There’s a joke in the fusion energy community that “fusion energy is always just 10 years away.” But this time, things look different. In late 2022, scientists at the National Ignition Facility achieved “net energy gain” for the first time—getting more energy out of a fusion reaction than they put in to start it. This was a landmark achievement decades in the making. That single event, combined with a surge in private investment and new technology, has shifted fusion from a scientific riddle to an engineering race. Add in the soaring energy demand from AI data centers, and you have all the ingredients for a breakout.
Nuclear fusion is, in nearly every sense, the holy grail of clean energy: the power of the sun, bottled on Earth. While commercial plants won’t be opening next year, the question is no longer if, but when. For now, public market investors won’t have access to fusion pure-plays, but they can gain exposure through picks-and-shovels and industry partners.
In this report, we highlight the top nuclear fusion stocks to watch, curated for their ability to capture upside in a fusion breakout.
How Far Away is Commercial Fusion Energy?
The path from scientific success to grid-scale power is long and challenging, but the roadmap is becoming clearer. Here is a phased breakdown of the journey to a fusion-powered grid.
Current Stage (2025-2026): The “Prove the Machine” Era
- The current focus is proving that the new generation of fusion reactors actually work as designed. Companies are hitting key early milestones like “first plasma” (the initial creation of superheated gas) and are deep into constructing massive prototypes like CFS’s SPARC and Helion’s Polaris.
- Bottom Line: This stage is about retiring scientific risk. Success means the machines turn on, create stable plasmas, and validate lab results and computer models.
Short-Term (2026-2030): The “Net Energy” Gauntlet
- This is when the machines get pushed to their limits to hit two critical goals: achieving net energy gain consistently and generating electricity for the first time. For example, CFS is targeting 2027 for its SPARC machine to replicate the NIF’s net-energy-gain lab milestone from 2022, but in a way that’s repeatable and directly translatable to a commercial power plant design.
- Bottom Line: This stage is about proving commercial viability. Success means demonstrating that fusion can be a true power source.
Medium-Term (2030-2040): The Pilot Plant Decade
- This decade is defined by a single, monumental goal: connecting fusion power to the grid. The industry will shift from R&D to mega-project engineering and regulatory navigation. For example, CFS plans to have its first commercial power plant, ARC, operational by the early 2030s. Others target this same window.
- Bottom Line: This stage is about execution. Success means the first fusion plants begin reliably delivering hundreds of megawatts of clean electricity to the grid.
Long-Term (2040 and Beyond): The Scale-Up Era
- With the first plants online, the focus will shift from demonstration to mass deployment. The central challenge becomes economic: making fusion power not just possible, but cheap. This era will be about driving down costs through manufacturing scale.
- Bottom Line: This stage is about market impact. Success will be measured by how well fusion competes with other energy sources on cost and its adoption into the global energy mix.
Then Why Invest in Fusion Energy Companies Now?
If even the most optimistic estimates put commercial fusion energy 10-15 years away, then why invest in fusion energy companies now? This gets to the core risk-reward tradeoff of frontier technologies: early investors deal with greater uncertainty, but could see asymmetric returns if the technology succeeds.
While commercial fusion might seem far off, companies can achieve critical milestones along the way. These milestones can drive powerful market narratives that increase their value, or even lead to profitable spin-offs. After all, the “value” of a company is how much the next person is willing to pay for it.
Then there’s the long-term outlook. Fusion energy is near limitless, works rain or shine, and has no fuel constraints or supply chain limitations. This disruptive potential is why Bloomberg projects that nuclear fusion could become a $40 trillion market.
For patient, forward-looking investors who want to bet on a truly revolutionary technology, this could be the time to get in on the very ground floor. For most others, it’s likely still too early for comfort. Regardless, fusion only belongs in a long-term, moonshot sleeve of a broader investment strategy.
How to Invest in Nuclear Fusion Energy
So you believe in the future of nuclear fusion energy, and you want a slice of the pie. How do you get in? Currently, there are no publicly traded pure-play nuclear fusion stocks. The major players in the nuclear fusion sector like TAE Technologies, Commonwealth Fusion Systems, Helion Energy, and General Fusion are all still private companies.
