Proxima Fusion Raises €411 Million to Build Europe’s Commercial Fusion Champion

Proxima Fusion, building stellarators to power the future, led by Francesco Sciortino, Lucio Milanese, Jorrit Lion, Jonathan Schilling, and Martin Kubie, has raised a €411 million ($468 million) financing round, bringing the company’s valuation to €2.4 billion ($2.7 billion) and establishing Proxima as the best-funded fusion company in Europe.

The round was led by XTX Ventures and East X Ventures, with RWE and Google as strategic investors. KfW Capital, SPRIND and Burda Principal Investments joined the round alongside returning investors including Plural, UVC Partners, Balderton, Cherry Ventures, DST Global Partners, Brevan Howard Macro Venture, Lightspeed, DTCF, redalpine, Leitmotif, Elaia, CDP Venture Capital, Bayern Kapital, and the EIC Fund.

German energy company RWE joined the round after partnering with Proxima Fusion to develop the first stellarator fusion power plant at the former Gundremmingen nuclear site in Bavaria. Google also participated, reinforcing growing interest in fusion as a long-term source of carbon-free, reliable energy.

The financing is one of Europe's largest private technology investments this year, and the largest ever in European fusion, highlighting increasing confidence in fusion as a strategic technology for energy security, industrial competitiveness, and economic resilience.

The funding will support the development of Alpha, Proxima Fusion's net-energy stellarator demonstrator near Munich. Built in partnership with the state of Bavaria, the Max Planck Institute for Plasma Physics, and RWE, Alpha is designed to validate key technologies on the path to commercial fusion power.

According to Co-Founder and CEO Dr. Francesco Sciortino, the financing reflects growing investor confidence in Europe's ability to build globally competitive fusion companies and accelerate the commercialization of next-generation energy technologies.

From Research to Industrial Execution.

In less than three years, Proxima Fusion has secured more than €650 million, including €95 million in public funding. The latest financing exceeded its target, matching Bavaria's planned €400 million public commitment and demonstrating how public investment can catalyze large-scale private capital.

The new funding will support completion of the Stellarator Model Coil, expansion of high-temperature superconducting magnet production, continued engineering development, and team growth across manufacturing, engineering, and operations.