From Trump’s crossover to China’s superconducting breakthrough, the global race for commercial nuclear fusion is heating up.

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Driven by the surge in energy demand and the explosion of AI computing power, controllable nuclear fusion technology—regarded as the “holy grail” of clean energy—is rapidly moving from the laboratory to the capital market. Recently, with the closure of a multibillion-dollar merger deal in the US and Chinese startups achieving breakthroughs in key magnet technology, the global race to commercialize nuclear fusion has entered a fever pitch.

The latest focus in this field comes from Trump’s media group. According to media reports on the 23rd, Trump Media & Technology Group Corp. (DJT) has agreed to merge with nuclear fusion startup TAE Technologies in a deal valued at $6 billion. Stimulated by this news, DJT’s stock price soared nearly 70% at one point. Under the terms of the deal, shareholders from both parties will each hold about half of the merged entity’s equity, and Trump’s media group as the major shareholder will become the holding company of TAE Power Solutions and TAE Life Sciences.

This transaction not only triggered intense volatility in the secondary market, but also marks a significant upgrading of top-tier capital's bets on the fusion track. TAE Technologies was established in 1998, backed by an impressive lineup of investors including Google, Goldman Sachs, Chevron Technology Ventures, and Sumitomo Corporation of America. The company plans to use neutral beam and magnet technology, instead of standard laser technology, and to begin construction of its first commercial-scale nuclear fusion power plant in 2026.

Meanwhile, China is showing robust catching-up momentum in this cutting-edge sector. According to Xinhua News Agency, in Shanghai, the Energy Singularity team, focused on high-temperature superconducting tokamak technology, is pushing the limits of magnetic field strength and achieved a breakthrough in March this year: its magnet reached 21.7T, surpassing the record held by MIT and CFS. The company plans to complete a new generation tokamak before 2027, reaching the key commercial fusion metric of tenfold energy gain.

Many giants enter the game, U.S. nuclear fusion investment boom surges

With the global nuclear renaissance and surging energy demand, nuclear fusion technology—which had been stagnant for years—is once again favored by capital. Before Trump’s deal, tech giants had already begun making plans. Helion Energy, supported by OpenAI founder Sam Altman, began building its first commercial fusion power plant in Chelan County, Washington last August, successfully passing strict environmental assessments.

An even more crucial step toward commercialization comes from power purchase agreements (PPAs). Two years ago, Microsoft signed an agreement with Helion Energy, planning to purchase its fusion-generated electricity starting in 2028. Constellation Energy has been appointed as the marketer for zero-carbon electricity from Helion's Orion facility. Helion's “Trenta” prototype has achieved a key fuel temperature of 180 million degrees Fahrenheit, and is using pulsed magnetized inertial fusion (MIF) technology in an attempt to bypass traditional steam turbine cycles and directly convert released energy into electricity.

In addition, Commonwealth Fusion Systems (CFS) in Massachusetts is working with MIT and has raised around $3 billion. The company is developing high-temperature superconducting magnets to verify net energy output from its SPARC device and pave the way for its commercial ARC plant.

Technical breakthrough accelerates, Chinese companies break key records

Meanwhile, China is entering this competition at an extremely rapid pace. Currently, China holds the largest number of nuclear fusion patents in the world, and project construction speeds frequently break records. In the commercialization process, Chinese private enterprises are making substantial progress on key technical tracks.

According to Xinhua, in Shanghai, the Energy Singularity team focused on high-temperature superconducting tokamak technology is challenging the limits of magnetic field strength and achieved a breakthrough in March this year: its magnet reached 21.7T, surpassing the record held by MIT and CFS. The company plans to complete a new generation tokamak before 2027, reaching the key commercial fusion metric of tenfold energy gain.

Besides Energy Singularity, China’s nuclear fusion startup ecosystem is becoming increasingly diverse. In Chengdu, HanHai Fusion Energy has adopted a linear field-reversed configuration (FRC) technology route similar to that of US Helion Energy, aiming to build a modular “mini sun.” In Xi’an, StarRing Fusion, founded by former Tsinghua University members, built a fusion experimental device in just 279 days. Venture capital institutions such as Sequoia China and Eastern Bell Capital are beginning to focus on this hard technology track, and some companies have already started to explore “byproduct” commercialization applications of neutron sources in producing medical isotopes and other fields.

Commercialization challenges and patience of long-term capital

Despite frequent technical breakthroughs, nuclear fusion still faces daunting challenges in achieving true grid-scale commercial application. Industry consensus holds that current devices generally run for only several hundred seconds, far below the requirements for long-term stable power generation. In addition, the development of advanced materials capable of withstanding extremely high temperatures and intense neutron radiation remains in the early stage, and achieving net energy gain will require more efficient system coordination.

The difference in the scale of funding is also a notable feature of China-US competition. According to industry estimates, total private funding in China in this sector over the past five years amounts to around $500 million, while in the US it was about $5 billion during the same period. Compared to the multibillion-dollar fundraising rounds typical for US startups, Chinese leaders such as Energy Singularity have demonstrated extremely high capital efficiency.

For investors, fusion remains a long-cycle investment theme. As Kang Jianshu, Executive Director of Eastern Bell Capital, puts it, this field is suitable for long-termists deeply committed to hard technology, with investment horizons possibly stretching 8–10 years. However, with the combination of HTS materials, artificial intelligence, and advanced manufacturing technologies, the timetable for viable commercial nuclear fusion is being rapidly revised.

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