Accredited investors may have options. Some fusion startups have pre-IPO shares available on sites like Hiive, EquityZen, and UpMarket. Buying shares on secondary markets carries unique risks, so be sure to do extensive research and due diligence before taking action.
Non-accredited investors will need to get creative. Let’s explore your options:
Pure-Play Fusion Reactor Developers
Pure-play fusion reactor developers aren’t publicly traded yet, but they set the tempo for nuclear fusion stocks by proving what’s technically possible and when. As milestones fall—net-energy shots, power-purchase deals, pilot plants—paths to IPOs or SPACs open up.
While dozens of companies are pursuing fusion, the following represent a cross-section of well-funded and technically diverse leaders. Their progress serves as an industry bellwether. Investors can also gain indirect exposure via their publicly-traded backers, noted below.
Commonwealth Fusion Systems
HQ: USA; Shrinking tokamak technology for commercial viability.
Born out of MIT, Commonwealth Fusion Systems (CFS) is building on the most studied approach to fusion: the tokamak, a device that uses powerful magnets to confine a donut-shaped cloud of superheated gas, or plasma. Their key innovation isn’t a new shape, but a new tool: high-temperature superconducting (HTS) magnets. These magnets are immensely powerful for their size, allowing CFS to design a tokamak that is projected to be dramatically smaller, cheaper, and faster to build than traditional designs. Think of it as shrinking a mainframe computer down to a laptop—the concept is the same, but it’s vastly more practical.
CFS’s main project, SPARC, seeks to be the first fusion device in history to achieve net energy gain at a commercially relevant scale. Following their successful magnet test in 2021, construction on SPARC in Devens, Massachusetts, is nearly complete, with operations expected to begin in 2026. The data from SPARC will directly inform the design of ARC, their first commercial power plant, which CFS aims to have operational on the grid in the early 2030s. They’ve secured billions in private funding and are widely seen as a frontrunner in commercializing fusion energy.
Public-traded backers include: Italian energy supermajor Eni S.p.A. (E), Norwegian state-owned energy company Equinor (EQNR), and tech giant Alphabet (GOOGL).
TAE Technologies
HQ: USA; Neutron-free fusion with a linear reactor and unique fuel.
TAE Technologies is taking a radically different approach. Instead of a donut-shaped tokamak, they use a linear machine to create a spinning, self-stabilizing cylinder of plasma called a Field-Reversed Configuration (FRC). They sustain this plasma using powerful particle beams. But their boldest bet is on the fuel: hydrogen-boron (p−11B). This reaction is aneutronic, meaning it releases its energy primarily as charged particles, not neutrons. This is a huge advantage, as high-energy neutrons damage reactor components and create radioactive waste. TAE’s approach avoids this, promising a cleaner, longer-lasting power plant. It’s akin to building an engine that runs on a fuel producing almost no corrosive exhaust.
TAE is currently constructing its sixth-generation machine, “Copernicus,” in Irvine, California. Its predecessor, “Norman,” successfully reached temperatures over 100 million degrees Celsius. Copernicus is designed to demonstrate conditions suitable for net energy gain using the hydrogen-boron fuel cycle. TAE has also cleverly spun off a subsidiary, TAE Life Sciences, which applies its accelerator technology to advanced cancer therapy, providing an early revenue stream. They project their first commercial power plant to be online in the mid-2030s.
Public-traded backers include: Tech giant Alphabet (GOOGL) and Japanese trading and investment firm Sumitomo Corporation (SSUMY).
Helion Energy
HQ: USA; Efficient direct electricity conversion on an aggressive timeline.
Helion Energy’s approach is speed—both in their reactor and on their commercial timeline. Their machine is a unique pulsed system that works by accelerating two rings of plasma (plasmoids) from opposite ends of a 40-foot tube. They collide and compress in the center at over a million miles per hour, triggering a fusion reaction. Helion’s key innovation is direct energy conversion. Instead of using heat to boil water and turn a steam turbine, their design allows them to directly recapture the electrical energy from the expanding plasma post-fusion. This is a far more efficient process, akin to a regenerative brake on an electric car.
