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Energy & climate
Global segment ranking · Energy & climate › Generation

The world’s most valuable fusion and advanced nuclear startups

Edition 0 (beta)·Published 5 Oct 2026·Next scheduled update 2 Mar 2027

Companies building fusion machines, and companies building new-generation fission reactors (small modular reactors, microreactors, molten salt, sodium, gas or lead-cooled designs) or their advanced fuel. Ranked worldwide by AI-estimated valuation. The market sets the value; our AI estimates it.

Twice a year Claude · multi-AI consensus in a future edition· Method· Order never changed by a human

Declare an interest in Fusion & advanced nuclear

Key metrics for this segment: key milestone. Figures as published by each company or the press, dated, not recalculated. The AIs weigh them alongside funding history and comparables.

Not in this segment. Listed, so not ranked: General Fusion (Nasdaq, Jul 2026), X-energy, newcleo, Deep Fission, Standard Nuclear, Hadron Energy, Terrestrial Energy, ONE Nuclear, Steady Energy, Fermi America, Oklo, NuScale, Nano Nuclear. TAE Technologies and Blue Laser Fusion leave the ranking once their pending listings close. Not eligible because created or owned by a group: Rolls-Royce SMR, Calogena (Groupe Gorgé), Holtec (established company). Kairos Power has disclosed no equity round. Insolvent: Naarea (taken over by Eneris), Moltex Energy. Chinese companies are never ranked: NovaFusionX, Startorus Fusion and Energy Singularity are among the best-funded fusion companies. A company appears in one segment only. Method

The segment at a glance
45companies ranked
8companies on the radar
9countries in the ranking
7listed benchmarks
Sources: Company announcements, SEC filings, TechCrunch, Bloomberg, Axios, Heatmap, GeekWire, POWER, Neutron Bytes, NucNet, ANS Nuclear Newswire, World Nuclear News, EU-Startups, CNBC, Maddyness, GreenUnivers, Fusion Energy Base. Intention counters will be shown above a threshold of amount and number of Backers.

Rankings by region

Filter the ranking and the Radar. Ranks stay worldwide. Regional pages: Asia · Europe · Middle East & North Africa · North America.

Global ranking · Fusion & advanced nuclear

First edition: no movements yet.

