Fusion energy is the same process that powers the sun: combining atoms under extreme heat and pressure to release enormous amounts of energy. If commercialized, fusion could deliver continuous, carbon-free electricity without the safety risks, long-lived waste, or intermittency issues tied to other energy sources.
That potential is why governments, venture capital firms, and major corporations have spent decades, and billions of dollars, pursuing fusion technology.
But for investors, promise and investability aren’t the same thing.
The reality check: Where fusion stands today
Fusion has made real progress, but it’s not commercially viable yet.
- Most fusion companies expect first grid-connected power in the 2030s
- Total private fusion investment now exceeds $9.8 billion
- The sector raised $2.6 billion in the 12 months ending July 2025
- A key milestone was achieved in 2022, when the U.S. National Ignition Facility produced more energy from fusion than the laser input
Even with these breakthroughs, fusion remains a long-duration, high-risk technology bet, not a near-term revenue driver.
Can you buy fusion energy stocks?
No. At least not directly.
None of the companies developing fusion reactors are publicly traded. That means investors cannot buy a pure-play fusion stock today.
What you can do is invest in large, publicly traded companies that:
- Have equity stakes in fusion startups
- Provide funding or technical support
- Have signed future power purchase agreements tied to fusion plants
That’s where indirect exposure comes in.
Public companies with fusion energy exposure
Below are notable publicly traded companies that could benefit if fusion technology reaches commercialization. Fusion is a small part of their overall business, but the upside could be meaningful if breakthroughs occur.
| Name and ticker | Market cap | Industry |
|---|---|---|
| Trump Media & Technology Group (NASDAQ:DJT) | $3.4 billion | Interactive Media and Services |
| Alphabet (NASDAQ:GOOG) | $4.1 trillion | Interactive Media and Services |
| Alphabet (NASDAQ:GOOGL) | $4.1 trillion | Interactive Media and Services |
| Chevron (NYSE:CVX) | $358.5 billion | Oil, Gas and Consumable Fuels |
| Cenovus Energy (NYSE:CVE) | $37.7 billion | Oil, Gas and Consumable Fuels |
| Nucor (NYSE:NUE) | $42.7 billion | Metals and Mining |
| Eni S.p.A. (NYSE:E) | $61.2 billion | Oil, Gas and Consumable Fuels |
1. Trump Media & Technology Group
NASDAQ: DJT
Key Data Points
On Dec. 18, 2025, Trump Media & Technology Group agreed to merge with the world's leading fusion power company, TAE Technologies, in an all-stock deal valuing the combined company at more than $6 billion. The transaction will create one of the world's first publicly traded companies focused on fusion energy. TAE plans to begin building the world's first utility-scale fusion power plant in 2026 (50 MWe). It plans to build additional plants in the future to help provide power to support surging demand by AI data centers. As part of the deal, Trump Media & Technology agreed to provide TAE with $200 million in cash at signing to help accelerate its development. The companies aim to complete the transaction by mid-2026.
Alphabet (Google)
NASDAQ: GOOG
Key Data Points
Technology titan Alphabet's (GOOG -1.19%) (GOOGL -1.12%) search arm, Google, has partnered with TAE Technologies for more than a decade to help develop fusion energy to power its artificial intelligence (AI) and computing power needs one day. The nuclear fusion start-up has a bold goal to develop a commercial-scale fusion reactor that can deliver energy to the grid by the early 2030s. Google subsequently invested directly in TAE Technologies in 2022 to provide it with capital to help commercialize its fusion energy technology. It also invested directly in Commonwealth Fusion Systems (CFS) in 2021. It deepened its relationship with CFS in 2025 by increasing its stake in the company and signing a power purchase agreement to buy 200 megawatts of electricity from its first ARC power plant in Virginia, which should start producing in the early 2030s.
3. Chevron
NYSE: CVX
Key Data Points
Global oil and gas giant Chevron (CVX +2.44%) has been slowly investing in the future of energy. The company formed Chevron Technology Ventures (CTV) to invest in new technologies that could enhance the company's operations. In 2020, CTV invested in Zap Energy, which is developing a next-generation nuclear reactor with an innovative approach to advance commercially scalable fusion energy. The oil company followed that up in 2022 by joining Google and investing in nuclear fusion start-up TAE Technologies. Both companies provided additional capital to TAE in 2025.
4. Cenovus Energy
NYSE: CVE
Key Data Points
Canadian oil and gas producer Cenovus Energy (CVE +2.57%) was an early investor in General Fusion. The Canadian fusion energy start-up is working on what it believes will be first-of-its-kind breakthroughs in 2025 and 2026 that will put it on the fast track toward commercializing fusion energy.
5. Nucor
NYSE: NUE
Key Data Points
Steelmaker Nucor (NUE +3.06%) unveiled a collaboration with nuclear fusion start-up Helion in 2023. Helion plans to develop a 500-megawatt fusion power plant to supply zero-carbon electricity from fusion directly to a Nucor steel plant. They're working to get the plant online as soon as possible, with a target of 2030. Nucor made a $35 million direct investment into Helion as part of the partnership to help accelerate the deployment of fusion energy.
6. Eni
NYSE: E
Key Data Points
The bottom line
Fusion energy could eventually transform the global power system. But from an investing standpoint, it remains an early-stage technology with uncertain timelines and no pure-play public options.
For now, the only way to invest is indirectly, through large companies funding fusion research, securing future power agreements, or positioning themselves for a post-fusion energy world. The upside is enormous, but so is the uncertainty.
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