Helion made headlines in 2023 by signing the first-ever power purchase agreement for fusion energy with Microsoft, targeting a 50-megawatt power plant to be online by 2028. Their seventh-generation prototype, “Polaris,” located in Everett, Washington, is currently operational and pushing towards demonstrating net electricity generation. The company, backed by names like Sam Altman, is focused on rapidly iterating its technology to meet its ambitious agreement with Microsoft, which has galvanized the entire industry.
Public-traded backers include: Steel producer Nucor Corporation (NUE).
General Fusion
HQ: Canada; Mechanically simple, piston-driven approach with liquid metal.
Vancouver-based General Fusion is pursuing a concept called Magnetized Target Fusion (MTF), which is a hybrid of the two main fusion approaches. Their design involves injecting a magnetized plasma into a sphere filled with spinning liquid metal (a lead-lithium mixture). Hundreds of synchronized pistons surrounding the sphere then ram down, creating a shockwave in the liquid metal that collapses and compresses the plasma to fusion conditions. The liquid metal serves a dual purpose: it transfers the heat from the fusion reaction and protects the solid reactor walls from energetic neutrons. It’s an audacious blend of elegant plasma physics and brute-force mechanical engineering.
General Fusion is currently constructing its Fusion Demonstration Plant (FDP) at the UK Atomic Energy Authority’s campus in Culham. This machine, expected to be commissioned in 2026 and fully operational by 2027, isn’t intended to produce electricity but to prove the viability of the MTF concept at power-plant scale, achieving temperatures over 100 million degrees Celsius. Success at Culham will pave the way for their first commercial pilot plant, which they aim to have running in the early 2030s.
Public-traded backers include: Canadian integrated energy company Cenovus Energy (CVE).
Tokamak Energy
HQ: UK; Compact spherical tokamaks powered by next-generation magnets.
Like CFS, the UK’s Tokamak Energy is betting on the tokamak, but with a twist. They specialize in the spherical tokamak, which has a shape more like a cored apple than a wide donut. This compact geometry is more efficient at confining plasma with a weaker magnetic field, theoretically leading to smaller and more cost-effective reactors. Tokamak Energy is also a leader in using the same high-temperature superconducting (HTS) magnets as CFS. Their strategy is to combine the efficiency of the spherical shape with the power of HTS magnets to create the smallest possible path to commercial fusion power.
Having already achieved the 100 million degree Celsius temperature threshold in their ST40 prototype, the company is now building its next-generation device, ST80-HTS. This will be the first machine of its kind to integrate a full set of HTS magnets, intended to demonstrate all the core technologies needed for a commercial power plant. They plan for this machine to demonstrate the potential for achieving net energy gain by the late 2020s, with a goal of deploying their first commercial fusion power plant in the early 2030s.
Public-traded backers include: UK-based financial services group Legal & General (LGEN.L).
First Light Fusion
HQ: UK; Simple, low-cost projectile fusion that avoids complex hardware.
Spun out of the University of Oxford, First Light Fusion has perhaps the most novel approach, which they call projectile fusion. The concept is inspired by the pistol shrimp, which snaps its claw shut so fast it creates a shockwave that stuns its prey. First Light uses a large electromagnetic launcher (a railgun) to fire a projectile at immense speed—around 15,000 mph—at a small, complex target containing the fusion fuel. The impact’s shockwave collapses a cavity inside the target, momentarily creating the immense pressures and temperatures needed for fusion. This method completely avoids the need for complex and expensive magnets or lasers.
After achieving their first confirmed fusion reaction in 2022, First Light has focused on refining its target design and scaling up its projectile launcher. Their current “Machine 3” is fully operational, and they are deep into the design phase for their gain-scale facility, “Machine 4.” Their business model is also unique: they aim to be the “Intel Inside” of fusion energy, designing and mass-producing the proprietary targets that would be consumed in power plants designed by industrial partners. They project a pilot plant based on their technology to be operational in the 2030s.
