General Fusion becomes 1st fusion power company to go public
General Fusion became the first-ever fusion power company to go public, debuting on Nasdaq as GFUZ.
Its stock price shot up 40% on day one, a big sign that investors are excited about the promise of clean, limitless energy from nuclear fusion.
SPAC merger raises about $150 million
The company went public after merging with Spring Valley Acquisition Corp. III, but high redemption rates meant it raised less cash than expected, about $150 million total, with help from private investors.
Founded in 2002, General Fusion has already raised over $600 million to develop its unique magnetized target fusion technology.
Financial bumps (including layoffs last year) have pushed their break-even goal to at least 2028, and they're aiming for their first power plant around 2035 if funding keeps coming in.