Commonwealth Fusion Systems raises $863M as Nvidia joins existing investors

Commonwealth Fusion Systems announced that it raised $863M in a Series B2 fundraising round as it moves closer to being the first in the world to commercialize fusion power. The oversubscribed round of capital is the largest amount raised among deep tech and energy companies since CFS’ $1.8 billion Series B round in 2021. CFS will use the funds to complete SPARC, its fusion demonstration machine, and progress on development work on its first ARC power plant in Virginia. To date, CFS has raised close to $3B, about one-third of the total capital invested in private fusion companies worldwide. New investors in CFS include Brevan Howard Macro Venture Fund; Counterpoint Global; Stanley Druckenmiller; FFA Private Bank; Galaxy Interactive, a venture platform within Galaxy Digital (GLXY); Gigascale Capital; HOF Capital; Neva SGR; NVentures – Nvidia’s (NVDA) venture capital arm; Planet First Partners; Woori Venture Partners US; and others committed to the mission of commercializing fusion energy. A consortium of 12 Japanese companies led also participated. They join existing CFS investors who increased their stakes, including Breakthrough Energy Ventures; Emerson Collective; Eni; Future Ventures; Gates Frontier; Google (GOOGL); Hostplus Superannuation Fund; Khosla Ventures; Lowercarbon Capital; Safar Partners; Eric Schmidt, former CEO of Google; Starlight Ventures; Tiger Global; a large state pension fund and others who support CFS’ leadership in this energy transition. In parallel, CFS is moving forward with plans to build the world’s first grid-scale fusion power plant, called ARC, in Chesterfield County, Virginia. This effort to put power on the grid in the early 2030s is bolstered by strategic partnerships with Dominion Energy and Google – an investor in CFS that also agreed to buy half the power produced at the plant.