World · 45 ranked companies

#CompanyLast round · Key metricsEstimated valuation (AI) · rangeConfidenceBack
1 Helion EnergyUnited States · North AmericaSources: 1 · 2 Series G · USD 465M · Jun 2026Polaris ran on D-T fuel at 150M°C; 50 MW Orion plant under construction for Microsoft (PPA targeting 2028) · Feb 2026 Last known equity round: Series G · USD 465M · Jun 2026 (Thrive Capital; Lux Capital, Alta Park); extended to USD 500M in Sep 2026
Published valuation: USD 15.5bn (Jun 2026)
Confidence index: High
Method
Solid sources Back
2 Commonwealth Fusion SystemsUnited States · North AmericaSources: 1 · 2 Equity round · USD 1bn · Jul 2026SPARC tokamak about 80% assembled, targeting Q>1 in 2027; PPAs with Google (200 MW) and Eni for its ARC plant · Jul 2026 Last known equity round: Equity round · USD 1bn · Jul 2026 (pension and sovereign wealth funds, industrial partners)
No confirmed published valuation
Confidence index: Medium
Method
Partial sources Back
3 Valar AtomicsUnited States · North AmericaSources: 1 · 2 Series B · USD 1bn · Aug 2026Ward 250 gas-cooled reactor reached criticality in Utah; 30 MW development deal with Nvidia · Jun 2026 Last known equity round: Series B · USD 1bn · Aug 2026 (Sequoia; Atreides, Point72, Valor, Snowpoint); plus a USD 200M credit line
Published valuation: USD 6bn (Aug 2026)
Confidence index: High
Method
Solid sources Back
4 Pacific FusionUnited States · North AmericaSources: 1 Series A · USD 900M · Oct 2024Pulser reached over 440 GW peak power; targets net facility gain in 2030 · Jun 2026 Last known equity round: Series A · USD 900M · Oct 2024 (General Catalyst); milestone-tranched, above USD 1bn
No confirmed published valuation
Confidence index: Medium
Method
Partial sources Back
5 TerraPowerUnited States · North AmericaSources: 1 · 2 Equity round · USD 650M · Jun 2025NRC construction permit for its 345 MWe Natrium plant at Kemmerer (Wyoming); operation targeted around 2030 · Mar 2026 Last known equity round: Equity round · USD 650M · Jun 2025 (Bill Gates, HD Hyundai, NVentures (Nvidia))
No confirmed published valuation
Confidence index: High
Method
Solid sources Back
6 TAE TechnologiesUnited States · North AmericaSources: 1 · 2 Equity round · USD 150M · Jun 2025Merger with Trump Media pending (S-4 filed Sep 2026, closing expected end-2026); TAE holders to own about 46% · Sep 2026 Last known equity round: Equity round · USD 150M · Jun 2025 (Google, Chevron, NEA); all-stock merger with Trump Media (Nasdaq: DJT) announced Dec 2025, pending
Published valuation: about USD 2.8bn (implied by the Trump Media merger terms) (Dec 2025)
Confidence index: Medium
Method
Partial sources Back
7 Proxima FusionGermany · EuropeSources: 1 · 2 Series B · EUR 411M (about USD 469M) · Jul 2026Stellarator model coil due 2027, Alpha demonstrator in 2031; plans a EUR 140M HTS magnet factory · Jul 2026 Last known equity round: Series B · EUR 411M (about USD 469M) · Jul 2026 (XTX Ventures, East X Ventures; RWE, Google, KfW Capital, EIC Fund)
Published valuation: EUR 2.4bn (about USD 2.7bn) (Jul 2026)
Confidence index: High
Method
Solid sources Back
8 Inertia EnterprisesUnited States · North AmericaSources: 1 Series A · USD 450M · Feb 2026Laser inertial fusion building on the NIF ignition result; pilot plant targeted around 2030 · 2026 Last known equity round: Series A · USD 450M · Feb 2026 (Bessemer; GV, Threshold)
No confirmed published valuation
Confidence index: High
Method
Solid sources Back
9 AntaresUnited States · North AmericaSources: 1 · 2 Series C · USD 370M · Jul 2026Mark-0 microreactor reached criticality at Idaho National Laboratory · Jun 2026 Last known equity round: Series C · USD 370M · Jul 2026 (Paradigm, Caffeinated Capital; Point72); plus USD 100M of debt
No confirmed published valuation
Confidence index: High
Method
Solid sources Back
10 Radiant IndustriesUnited States · North AmericaSources: 1 · 2 · 3 Series D · USD 350M · Jan 2026Equinix ordered 20 Kaleidos microreactors; first unit and fuel delivered to Idaho National Laboratory · Jul 2026 Last known equity round: Series D · USD 350M · Jan 2026 (Draper Associates, Boost VC; DCVC, Founders Fund, Chevron Technology Ventures)
No confirmed published valuation
