Fusion startups raise $3.8B as commercial power plants remain out of reach

Fusion startups raised $3.8 billion in the first eight months of the year, exceeding $3.3 billion for all of last year. Commercial power plants remain impossible: NIF's 2022 experiment produced 3.15 MJ from 422 MJ, and ITER expects pulses of only up to 20 seconds.

• Fusion startups raised $3.8B in 8 months of 2026 vs $3.3B in all of 2025
• NIF 2022 experiment: 3.15 MJ of fusion from 422 MJ of electricity
• ITER expects pulses of no more than 20 seconds, insufficient for grids
• Cost estimates: General Fusion $64-73/MWh, Commonwealth Fusion about $50/MWh