• CFS secures largest deep tech and energy fundraising since its $1.8B round in 2021
• Nearly $3B raised to date, accounting for one-third of global private fusion investment
• Funds to complete SPARC and advance ARC, the first grid-scale fusion power plant in Virginia

Commonwealth Fusion Systems (CFS), the leading private fusion company, has closed an oversubscribed $863 million Series B2 round, reinforcing its position at the forefront of the race to commercialize fusion energy. The round marks the largest capital raise in deep tech and energy since CFS’ $1.8 billion Series B in 2021.

The new financing will support completion of SPARC, the company’s demonstration fusion machine in Massachusetts, and progress on ARC, its first commercial fusion power plant planned for Virginia. To date, CFS has raised nearly $3 billion—around one-third of the total capital invested in private fusion companies worldwide.

“Investors recognize that CFS is making fusion power a reality. They see that we are executing and delivering on our objectives,” said Bob Mumgaard, CEO and Co-founder. “This funding recognizes CFS’ leadership role in developing a new technology that promises to be a reliable source of clean, almost limitless energy — and will enable investors to have the opportunity to capitalize on the birth of a new global industry.”

The round drew a broad mix of new and existing investors, including Counterpoint Global (Morgan Stanley), Google, NVIDIA’s NVentures, Stanley Druckenmiller, and a 12-member Japanese consortium led by Mitsui & Co. and Mitsubishi Corp. Returning backers such as Breakthrough Energy Ventures, Khosla Ventures, Emerson Collective, and former Google CEO Eric Schmidt also increased their stakes.

“CFS offers investors the clearest path to bringing commercial fusion to the world — and an unprecedented opportunity to make a real impact as global demand for power accelerates with electrification and increased use of AI and data centers,” said Ally Yost, Senior Vice President of Corporate Development at CFS.

RELATED ARTICLE: Google Signs Largest Corporate Fusion Energy Deal with Commonwealth Fusion Systems

Investor perspectives underscored the scale of ambition:

“CFS is a rare fusion of visionary leadership, scientific breakthrough, and executional excellence – targeting one of the world’s biggest markets,” said Dennis Lynch, Head of Counterpoint Global at Morgan Stanley.

“Their ARC power plants will soon deliver limitless energy to fuel the age of AI driving a new wave of societal transformation,” added Vinod Khosla, Founder of Khosla Ventures.

Laurene Powell Jobs, Founder of Emerson Collective, said, “For the first time in history, we have a real opportunity to commercialize the long-held promise of fusion power, and Commonwealth Fusion Systems has just taken a decisive step toward making that promise a reality.”

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