Top 5 Fusion Companies to Watch in 2026

As 2025 comes to an end, the fusion energy industry has reached a notable inflection point. Over the past year, fusion companies around the world have achieved important scientific milestones while attracting unprecedented levels of investment. Increasingly, the industry’s focus has shifted from laboratory research toward engineering execution and commercial-scale projects.

This momentum sets the stage for 2026 to be a landmark year, a period where technical milestones translate into infrastructure and supply chain maturity. Below are five companies leading this charge, each poised to redefine the energy landscape in the coming year.

1. Commonwealth Fusion System

Throughout 2025, Commonwealth Fusion Systems continued to consolidate its position as one of the world’s most advanced private fusion developers. The company made visible progress on its SPARC tokamak through component fabrication, facility development, and the production of high-temperature superconducting (HTS) magnets. Importantly, CFS has moved beyond pure research and development into heavy engineering and site planning, positioning itself among the first companies aiming to build a privately funded, grid-scale fusion power plant.

This shift strengthened CFS’s commercial narrative, highlighting its transition from experimental devices toward ARC, its commercial fusion power plant concept. Continued support from major technology companies and strategic investors further reinforced confidence in its long-term roadmap.

In 2026, CFS is expected to enter an execution-heavy phase. Key developments to watch include early construction activity, the establishment of a resilient supply chain for high-field magnet manufacturing, and system integration progress on SPARC. Rather than headline physics records, the year is likely to be defined by engineering validation, reliability testing, and manufacturability — essential steps toward large-scale fusion deployment.

2. Helion Energy

Helion remains the most aggressive player regarding commercial timelines. In July 2025, the company broke ground on Orion, the world’s first commercial fusion power facility in Malaga, Washington. The company also continued advancing Polaris, its next-generation fusion system, which represents one of the most aggressive commercialization timelines in the industry. While Helion targets electricity production and sales by 2028, much of 2025 focused on refining its pulsed fusion architecture and direct electricity generation approach, supported by strong capital backing and strategic partnerships.

Looking ahead to 2026, Helion is expected to begin production at its new Omega manufacturing facility, which will manufacture critical components such as the thousands of capacitor units required for the Orion power plant and future machines. The company is also likely to demonstrate meaningful engineering progress on Polaris, including system integration, component durability, and higher operational repetition rates. The year will focus on proving that Helion’s unconventional architecture can operate reliably and repeatedly under increasingly demanding conditions.

3. TAE Technologies

TAE Technologies underwent a radical strategic shift in 2025. The company reported progress in simplifying its reactor architecture and improving performance through its beam-driven, field-reversed configuration (FRC) approach, reinforcing its long-term vision for steady-state, non-cryogenic fusion systems. Continued support from long-term investors underscored confidence in TAE’s measured and methodical development strategy.

With the roadmap shortened, in 2026 TAE is expected to focus on continued operation and data collection from its Norman (Norm) device to validate operating modes and key components for its next-generation Copernicus reactor, which is designed to demonstrate net energy gain later in the decade. The company is also advancing a neutral beam systems joint venture with the UK Atomic Energy Authority, TAE Beam UK, with initial short-pulse beam delivery targeted within 18–24 months. In parallel, TAE will continue planning for its first prototype commercial power plant, Da Vinci, while expanding non-fusion applications of its core technologies to support long-term commercialization.

4. Tokamak Energy

Tokamak Energy made significant progress in 2025, spanning technology development and global collaboration. The company continued its transition from research toward commercialization, leveraging its patented HTS magnet technology to address key challenges in building practical fusion power plants. Its spherical tokamak approach emphasizes compact, modular systems and has attracted growing interest from both public and private partners in the UK and internationally.

In 2026, Tokamak Energy is expected to demonstrate deeper integration of HTS magnet technology with compact tokamak operation, alongside incremental performance improvements in its experimental devices. Progress toward pilot-scale concepts and continued engagement with industrial and government partners will be key indicators of the company’s readiness to move beyond experimental validation. Tokamak Energy ultimately aims to deploy 500-megawatt commercial fusion power plants by the mid-2030s, contributing to global energy security with safe, zero-carbon electricity.

5. China Fusion Energy Co. Ltd (CFEC)

The establishment of CFEC in mid-2025 marked the beginning of a "national champion" era for Chinese fusion. With a registered capital of approximately $2.1 billion (15 billion yuan) and the backing of the China National Nuclear Corporation (CNNC), CFEC serves as the central hub for an industrial "consortium" that includes heavyweights.

In 2026, CFEC is expected to expand its role as a central organizer of China’s fusion ecosystem, strengthening collaboration between laboratories, universities, and industrial partners. Progress is likely to focus on reactor engineering, component manufacturing capabilities, and preparation for future large-scale demonstration facilities. While public disclosures may remain limited, CFEC’s momentum signals China’s growing ambition to compete at the forefront of global fusion commercialization.

Investment and Commercial Momentum

Beyond technical milestones, 2025 marked a turning point in how fusion is financed and positioned commercially. Capital is increasingly flowing toward companies that demonstrate not only scientific credibility, but also engineering execution, manufacturability, and realistic deployment pathways.

Across the private sector, leading fusion developers continued to attract long-term strategic and institutional investment, enabling expansion into facilities, supply chains, and manufacturing capacity. Power offtake agreements, public–private partnerships, and growing engagement from utilities and industrial players further signaled confidence that fusion is progressing toward commercial relevance.

China’s investment model presents a parallel but distinct trajectory. Through the creation of China Fusion Energy Co. Ltd (CFEC), fusion development is being consolidated under a state-backed industrial framework designed to align long-term capital, infrastructure planning, and national energy strategy. While differing in structure from Western private ventures, this approach underscores the global scale and competitiveness of the fusion race.

Together, these capital flows indicate that fusion is no longer funded as a speculative scientific pursuit. Instead, investment is increasingly aligned with deployment timelines, execution risk, and industrial scale—positioning 2026 as a year where commercial credibility becomes as important as physics performance.