Trump Media & Technology Group and TAE Technologies have filed Form S-4 with the Securities and Exchange Commission, taking a formal step toward completing the $6 billion-plus merger announced in December 2025. The filing, dated September 30, 2026, moves the transaction into the regulatory review and shareholder approval phase.
Structured as an all-stock transaction, the deal calls for shareholders of each company to hold approximately 50% of the combined entity on a fully diluted basis. TMTG has already transferred up to $200 million in cash to TAE upon signing the definitive agreement, with an additional $100 million made available at the time of the S-4 filing. On September 30, 2026, the two companies also executed an amended convertible promissory note of up to $300 million, carrying a 7% annual interest rate and including pre-conversion voting rights for TMTG.
Founded in 1998 and headquartered in Foothill Ranch, California, TAE Technologies has raised more than $1.3 billion from investors including Google, Goldman Sachs, Chevron Technology Ventures, and Sumitomo Corporation of America. Its core mission is to bring fusion to commercial scale using neutral particle beams and magnets — an approach that differs from the laser-based methods pursued by others in the field. Nearly three decades of research have produced a technology portfolio organized across three business units: Fusion, Power Solutions, and Life Sciences.
The TAE Power Solutions division develops energy management systems for highly dynamic electrical loads, including AI computing infrastructure. Its PowerFabric system was derived directly from technology developed for fusion research. TAE Life Sciences, meanwhile, applies the same expertise to the medical field. This three-unit structure reduces dependence on any single commercial pathway and positions the combined company to generate revenue on a shorter timeline than fusion development alone would allow.
The operational roadmap for the merged entity is clear: launch site selection and begin construction of the first utility-scale fusion plant at 50 MWe during 2026, subject to the necessary regulatory approvals. Subsequent plants are designed for a capacity of between 350 and 500 MWe. Leadership of the new entity will be shared by Devin Nunes, current CEO of TMTG, and Michl Binderbauer, CEO of TAE, serving as co-CEOs. Trump Media reported approximately $2 billion in total assets and more than $1.9 billion in financial assets as of June 30, 2026 — a balance sheet that lends credibility to the company’s ability to support the path toward commercial fusion.
The Form S-4 must still be reviewed and approved by the SEC before any securities related to the transaction can be offered or transferred. Should the merger close, the combined company would be among the first in the world listed on a public exchange with an active commercial fusion development program — a milestone that, if achieved, could fundamentally reshape investment in the global energy sector and open fusion to public markets for the first time in history.
