Last week, Pacific Fusion announced a $900M Series A investment.1 Below is a plot of equity investments to fusion companies by country, which includes this new funding round.
Before Pacific’s announcement, it appeared that equity funding to fusion companies in China would surpass all other countries for two straight years. That is no longer the case. Investors in many countries are getting serious about fusion—the “fusion race” is on.
And the race isn't slowing down. The graph below shows the three and five-year moving averages of total global equity investments in fusion companies (moving averages are shown because equity investments are intended to last well beyond a single year).
The five-year moving average line continues to move up and the three-year moving average is flat in 2024, but the year isn't over yet.
Russian plasma physicist Lev Artsimovich famously quipped, “Fusion will be ready when society needs it.” These graphs suggest that societies are starting to realize that this time is approaching.
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Pacific's announcement indicates that the funding is committed upfront and "unlocked" based on milestone completion. We count the entire $900M in 2024 in this graph. Details on funding of other large rounds, particularly in China are discussed in footnotes of previous articles. ↩