Pacific Fusion
Pulsed magnetic + inertial confinement fusion. Largest fusion Series A in history at $900M (Oct 2024)
Fremont, CA~80Founded 2023$900M raisedUndisclosed (Series A milestone-tranched) valuationpacificfusion.com
SectorsNuclear
Series A
$900M
Largest fusion Series A in history; entered the field at top-tier capital base immediately
Approach
Pulsed magnetic + ICF hybrid
Sandia Z-Machine lineage; 156 individual pulsed-power modules feeding a central target chamber
Funding per Employee
~$11M+
One of highest in deep tech; pre-machine company with national-lab caliber talent
Net Energy Target
~2030
10-year roadmap to demonstration-facility net gain; commercial plant beyond
Funding History
Total raised: $900M · Latest valuation: Undisclosed (Series A milestone-tranched)
| Round | Date | Amount | Valuation | Key Investors |
|---|---|---|---|---|
| Series A | Oct 2024 | $900M (milestone-based tranches) | — | Khosla Ventures (lead)General CatalystFounders FundEric Schmidt+4 more |
Product Specifications
| System | Type | Status |
|---|---|---|
| Demonstration System (DS) | Pulsed magnetic + inertial confinement hybrid (156 pulsed-power modules) | Design / early build |
| Marx Generator Modules | Impedance-matched pulsed-power architecture (Sandia Z-Machine lineage) | Prototype phase |
| Commercial Pilot Plant | Long-term roadmap target | Conceptual (10-year horizon) |
Partnerships & Investors
Khosla VenturesLead Investor
Vinod Khosla personally championed the Series A; led the $900M round.
General CatalystLead Investor
Co-led Series A; deep-tech / sovereign-tech thesis.
Founders Fund + Eric Schmidt + John DoerrInvestor Syndicate
Cross-section of Silicon Valley deep-tech capital.
MubadalaInvestor
UAE sovereign-fund participant in Series A.
Sandia National Lab + LLNL alumniTalent Pipeline
Core team drawn from US national-lab pulsed-power and ICF programs.
Key Milestones
2023
Company Founded
Eric Lander (former White House OSTP director), Will Regan, Carrie von Muench, Keith LeChien (ex-Sandia / Lawrence Livermore) form Pacific Fusion in stealth
Oct 2024
Series A + Stealth Exit
$900M Series A announced; one of the largest stealth-mode raises in any sector
2025
Demonstration System Design
Architecture: 156 individual pulsed-power modules feeding a central target chamber; impedance-matched Marx generator topology
~2030 (target)
Demonstration Facility Net Energy
Net energy gain target; pulsed inertial-confinement architecture with magnetic compression