Fusion’s best-funded bet raised another $1bn, and hired the banker who took Moderna public

The AI boom needs colossal amounts of electricity. That has turned fusion, forever mocked as “30 years away,” into one of the hottest bets in tech. The best-funded player just raised another $1 billion.

Commonwealth Fusion Systems, based in Massachusetts, said the round takes its total to $4 billion, roughly 30% of all the money ever raised for fusion. It is the company’s biggest round since a $1.8 billion raise in 2021. The new backers are institutions: pension funds, sovereign wealth funds and infrastructure investors, which CFS declined to name.

The timing is not subtle. Tech firms are buying electricity at almost any price to feed AI data centres, and clean, round-the-clock power is scarce. CFS has already sold half the output of its first plant to Google. Fusion’s promise of limitless carbon-free energy suddenly has a rich, impatient customer.

The tell: a Moderna banker in the CFO seat

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