Report: Funding growth for private fusion companies

A new report from the F4E Fusion Observatory highlights the robust growth of investments in private companies that are developing fusion energy technologies. The report, Global Investment in the Private Fusion Sector, is an updated release of a previous F4E Fusion Observatory report, published "in response to the unprecedented acceleration of investments in fusion companies since June 2025, which are consolidating fusion as a fast-growing emerging market."

Global funding: According to the report, the cumulative global funding in private fusion companies between June and September 2025 increased from €9.9 billion to €13 billion (about $11.6 billion to $15.17 billion). Funding for the private fusion sector in September was more than eight times greater than in 2020. The report also identifies 77 companies that are in the "fusion private ecosystem."

U.S. and China: The United States is the leader in investment in private fusion companies, with a total of about $8.05 billion spread among 42 companies. That amounts to about 53 percent of all global funding for fusion companies. China is second, with ¥32.68 billion (about $5.14 billion) for eight companies (34 percent of global funding).

Different economic models: Global Investment in the Private Fusion Sector describes the different economic models that countries use to fund fusion projects. The United States has a venture-led approach with a broad private investor base. China has a "top-down strategy" with "emerging public-private initiatives." The European Union has a mix of public, private, and public-private funding.

Fusion for Energy: The F4E Fusion Observatory is part of Fusion for Energy (F4E), the European Union organization dedicated to the development of fusion energy. It is responsible for Europe's contribution to ITER, representing about 45 percent of all financial contribution to that international project. F4E is also involved in other major fusion projects.

The F4E Fusion Observatory provides analysis and intelligence on European and global fusion policies, research and development, technologies, investments, and industrial activity.