General Fusion
Canadian developer of Magnetized Target Fusion. Liquid-metal piston compression. Hit a funding wall in 2024
Richmond, BC, Canada~120 (post Sep 2024 layoffs; was ~200)Founded 2002~$300M+ cumulative raisedDistressed (no recent secondary marks) valuationgeneralfusion.com
SectorsNuclear
Market Metrics
Years Operating
23+
Among the longest-running private fusion companies (since 2002)
Capital Raised
~$300M+
Modest relative to peers (CFS $2.85B, Helion $1.5B, TAE $1.3B)
Restructuring
Multiple layoffs (2024-2025)
Funding crunch; runway extended to ~end-2026 via insider + SAFE financing
Approach
Magnetized Target Fusion
Liquid-metal-piston compression of magnetized plasma; only major MTF developer
Updated at 2026-Q1
Funding History
Total raised: ~$300M+ cumulative · Latest valuation: Distressed (no recent secondary marks)
| Round | Date | Amount | Valuation | Key Investors |
|---|---|---|---|---|
| Series A | 2009 | $9M | - | ChrysalixBDC Capital |
| Series B | 2011 | $19.5M | - | Cenovus EnergyChrysalix |
| Series C | 2013 | $36M | - | Bezos ExpeditionsKhazanah Nasional (Malaysia)Chrysalix |
| Series D | 2015 | $27M | - | Bezos ExpeditionsKhazanahChrysalix |
| Series E | 2018 | $65M | - | Singapore TemasekBezos ExpeditionsChrysalixKhazanah+1 more |
| Strategic Round | Sep 2021 | $130M | - | TemasekBezos ExpeditionsJeff SkollBMW i Ventures+1 more |
| Bridge / Insider | Feb 2025 | $22M | - | Existing investors (insider round after broader raise stalled) |
| SAFE Financing | Nov 2025 | $51M (SAFE) | - | Segra CapitalPenderFund |
Updated at 2026-Q1
Product Specifications
| System | Type | Status |
|---|---|---|
| LM26 | Demonstration machine (Magnetized Target Fusion at 50% commercial scale) | Operating with reduced cadence post Sep 2024 restructuring |
| Magnetized Target Fusion (MTF) | Liquid-metal-piston compression of magnetized plasma in a spherical vessel | R&D |
| Compact Toroid Injector | Plasma formation + injection technology | Operating since 2014 |
Updated at 2026-Q1
Partnerships & Investors
Jeff Bezos / Bezos ExpeditionsLong-term Investor
Investor since Series C (2013); one of the earliest major individual backers of fusion in any private company.
Jeff SkollInvestor
Participated in Sep 2021 round; long-time General Fusion supporter.
Singapore TemasekSovereign Investor
Series E + Sep 2021 round; one of few sovereign funds with sustained General Fusion exposure.
Khazanah Nasional (Malaysia)Sovereign Investor
Long-term Malaysian sovereign-fund participant.
Cenovus EnergyStrategic
Early Canadian oil-major participant; energy-transition signaling.
UK Atomic Energy AuthorityResearch
Prior plan to build LM26 demonstration in the UK at Culham was redirected to Canadian site after 2023 review.
Updated at 2026-Q1
Key Milestones
2002
Company Founded
Michel Laberge (former physicist at the Centre for Plasma Physics) starts General Fusion in Vancouver
2014
PI1 Prototype
First plasma-injector prototype operated; demonstrates compact toroid formation
Sep 2021
$130M Strategic + LM26 Announcement
Largest single round in company history; announces LM26 demonstration machine for Richmond BC facility
2022-2023
LM26 Construction
Reduced-scale demonstration machine designed to validate magnetized target fusion compression physics
May 2024
LM26 First Plasma
Initial plasma formed in LM26 vessel; demonstrates compact toroid injection at production scale
2024-2025
Funding Gap + Layoffs
Broader fundraise stalls; staff cut in 2024 and again ~25% in May 2025; restructured under bridge financing, burn cut to ~$1.4M/mo
Feb + Nov 2025
Insider + SAFE Financing
$22M insider round (Feb 2025) and a $51M SAFE (Nov 2025, Segra + PenderFund) extend runway toward end-2026
2027 (target)
LM26 Net-Energy Goal
Reduced team continues LM26; targets demonstrating energy gain by 2027, but cites a ~$125M funding gap to get there
Updated at 2026-Q1