General Fusion Group Ltd. began trading on the Nasdaq on July 13, 2026, under the ticker GFUZ. It is the first company entirely focused on nuclear fusion to be listed on a public market — a milestone that marks something tangible for a sector that has spent decades oscillating between laboratory breakthroughs and unfulfilled promises.
The Canadian company, headquartered in Vancouver and backed by more than twenty years of research, reached public markets through a merger with Spring Valley Acquisition Corp. III, a SPAC focused on clean energy. The deal closed on July 10, 2026. The pre-money valuation was set at $600 million, with a pro-forma enterprise value of $724 million. General Fusion enters the public markets with approximately $150 million in cash — drawn from private placement proceeds and trust capital — earmarked to fund its technology development program through 2028.
At the core of the company’s strategy is LM26, the Lawson Machine 26: the first magnetized target fusion demonstration machine built at a commercially relevant scale. The machine is already operational. In June 2026, General Fusion announced a significant technical result: LM26 compressed a plasma to approximately 8.4 million degrees Celsius, equivalent to 0.72 keV. Plasma electron temperature more than tripled through mechanical compression, accompanied by increases in plasma density, magnetic field strength, and neutron yield during compression. The findings were submitted for peer review in a technical paper.
General Fusion’s approach to fusion — known as Magnetized Target Fusion (MTF) — stands apart from those of its main competitors by dispensing with superconducting magnets and high-power lasers. The machine uses a mechanical lithium press to compress the plasma. This translates into a simpler architecture, off-the-shelf industrial materials, and, in theory, lower construction costs. The company holds 210 patents, granted and pending, and is one of only four private companies worldwide to have published fusion results validated by the scientific community.
The capital raised is intended to guide LM26 through a precise sequence of technical milestones: first 1 keV, then 10 keV, and finally the Lawson criterion — the physical threshold beyond which a fusion reaction produces more energy than it consumes. General Fusion aims to complete these steps by 2028. TIME magazine ranked the company first on its list of the world’s best greentech companies in 2026.
Going public does not resolve the technical challenges that still stand between fusion and the power grid. But it brings the sector into new territory: public reporting, quarterly transparency, and investor scrutiny. For General Fusion, the listing is also a tool for scientific and industrial legitimacy. If LM26 reaches the Lawson criterion on schedule, the market will have, for the first time, a publicly traded benchmark against which to anchor expectations for fusion energy.
