Proxima Fusion Raises €411 Million for European Fusion Project

Proxima Fusion raised €411 million ($468 million) in a financing round that values the company at €2.4 billion, marking the largest private investment in European fusion to date. The round was led by XTX Ventures and East X Ventures, with strategic investments from Google and the German utility RWE, which contributed €25 million.

The capital will fund the construction of Alpha, a net-energy stellarator fusion demonstrator located near Garching, Germany. Developed in partnership with the Max Planck Institute for Plasma Physics, the state of Bavaria, and RWE, Alpha aims to validate heat confinement and removal technologies by the early 2030s. The funding fulfills private investment requirements set in a February 2026 Memorandum of Understanding, though the project still requires €1.2 billion in federal funding to proceed.

Long-term objectives include the construction of the Stellaris pilot power plant, potentially located at a former nuclear fission site in Gundremmingen, Bavaria, targeted for later this decade. Proxima Fusion intends to use the new capital to accelerate hiring across its offices in Germany, Switzerland, and the UK, and to expand the production of high-temperature superconducting cables and magnets.