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
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)
Sep 2024 Restructuring
~40% headcount cut
Broader Series F stalled; bridge financing kept LM26 operating at reduced cadence
Approach
Magnetized Target Fusion
Liquid-metal-piston compression of magnetized plasma; only major MTF developer (no competition)
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 / Restructuring | Sep 2024 | ~$25M (reported) | — | Existing investors via insider rounds after broader fundraise stalled |
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 |
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.
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
Sep 2024
Funding Gap + Layoffs
Broader Series F fundraise stalls; ~40% of staff laid off; restructured into smaller operating shape under bridge financing
2025
LM26 Continued Operation
Reduced team continues LM26 experiments; commercial-pilot timeline pushed beyond 2030