Public-traded backers include: UK advanced technology firm Oxford Instruments (OXIG.L) and Chinese tech and entertainment conglomerate Tencent (TCEHY).
Fusion Hardware & Specialty Components
This group represents the “picks-and-shovels” of the fusion industry. They build the mission-critical hardware, from vacuum systems to superconducting wires, that form the backbone of a reactor. For investors seeking tangible exposure, these specialized suppliers are among the closest to pure-play nuclear fusion stocks on the public market today.
BWX Technologies, Inc. (NYSE: BWXT)
HQ: USA; Logical industrial partner for nuclear-grade manufacturing.
BWX Technologies is a cornerstone of the North American nuclear industry. Its primary business lines include providing nuclear reactors for the U.S. Navy’s submarine and aircraft carrier fleet and producing components and fuel for commercial nuclear power. BWXT is not a direct participant in the fusion sector; its focus is in advanced fission technologies, such as novel particle fuel for a new generation of small modular reactors (SMRs) and microreactors.
However, the company is uniquely positioned to benefit from a fusion buildout as a key partner in the industrialization phase. The expertise required to build a fusion power plant—in areas like nuclear-grade manufacturing, quality assurance, materials science for extreme environments, and navigating complex regulatory frameworks—are precisely the capabilities BWXT has honed for over 70 years. As fusion designs mature and scale, developers will require an industrial partner with a proven track record. BWXT stands as a preeminent candidate for this role.
VAT Group (SWX: VACN, OTC: VACNY)
HQ: Switzerland; Premier valve maker for fusion’s vacuum chambers.
VAT Group is the global leader in high-performance vacuum valves. In nuclear fusion, an ultra-high vacuum is a prerequisite for plasma reaction. VAT has leveraged its expertise to become a certified, strategic supplier to ITER (the largest international fusion megaproject). VAT has even developed a dedicated “ITER Catalog” of approximately 140 different types of gate and angle valves, specifically engineered to withstand the extreme temperatures, radiation, and magnetic fields of a tokamak environment.
A key innovation is their VATRING all-metal sealing technology, which was essential for developing the largest all-metal high-pressure valve ever made, a critical component for ITER’s neutral beam injection systems. As the private fusion industry matures, developers will require proven, ultra-reliable vacuum components. Having been de-risked and validated by the world’s most ambitious fusion project, VAT is positioned to become an indispensable “gatekeeper” for vacuum systems of most future commercial reactors, enabling strong pricing power.
Bruker Corporation (NASDAQ : BRKR)
HQ: USA; Powering fusion’s magnets with superconducting wires.
Bruker is a principal supplier of high-performance scientific instruments and analytical solutions for life sciences and materials research. Within its portfolio, the Bruker Energy & Supercon Technologies (EST) division is a world-leading manufacturer of both low-temperature superconductors (LTS) and high-temperature superconductors (HTS). In fusion, superconducting wires enable the powerful electromagnets that confine plasma in tokamak designs.
CFS, for instance, sourced Bruker wire for its landmark HTS magnet demonstration in 2021, and Bruker has also been a long-time supplier to ITER. Pursuing deeper strategic involvement, in 2022 Bruker also became a founding industrial partner in Gauss Fusion, a European private fusion venture. This role provides Bruker with a direct line of sight into the conductor requirements for a commercial-scale machine, as well as a captive customer for its technology. As private fusion companies pivot to HTS designs for more compact and efficient reactors, Bruker’s dual expertise in both LTS and HTS positions it to serve the entire market spectrum.
Pfeiffer Vacuum (ETR: PFV, OTC: PFFVF)
HQ: Germany; Essential vacuum technology for creating fusion conditions.
Pfeiffer Vacuum, a German engineering firm, is a well-known name in vacuum technology. They design and manufacture a wide array of pumps and measurement tools that serve industries from analytics to semiconductor coating. Pfeiffer’s role in fusion is that of a full-stack vacuum systems integrator. While competitors may specialize in a single component, Pfeiffer can deliver a complete, integrated vacuum solution tailored to the unique challenges of a fusion environment.