Confidence index: High
Method
Solid sources Back
11 SHINE TechnologiesUnited States · North AmericaSources: 1 · 2 Series E · USD 240M · Feb 2026Fusion-driven neutron source for medical isotopes; Chrysalis plant targeted for 2028; IPO in preparation · Aug 2026 Last known equity round: Series E · USD 240M · Feb 2026 (NantWorks; Fidelity, Sumitomo, Oaktree, Deerfield)
No confirmed published valuation
Confidence index: High
Method
Solid sources Back
12 Focused EnergyGermany · EuropeSources: 1 Series A · USD 240M · May 2026Laser fusion plant planned at the Biblis site (RWE) by the mid-2030s · 2026 Last known equity round: Series A · USD 240M · May 2026 (RWE, SPRIND, EIC Fund, Prime Movers Lab)
No confirmed published valuation
Confidence index: High
Method
Solid sources Back
13 Type One EnergyUnited States · North AmericaSources: 1 Convertible note · USD 87M · Jan 2026Infinity Two stellarator plant (350 MW) planned with TVA at Bull Run, mid-2030s · Jan 2026 Last known equity round: Convertible note · USD 87M · Jan 2026 (Breakthrough Energy Ventures); ahead of a USD 250M Series B
Published valuation: USD 900M pre-money (reported, Series B in progress) (Jan 2026)
Confidence index: Low
Method
Weak sources Back
14 General MatterUnited States · North AmericaSources: 1 · 2 Series A · USD 50M · Apr 2025USD 900M DOE contract for HALEU uranium enrichment at Paducah (Kentucky) · Jan 2026 Last known equity round: Series A · USD 50M · Apr 2025 (Founders Fund); reported raising USD 500M at a USD 2bn pre-money in Mar 2026, not confirmed
No confirmed published valuation
Confidence index: Low
Method
Weak sources Back
15 Blue EnergyUnited States · North AmericaSources: 1 · 2 Series A · USD 45M · Oct 2024Shipyard-built grid-scale nuclear plants; first 1.5 GW plant in Texas planned · 2026 Last known equity round: Series A · USD 45M · Oct 2024; followed in Apr 2026 by USD 380M of equity and debt (VXI Capital), split undisclosed
No confirmed published valuation
Confidence index: Medium
Method
Partial sources Back
16 Zap EnergyUnited States · North AmericaSources: 1 · 2 Series D · USD 130M · Oct 2024Test rig ran over 100 shots at one every 5 s (39 kW); added fission (SMR) in Apr 2026 · Apr 2026 Last known equity round: Series D · USD 130M · Oct 2024
No confirmed published valuation
Confidence index: Medium
Method
Partial sources Back
17 Tokamak EnergyUnited Kingdom · EuropeSources: 1 Equity round · USD 125M · Nov 2024Demo4 HTS magnet system reached 11.8 T; magnet partner for the UK STEP programme · Apr 2026 Last known equity round: Equity round · USD 125M · Nov 2024 (East X Ventures, Lingotto; British Patient Capital, Furukawa)
No confirmed published valuation
Confidence index: High
Method
Solid sources Back
18 Marvel FusionGermany · EuropeSources: 1 Series B extension · EUR 113M (about USD 122M) · Mar 2025USD 150M laser facility with Colorado State University · 2025 Last known equity round: Series B extension · EUR 113M (about USD 122M) · Mar 2025 (EQT Ventures, Siemens Energy, EIC Fund)
No confirmed published valuation
Confidence index: High
Method
Solid sources Back
19 Kyoto FusioneeringJapan · AsiaSources: 1 Series D (first close) · JPY 16.7bn (about USD 105M) · Aug 2026Supplies fusion plant systems (gyrotrons, blankets); Unity-3 breeding-blanket prototype with Oak Ridge · Aug 2026 Last known equity round: Series D (first close) · JPY 16.7bn (about USD 105M) · Aug 2026 (IMM Japan Korea-Japan Fusion Fund, DBJ, JR East)
No confirmed published valuation
Confidence index: High
Method
Solid sources Back
20 Thea EnergyUnited States · North AmericaSources: 1 Series B · USD 100M · May 2026Planar-coil stellarator; Eos demonstrator targeted for 2030 · May 2026 Last known equity round: Series B · USD 100M · May 2026 (US Innovative Technology Fund)
No confirmed published valuation
Confidence index: High
Method
Solid sources Back
21 Xcimer EnergyUnited States · North AmericaSources: 1 · 2 Series A · USD 100M · Jun 2024Excimer-laser inertial fusion, Denver · 2026 Last known equity round: Series A · USD 100M · Jun 2024 (Hedosophia; Breakthrough Energy Ventures, Lowercarbon); minority investment from RTX Ventures in Sep 2026, amount undisclosed
