orion in Malaga, Washington. The Malaga site was strategically selected near the Columbia River to hook directly into Washington's main power delivery network, landing just upstream to power Microsoft’s massive cloud infrastructure.

Helion is heavily backed by OpenAI CEO Sam Altman, who has injected hundreds of millions of dollars of his personal capital into the company. To keep pace with the strict 2028 Microsoft deadline, last year, Helioncloseda $465 million Series G funding round led by Thrive Capital. The capital injection elevated Helion’s valuation to $15.5 billion, moving it from a speculative science venture into a heavily capitalized utility competitor.

In August 2025, Massachusetts Institute of Technology (MIT) spinoff,Commonwealth Fusion Systems,raised$863 million in a Series B2 funding, with the oversubscribed round bringing its total funding to nearly $3 billion. Some of CFS’ High-profile backers included tech heavyweights and PE firms such asNvidia Corp.(NASDAQ:NVDA),Google(NASDAQ:GOOG) and Planet First Partners, as well as tech billionaires Bill Gates (Breakthrough Energy Ventures), George Soros's Counterpoint Global and Stanley Druckenmiller. CFS will utilize the funds to develop its proprietary fusion device SPARC, a compact, tokamak device that aims to generate net-positive fusion energy by 2027. Unlike Helion’s Orion, SPARC is a 170,000-square-foot research and demonstration facility designed to prove that commercial fusion is scientifically and practically viable. By using HTS magnets developed in collaboration with MIT, SPARC can be built at a fraction of the size and cost of traditional fusion machines. The facility's subsystems, including cryoplants and magnet power systems, are currently being installed and commissioned

That said, CFS is also designingARC, which could be the world's first grid-scale commercial fusion power plant. Located in Virginia, ARC is expected to generate about 400 MW of zero-carbon power--enough electricity for roughly 150,000 homes. Construction is slated to begin after permitting, with the reactor scheduled to start generating power for the electrical grid in the early 2030s.

Meanwhile, Munich-based deep-tech companyProxima Fusionrecently raised€411 million, boosting its valuation to €2.4 billion and making it the best-funded and most valuable fusion company in Europe. Tech giant Google and German utility provider RWE signed on as critical industrial partners, each contributing €25 million. Proxima also received plenty of institutional support, with KfW Capital, Germany's deep-tech agencySPRIND, Burda Principal Investments, and the European Innovation Council (EIC) Fund joining alongside existing early backers like Plural and UVC Partners.

As the first spin-off from the prestigiousMax Planck Institute for Plasma Physics (IPP), Proxima Fusion builds on decades of scientific breakthroughs from Germany's Wendelstein-7-X program. The funds will help accelerate the vertical integration of Proxima and the construction of "Alpha," a net-energy fusion demonstrator targeted for the early 2030s near Munich. The company is building commercial power plants based on the Quasi-isodynamic (QI) stellarator concept, a major physics breakthrough derived from the Max Planck Institute's Wendelstein 7-X programme.

Unlike most commercial fusion competitors that use a donut-shaped "Tokamak" reactor architecture, Proxima is developing stellarators. While more challenging to design than tokamaks, stellarators use a complex, twisted magnetic cage layout that prevents plasma disruptions, allowing the plant to run continuously rather than in short pulses. This makes the stellarator design highly stable and structurally ideal for providing steady-state electricity to industrial power grids.