Fusion power darling Commonwealth Fusion Systems raises another $1B
Commonwealth Fusion Systems (CFS) has long been the best-funded fusion power startup. Now, it’s extending its lead.
CFS announced Thursday that it raised $1 billion in a new round that included “significant institutional investors, such as pension funds, sovereign wealth funds, and infrastructure and industrial corporate partners,” the company said. When asked by TechCrunch, the company declined to name the specific investors. To date, CFS has raised $4 billion.
The funding arrives as the company’s spending ramps up. CFS is currently building Sparc, its demonstration reactor, and finalizing the design of Arc, its first commercial power plant.
The company said the new funding will go toward commercializing fusion, and CEO Bob Mumgaard has hinted that CFS will continue to raise more capital.
CFS hasn’t disclosed either Sparc’s or Arc’s price tag, though in 2024, Virginia’s former governor Glenn Youngkin said that Arc would be a “multi-billion-dollar fusion power plant.”
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