These challenges include the difficult task of efficiently pumping light gases like hydrogen and helium, as well as ensuring components can operate reliably in the presence of strong magnetic fields and ionizing radiation. The company supplies a range of products to fusion research sites, including the ITER project, from its radiation-hardened turbopumps to its multi-stage roots pumps for gas recirculation. As the fusion industry industrializes, developers will increasingly seek turnkey subsystems to reduce integration risk and complexity. Pfeiffer is strategically positioned to meet this demand.
Syntec Optics (NASDAQ: OPTX)
HQ: USA; Precision optics for laser fusion and plasma diagnostics.
Syntec Optics is a specialized designer and manufacturer of custom polymer optics. Unlike traditional glass optics, their high-precision polymer components can be molded into complex shapes. The company has a track record of serving mission-critical applications in defense, biomedicine, and communications. In May 2025, Syntec Optics announced its entry into the fusion energy market, having secured its first orders to provide optics for commercial fusion applications.
This move positions the company in a critical niche within the fusion ecosystem. While magnets and vacuum systems constitute the “brawn” of a fusion reactor, precision optics are the “eyes,” essential for plasma diagnostics and control. As a smaller, more agile player, Syntec can target this specialized, high-value niche. A commercial buildout of fusion represents a significant new growth vector for the company, with the potential to create a diversified and high-margin revenue stream that is substantial relative to its current size.
Diversified Industrials with Fusion Exposure
This category includes established industrial titans whose core business is not fusion. However, each possesses a world-class, indispensable capability, from extreme cryogenics to advanced materials, that the fusion industry cannot live without. Among nuclear fusion stocks, this segment represents more conservative blue-chip businesses with fusion kickers.
Air Liquide (EPA: AI)
HQ: France; Cryo-cooling backbone for superconducting fusion magnets.
Air Liquide is a multinational leader in industrial gases. A core expertise of the company is extreme cryogenics, producing and handling fluids at near absolute zero temperatures. This capability is indispensable for a vast range of industries, from space exploration to the liquefaction of natural gas, and now to fusion as well. The powerful superconducting magnets used in tokamak reactors must be cooled to extremely low temperatures to operate, making large-scale cryogenics non-negotiable.
Air Liquide has served as a cornerstone supplier for nearly every major magnetic confinement fusion experiment in the world, including JET, KSTAR, JT-60SA, and, most significantly, ITER. For ITER, the company designed and delivered the massive central cryoplant, one of the largest and most powerful refrigerators ever built. If the tokamak design wins out, every future fusion plant will essentially be a power station built around a massive cryogenic factory—a capability that sits squarely in Air Liquide’s competitive moat.
Note: Competitors like Linde plc (NYSE: LIN) and Air Products (NYSE: APD) are also crucial gas and cryogenics suppliers to fusion experiments worldwide, and their theses overlap with Air Liquide’s. However, ITER’s sheer scale creates a different class of challenge, and Air Liquide’s unique advantage comes from being not just a supplier to ITER but its core engineering partner.
Furukawa Electric (TYO: 5801) & Fujikura Ltd. (TSE: 5803)
HQ: Japan; Leading suppliers of HTS tapes for compact tokamaks.
Furukawa Electric and Fujikura are twin titans of Japanese industry. Both born in the 1880s, they built empires on wires and cables before pioneering advanced materials. Today, they are locked in rivalry in a field critical to commercial fusion: high-temperature superconductors (HTS).
Their shared role is to manufacture a “miracle material” called REBCO HTS tape. This thin, ribbon-like conductor is the key to the next generation of powerful, compact fusion reactors. It allows startups like Commonwealth Fusion Systems to build magnets strong enough to contain a star, but in a dramatically smaller and more efficient package.
Manufacturing this tape at scale is incredibly difficult, and Furukawa and Fujikura are two of the handful of companies in the world that have mastered it. These two giants would be primary picks-and-shovels suppliers in a fusion buildout. As the industry scales, the demand for their HTS tape would transform from a niche, high-tech product into a core commodity.