General Fusion lists on Nasdaq as first public fusion company
Original: Investors send General Fusion soaring in debut as first publicly traded fusion company
Why This Matters
General Fusion's Nasdaq debut marks a milestone for fusion energy's path to commercial public markets.
General Fusion began trading on the Nasdaq on July 13, 2026 under the ticker GFUZ, becoming the first publicly listed fusion power company. Shares rose 40% from the $12.85 opening price. The company holds approximately $150 million in cash following a de-SPAC merger and $108 million private raise.
General Fusion debuted on the Nasdaq on July 13, 2026 under the ticker GFUZ, making it the first publicly traded fusion power company, ahead of competitor TAE Technologies by several months. Shares climbed 40% from the $12.85 opening price by midday.
The listing followed a reverse merger with Spring Valley Acquisition Corp. III, announced in January 2026 and completed the prior week. While the deal could have added up to $230 million to the balance sheet without redemptions, the Globe and Mail estimates General Fusion received less than $30 million after redemptions and fees — a common outcome in de-SPAC transactions. The company also raised $108 million from private investors alongside the merger, bringing total cash on hand to approximately $150 million.
Founded in 2002, General Fusion has raised over $600 million from private investors and employs magnetized target fusion technology, using electromagnetic fields to create plasma inside a liquid lithium-lined chamber, then compressing it with synchronized mechanical drivers.
The company had faced significant financial difficulty before the listing, laying off at least 25% of staff by May 2025 after failing to raise $125 million. A subsequent $22 million "pay to play" round provided temporary relief. Its breakeven milestone, originally targeted for 2026, has been pushed to 2028 or later. General Fusion aims to operate its first power plant by approximately 2035.