Commonwealth Fusion Systems Raises $863 Million Series B2 Round to Accelerate the Commercialization of Fusion Energy

Commonwealth Fusion Systems, the world's largest and leading commercial fusion energy company, led by Bob Mumgaard, Brandon Sorbom, Steve Renter, and others, has raised $863 million in Series B2 Round from new and existing investors. New investors in CFS include: Brevan Howard Macro Venture Fund, Counterpoint Global (Morgan Stanley), Stanley Druckenmiller, FFA Private Bank (Dubai) Ltd., Galaxy Interactive, a venture platform within Galaxy Digital Inc. (NASDAQ: GLXY), Gigascale Capital, HOF Capital, Neva SGR (Intesa Sanpaolo Bank), NVentures (NVIDIA’s venture capital arm), Planet First Partners, Woori Venture Partners US, and others committed to the mission of commercializing fusion energy. A consortium of 12 Japanese companies led by MITSUI & CO., Ltd. and Mitsubishi Corp. also participated. The Japanese consortium included Development Bank of Japan Inc., Fujikura Ltd., JERA Co., Inc., JGC JAPAN CORP., Mitsui Fudosan Co., Ltd., Mitsui O.S.K. Lines, Ltd., NTT Inc., Sumitomo Mitsui Banking Corp., Sumitomo Mitsui Trust Bank Ltd., and The Kansai Electric Power Co., Inc. They join existing CFS investors who increased their stakes, including Breakthrough Energy Ventures, Emerson Collective, Eni, Future Ventures, Gates Frontier, Google, Hostplus Superannuation Fund, Khosla Ventures, Lowercarbon Capital, Safar Partners, Eric Schmidt, former CEO of Google, Starlight Ventures, Tiger Global, a large state pension fund and others who support CFS’ leadership in this energy transition.

CFS has raised nearly $3B to date — about a third of all private fusion investment worldwide. Its latest oversubscribed round, the largest since its $1.8B Series B in 2021, will fund completion of the SPARC fusion demo machine and development of its first ARC power plant in Virginia. The round also brought in a diverse mix of global investors, from VCs and private equity to sovereign wealth funds, industrials, and banks, reflecting broad recognition of fusion as a new energy category.

CFS’ latest funding round underscores confidence in its high-temperature superconducting magnet advances and rapid progress on the SPARC fusion demo in Massachusetts. At the same time, the company is pushing ahead with ARC, the world’s first grid-scale fusion power plant in Virginia, backed by Dominion Energy and Google, which has committed to buying half its output in the early 2030s.