No confirmed published valuation
Confidence index: Medium
Method
Partial sources Back
22 Aalo AtomicsUnited States · North AmericaSources: 1 · 2 Series B · USD 100M · Aug 2025Aalo-X sodium-cooled reactor reached criticality · Jul 2026 Last known equity round: Series B · USD 100M · Aug 2025 (Valor Equity Partners; Hitachi Ventures, NRG)
No confirmed published valuation
Confidence index: High
Method
Solid sources Back
23 Last EnergyUnited States · North AmericaSources: 1 · 2 Series C · USD 100M · Dec 2025PWR-5 pilot microreactor built at Texas A&M RELLIS; criticality expected within months · Sep 2026 Last known equity round: Series C · USD 100M · Dec 2025 (Astera Institute; JAM Fund, Gigafund)
No confirmed published valuation
Confidence index: High
Method
Solid sources Back
24 Bluecore EnergyUnited States · North AmericaSources: 1 Seed · USD 50M · Sep 2026Floating barge-mounted small modular reactors · Sep 2026 Last known equity round: Seed · USD 50M · Sep 2026 (Silverton)
No confirmed published valuation
Confidence index: Low
Method
Weak sources Back
25 BlykallaSweden · EuropeSources: 1 · 2 Equity round · USD 50M · Dec 2025SEALER lead-cooled SMR; test site at Oskarshamn · 2025 Last known equity round: Equity round · USD 50M · Dec 2025 (Oklo, Norrsken Launcher, Armada; KDDI)
No confirmed published valuation
Confidence index: High
Method
Solid sources Back
26 Jimmy EnergyFrance · EuropeSources: 1 · 2 Equity round · EUR 40M (about USD 45M) · Mar 2026High-temperature gas microreactor for industrial heat; first site at Bazancourt (Cristanol) · Mar 2026 Last known equity round: Equity round · EUR 40M (about USD 45M) · Mar 2026 (Crédit Mutuel Impact; Ademe Investissement, Serena); plus a EUR 40M France 2030 grant
No confirmed published valuation
Confidence index: High
Method
Solid sources Back
27 Realta FusionUnited States · North AmericaSources: 1 Series A · USD 36M · May 2025HTS magnetic mirror; WHAM device at the University of Wisconsin · 2025 Last known equity round: Series A · USD 36M · May 2025 (Future Ventures; Khosla, Mayfield, WARF)
No confirmed published valuation
Confidence index: High
Method
Solid sources Back
28 Renaissance FusionFrance · EuropeSources: 1 Series A (first close) · EUR 32M (about USD 33M) · Mar 2025Stellarator with HTS coils and liquid-metal walls, Grenoble · 2025 Last known equity round: Series A (first close) · EUR 32M (about USD 33M) · Mar 2025
No confirmed published valuation
Confidence index: High
Method
Solid sources Back
29 First Light FusionUnited Kingdom · EuropeSources: 1 Equity round (first close) · GBP 25M (about USD 33M) · Apr 2026Pivoted in 2025 from its own power plant to the FLARE inertial fusion concept and amplifier technology · 2026 Last known equity round: Equity round (first close) · GBP 25M (about USD 33M) · Apr 2026 (East X Ventures; UKAEA, IP Group)
No confirmed published valuation
Confidence index: Medium
Method
Partial sources Back
30 Astral SystemsUnited Kingdom · EuropeSources: 1 Series A · GBP 23M (about USD 31M) · Jun 2026Multi-state fusion to produce medical isotopes; GBP 3M revenue to date, isotope production from 2027 · Jun 2026 Last known equity round: Series A · GBP 23M (about USD 31M) · Jun 2026 (Mercia Ventures)
No confirmed published valuation
Confidence index: High
Method
Solid sources Back
31 Avalanche EnergyUnited States · North AmericaSources: 1 Equity round · USD 29M · Feb 2026Desktop-size micro-fusion device reached a record 300 kV; FusionWERX test facility in Richland, WA · 2026 Last known equity round: Equity round · USD 29M · Feb 2026 (RA Capital; Founders Fund, Lowercarbon, Toyota Ventures)
No confirmed published valuation
Confidence index: High
Method
Solid sources Back
32 StellariaFrance · EuropeSources: 1 · 2 Equity round · EUR 23M (about USD 27M) · Jul 2025Equinix pre-ordered 500 MWe from its fast-spectrum molten salt reactor · Nov 2025 Last known equity round: Equity round · EUR 23M (about USD 27M) · Jul 2025
No confirmed published valuation
Confidence index: Medium
Method
Partial sources Back
33 Copenhagen AtomicsDenmark · EuropeSources: 1 · 2 Equity round · EUR 25M (about USD 27M) · 2023Thorium molten salt reactor; critical tests pushed back to 2028 · Sep 2026 Last known equity round: Equity round · EUR 25M (about USD 27M) · 2023
