In a major step toward revolutionizing global energy production, Commonwealth Fusion Systems (CFS) has raised $863 million in a new Series B2 funding round. The capital will fast-track the company’s plans to deliver fusion energy to the power grid, bringing the long-promised technology closer to commercial reality.

Advancing Fusion from Concept to Commercial Plant

The funding will support the completion of SPARC, CFS’s fusion demonstration machine currently being built in Massachusetts, and continue development of ARC, its first commercial-scale fusion power plant, to be located in Chesterfield, Virginia. CFS aims to connect the ARC facility to the grid by the early 2030s.

The company’s technology is based on the “tokamak” design, which uses high-temperature superconducting magnets arranged in a toroidal (donut-shaped) structure to create and maintain the extreme plasma conditions required for nuclear fusion. Unlike nuclear fission, which produces long-lived radioactive waste, fusion promises a clean and near-limitless energy source powered by hydrogen, the most abundant element in the universe.

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Founded in 2018 as a spinout from MIT, CFS is collaborating with MIT’s Plasma Science and Fusion Center to build SPARC as the stepping stone to the larger ARC plant. Once operational, ARC is expected to be the first fusion power plant in the world to deliver electricity to the grid.

Strategic Partnerships with Google and Dominion

CFS’s roadmap is backed by major strategic alliances. Dominion Energy is partnering on the development of the Virginia plant, while Google has signed on to purchase half of the energy output from ARC, making it the largest-ever direct corporate offtake deal for fusion power. Google also participated in the latest funding round, building on an earlier agreement and investment.

Ally Yost, Senior Vice President of Corporate Development at CFS, emphasized the potential impact: “CFS offers investors the clearest path to bringing commercial fusion to the world. With the rapid electrification of industries and the energy demands of AI and data centers soaring, fusion is not just a dream, it’s an urgent necessity. Fusion can deliver energy security and improve global access to clean power.”

Attracting Global and Tech-Focused Investors

The new round brought in a broad range of new investors, including Brevan Howard Macro Venture Fund, Morgan Stanley’s Counterpoint Global, and NVentures, NVIDIA’s venture capital arm. A powerful consortium of 12 Japanese companies, led by Mitsui, Mitsubishi, and the Development Bank of Japan, also joined.

Existing investors such as Breakthrough Energy Ventures (founded by Bill Gates), Eni, Lowercarbon Capital, and Google increased their commitments.

Carmichael Roberts of Breakthrough Energy Ventures stated: “Achieving affordable fusion power would be one of the most transformative milestones in human history. CFS is making that future achievable. This is not only a bet on clean energy, but also on reshaping the global energy landscape to meet the exploding demand from AI, data, and digital infrastructure.”

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Nearly $3 Billion Raised to Date

Following a record-breaking $1.8 billion raise in 2021, this latest round brings CFS’s total capital raised to nearly $3 billion. The company now represents roughly one-third of all private investment in the global fusion sector.

CEO and co-founder Bob Mumgaard reflected on the momentum: “Our investors recognize that CFS is not theorizing about fusion. We are executing on every stage of the roadmap. This investment confirms CFS’s leadership in transforming fusion from lab-scale science to a cornerstone of the future energy system. The birth of a new industry is happening now, and we’re at the front of it.”

As the world pushes toward decarbonization, energy independence, and resilient power systems, fusion has long stood as the ultimate solution. With substantial capital, top-tier partners, and a clear technical path, CFS is now leading the global race to deliver that promise.

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