Proxima Fusion, a Munich-based company developing stellarator fusion power plants, raised €411m (about $468m) in a financing round announced on 7 July 2026. The round values the company at €2.4bn (about $2.7bn). Proxima's press-release files label the round a Series A2.
XTX Ventures and East X Ventures led the round, with the German utility RWE and Google joining as strategic investors. KfW Capital, SPRIND and Burda Principal Investments invested for the first time.
Returning investors included Plural, UVC Partners, Balderton, Cherry Ventures, DST Global Partners, Brevan Howard Macro Venture, Lightspeed, DTCF, redalpine, Leitmotif, Elaia, CDP Venture Capital, Bayern Kapital and the EIC Fund.
“Europe is racing with the United States and China to get to the first fusion power plant.”Francesco Sciortino, Co-Founder and CEO, Proxima Fusion
What Proxima Fusion does
Proxima is the first spin-out from the Max Planck Institute for Plasma Physics and was founded in 2023. It is designing fusion power plants based on the stellarator, a type of magnetic-confinement fusion device, built around high-temperature superconducting (HTS) magnets.
The company is led by co-founder and chief executive Francesco Sciortino. It has its headquarters in Munich and offices in Zurich and Oxford, and employs about 200 people, up from more than 80 at the time of its Series A in June 2025.
Its next major project is Alpha, a net-energy stellarator demonstrator near Munich that Proxima is leading with the State of Bavaria, the Max Planck Institute for Plasma Physics and RWE. Alpha is targeted for the early 2030s, and is backed by an industrial consortium of more than 50 partners that the company calls the Alpha Alliance. Stellaris, which Proxima describes as the first commercial stellarator fusion power plant, is planned for later that decade.
What the money is for
Proxima said the money will be used to complete its Stellarator Model Coil, expand production of HTS cable and magnets, develop engineering and manufacturing systems for stellarators, and hire across engineering, manufacturing and operations.
The round followed a memorandum of understanding that Proxima signed about three months earlier with the Free State of Bavaria, RWE and the Max Planck Institute for Plasma Physics. According to Pulse 2.0, the round exceeded Proxima's target of matching the €400m (about $455m) of public funding Bavaria plans to contribute, and RWE agreed to partner on the first stellarator power plant at a former nuclear fission site in Gundremmingen, Bavaria.
Sciortino said Europe was racing with the United States and China to build the first fusion power plant, and that investors recognised both the urgency and the opportunity of the company's work.
The funding so far
Proxima said it has secured more than €650m (about $740m) in under three years, including €95m (about $108m) in public grants. The company described itself as the best-funded fusion company in Europe.
In June 2025 the company raised a €130m (about $150m) Series A co-led by Cherry Ventures and Balderton Capital, which it described at the time as the largest private fusion investment round in Europe. That round brought its total funding to more than €185m (about $200m) in private and public capital. Redalpine led an earlier seed round, whose size was not disclosed in the Series A announcement.
Company website: proximafusion.com