Last December, Trump Media & Technology Group Corp. (NYSE:DJT) entered the nuclear fusion race after it agreed to buy California-based fusion startup TAE Technologies in a $6-billion merger, creating one of the world's first publicly traded nuclear fusion companies. The merger is structured as an all-stock transaction whereby shareholders of both companies will each own roughly 50% of the new entity with the deal expected to close in mid-2026. TMTG agreed to provide TAE Technologies with up to $200 million in cash upon signing and an additional $100 million upon filing regulatory documents. The combined company will be led by co-CEOs Devin Nunes (current CEO of TMTG) and Michl Binderbauer (CEO of TAE), with Donald Trump Jr. also slated to join the board.

Founded in 1998, TAE Technologies aims to deploy commercial, utility-scale fusion energy. The company plans to commence construction of its first fusion power plant in 2026, expected to generate 350-500 MWe. TAE Technologies has raised more than $1.3 billion thanks to backing by high-profile investors, including Google, Chevron Corp.’s (NYSE:CVX) Chevron Technology Ventures, Goldman Sachs and Sumitomo Corporation of America. The fusion startup plans to employ neutral particle beams and magnets in its fusion reactors instead of standard lasers.

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However, Trump Media will not become the first fusion company to go public, with those bragging rights going to a special-purpose acquisition company (SPAC). Back in January, Canada’s General Fusion announced a merger with Spring Valley Acquisition Corp. III (NASDAQ: SVAC), with the merged entity effectively becoming the first publicly traded nuclear fusion company. The deal values General Fusion at approximately $1 billion, and is expected to close in Q2 2026, establishing it as a pure-play fusion energy firm. Interestingly, Trump Media itself went public via a SPAC after it merged with Digital World Acquisition Corp. (DWAC), a blank-check company, with the merger approved in 2024. Other than Chevron, scores of other energy companies are also betting on nuclear fusion, with Canada’s Cenovus Energy (NYSE:CVE) backing General Fusion while Italy’s Eni S.p.A. (NYSE:E) has invested in Massachusetts-based Commonwealth Fusion Systems.

Various fusion companies are pursuing different fusion reactor designs. Last year, TAE unveiled "Norm," its sixth-generation research machine. Norm successfully demonstrated the ability to form and stabilize plasma using only neutral beam injection (NBI), a breakthrough that reduces reactor size and cost by up to 50%. Unlike the doughnut-shaped Tokamaks, TAE's reactors are linear and more compact. TAE is also developing Hydrogen-Boron aneutronic fuel that produces no neutrons, radioactive waste, or carbon emissions.  Because the reaction products are charged alpha particles (helium nuclei), their energy can potentially be converted directly into electricity without the need for steam turbines.

General Fusion is developing proprietary Magnetized Target Fusion (MTF) technology and  a hybrid approach that combines magnetic confinement with mechanical compression to achieve fusion. A cylindrical chamber is filled with liquid metal ( lead-lithium mix) and spun rapidly, creating a centrifugal force that forms a vortex cavity in the center. A plasma injector (similar to a "Marshall Gun") injects a magnetized, hot hydrogen plasma aka compact toroid into the cavity. The plasma is already magnetized, helping to hold it together and insulate it. Pneumatic pistons then strike the exterior of the liquid metal liner, sending a shockwave through the liquid that forces it to implode symmetrically. This rapidly compresses the plasma to high densities and temperatures exceeding 100 million degrees Celsius. The resulting fusion reaction releases neutrons, which are absorbed by the surrounding liquid metal. The metal heats up and is pumped through a heat exchanger, creating steam to drive conventional electricity-producing turbines.

Meanwhile, Commonwealth Fusion Systems utilizes tokamak technology, employing high-temperature superconducting (HTS) magnets to create a compact, efficient fusion device. The system uses a mix of deuterium and tritium (isotopes of hydrogen) heated to over 100 million degrees Celsius to form plasma, forcing them to fuse into helium and release energy. A pivotal innovation by the startup is the use of Rare Earth Barium Copper Oxide (ReBCO) to create high-temperature superconductors. These magnets are significantly stronger than traditional superconducting magnets, allowing for a much smaller device to produce the same or more power (as fusion power scales roughly with the fourth power of the magnetic field).The heat produced by fusion reactions is absorbed by a surrounding blanket, which then heats a liquid like molten salt and passes through a heat exchanger to produce steam. This steam drives a turbine to generate electricity.

And, the world could be closer to nuclear fusion finally becoming a reality than ever before.

Washington-based Helion Energy aims to begin producing electricity through nuclear fusion by 2028, with plans to supply at least 50 MWe to Microsoft (NASDAQ:MSFT) from its first commercial plant, Orion. Construction is already underway, with the company aiming for a one-year ramp-up period following 2028, supported by their 7th-generation prototype, Polaris. Meanwhile, Commonwealth Fusion Systems aims to have its ARC reactor operating in the early 2030s. Unfortunately, large-scale production of fusion power could still be decades away, with France-based ITER (International Thermonuclear Experimental Reactor) expected to come online in the 2050s.

By Alex Kimani for Oilprice.com

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