No confirmed published valuation
Confidence index: Low
Method
Weak sources Back
34 HexanaFrance · EuropeSources: 1 Equity round · EUR 25M (about USD 26M) · Jan 2025Sodium fast-reactor SMR with heat storage; team grew from 4 to 70 · 2025 Last known equity round: Equity round · EUR 25M (about USD 26M) · Jan 2025 (Eren Groupe)
No confirmed published valuation
Confidence index: Medium
Method
Partial sources Back
35 Blue Laser FusionUnited States · North AmericaSources: 1 Private placement · USD 25M · Sep 2026Semiconductor-pumped laser fusion (US and Japan) · Sep 2026 Last known equity round: Private placement · USD 25M · Sep 2026; alongside a merger into a non-traded SEC-reporting shell; exchange listing planned
No confirmed published valuation
Confidence index: Low
Method
Weak sources Back
36 Acceleron FusionUnited States · North AmericaSources: 1 Seed · USD 24M · Dec 2024Muon-catalysed fusion at low temperature · 2024 Last known equity round: Seed · USD 24M · Dec 2024 (Lowercarbon, Collaborative Fund)
No confirmed published valuation
Confidence index: Low
Method
Weak sources Back
37 nT-TaoIsrael · Middle East & North AfricaSources: 1 Series A · USD 22M · Feb 2023Compact fusion with ultra-fast plasma heating · 2023 Last known equity round: Series A · USD 22M · Feb 2023 (Delek US, NextGear; Honda, OurCrowd)
No confirmed published valuation
Confidence index: Medium
Method
Partial sources Back
38 ThorizonNetherlands · EuropeSources: 1 · 2 Series A · EUR 20M (about USD 22M) · Mar 2025Thorizon One molten salt reactor using spent fuel and thorium · 2025 Last known equity round: Series A · EUR 20M (about USD 22M) · Mar 2025 (Invest-NL)
No confirmed published valuation
Confidence index: Low
Method
Weak sources Back
39 Natura ResourcesUnited States · North AmericaSources: 1 · 2 Equity round · USD 20M · Apr 2025NRC construction permit for its MSR-1 molten salt research reactor at Abilene Christian University · 2024 Last known equity round: Equity round · USD 20M · Apr 2025; NOV joined as investor in Dec 2025
No confirmed published valuation
Confidence index: Low
Method
Weak sources Back
40 OtreraFrance · EuropeSources: 1 Series B · EUR 17M (about USD 20M) · Jun 2026Sodium-cooled fast reactor; factory project near Cherbourg, demonstrator targeted for 2032 · Jun 2026 Last known equity round: Series B · EUR 17M (about USD 20M) · Jun 2026 (EDF, ADF, Ingerop, Onet, Normandie Participations)
No confirmed published valuation
Confidence index: Low
Method
Weak sources Back
41 Helical FusionJapan · AsiaSources: 1 Series B (first close) · USD 16.9M · Apr 2026Helical stellarator; selected for a METI demonstration subsidy · Aug 2026 Last known equity round: Series B (first close) · USD 16.9M · Apr 2026 (Ecrowd NEXT, NICHIAS)
No confirmed published valuation
Confidence index: Medium
Method
Partial sources Back
42 EX-FusionJapan · AsiaSources: 1 Series A · JPY 2.3bn (about USD 15.5M) · Jun 2025Laser fusion; targets one hour of continuous neutron generation by FY2027 · 2025 Last known equity round: Series A · JPY 2.3bn (about USD 15.5M) · Jun 2025 (Osaka University Venture Capital, MPower, MUFG Capital, Fujikura)
No confirmed published valuation
Confidence index: Medium
Method
Partial sources Back
43 Clean Core Thorium EnergyUnited States · North AmericaSources: 1 Seed · USD 15.5M · Feb 2025Thorium-based advanced nuclear fuel · 2025 Last known equity round: Seed · USD 15.5M · Feb 2025
No confirmed published valuation
Confidence index: Low
Method
Weak sources Back
44 NuCube EnergyUnited States · North AmericaSources: 1 Equity round · USD 13M · Feb 2026High-temperature microreactor (Idealab) · 2026 Last known equity round: Equity round · USD 13M · Feb 2026 (Arizona Nuclear Ventures)
No confirmed published valuation
Confidence index: Low
Method
Weak sources Back
45 Novatron Fusion GroupSweden · EuropeSources: 1 Series A1 · EUR 10M (about USD 10.8M) · Mar 2025Axisymmetric magnetic mirror; over 3,000 experiments on its N1 device · 2026 Last known equity round: Series A1 · EUR 10M (about USD 10.8M) · Mar 2025 (St1)
No confirmed published valuation
Confidence index: Medium
Method
Partial sources Back

