Fusion energy — the process that powers the sun — has moved from a decades-away dream to a venture-backed race with real timelines. $7.1 billion in private capital has flowed into 45+ fusion startups, with Commonwealth Fusion Systems, Helion Energy, and TAE Technologies leading the pack. The NIF ignition breakthrough in December 2022 proved net energy gain is physically possible, and multiple companies now target grid-connected power by the early 2030s. This timeline tracks every major milestone, funding round, and technical achievement so investors and energy analysts can monitor the path from laboratory plasma to commercial electricity.
3 companies — Commonwealth Fusion Systems, Helion Energy, and TAE Technologies — have announced target dates for grid-connected power between 2029 and 2035. Helion has a power purchase agreement with Microsoft targeting 2028 delivery, making it the earliest contracted fusion electricity.
$7.1 billion in private capital has been invested in fusion energy companies as of mid-2026, with Commonwealth Fusion Systems leading at $2B+ raised. Total public and private spending including ITER exceeds $35 billion worldwide.
1.5x energy gain was achieved by the National Ignition Facility in December 2022, producing 3.15 MJ of fusion energy from 2.05 MJ of laser input. This marked the first time a fusion experiment produced more energy than it consumed, though NIF’s laser system requires 300 MJ of wall-plug electricity per shot.
45+ fusion companies are actively pursuing commercial reactors across 12 countries as of 2026. The majority use either magnetic confinement (tokamak or stellarator) or inertial confinement approaches, with emerging concepts including magnetized target fusion.
$25 billion has been spent on ITER, the international tokamak being built in southern France by a 35-nation consortium. Originally targeting first plasma in 2025, the project has been delayed to 2034 for initial operations and 2039 for full deuterium-tritium experiments.