Back · Declaring an intention does not mean this company is raising funds. · Terms

Ranking in descending order of AI-estimated valuation, based on public information, with no human intervention on the order. The valuations, ranges and brackets shown are editorial estimates produced by AI, purely indicative and imperfect by nature: neither a financial valuation, nor an offer, nor investment advice. Only the market sets a company’s value, through a funding round or a sale. Edition 0: produced by Claude (Anthropic); a consensus of several AI models will apply in a future edition. Eligibility: at least $1M raised including one equity round, non-listed company, main activity in this segment (fusion and advanced nuclear). Country shown is the country of main operations. Request a correction

How to read this ranking

Rank

Companies are ranked by AI-estimated valuation, highest first. The market sets the value; our AI estimates it.

Estimate

An AI-estimated valuation, its uncertainty range and its order of magnitude. Indicative, and imperfect by nature.

  1. Hundreds of k$
  2. Millions $
  3. Tens of M$
  4. Hundreds of M$
  5. Unicorn
  6. Decacorn
  7. Hectocorn

Confidence

  • High: recent published valuation or round (under 24 months).
  • Medium: older data.
  • Low: single or unconfirmed source.

Full method →

Challengers

A registered company raising funds that is not in the ranking will be able, for a fee, to appear in a separate list labelled “Challengers”, for a set period, with a memo available to verified Backers. The listing has no effect on the ranking. Not open yet.

Sponsored space · no Challenger listed yet

Radar · known eligible companies, not ranked

Sorted by date of last round, with no judgement and no AI call.

Listed benchmarks

Not ranked: no intention is possible on a listed company.

  • General Fusion · CanadaNasdaq · GFUZ
  • X-energy · United StatesNasdaq · XE
  • Oklo · United StatesNYSE · OKLO
  • NuScale Power · United StatesNYSE · SMR
  • newcleo · FranceNasdaq · NWCL
  • Nano Nuclear Energy · United StatesNasdaq · NNE
  • BWX Technologies · United StatesNYSE · BWXT

Sources and method for this segment

Calendar. Global segment rankings are published twice a year. Next edition: March 2, 2027.

Eligibility. At least $1M raised including one equity round, non-listed company, main activity in this segment (fusion and advanced nuclear). A company appears in one segment only.

Sources. Company announcements, SEC filings, TechCrunch, Bloomberg, Axios, Heatmap, GeekWire, POWER, Neutron Bytes, NucNet, ANS Nuclear Newswire, World Nuclear News, EU-Startups, CNBC, Maddyness, GreenUnivers, Fusion Energy Base.

Method and rules, common to all rankings →