The nuclear energy scaleup raised 3 billion US Dollars since its birth in 2018. In June 2025, NYSE-listed Google signed an agreement to purchase 200 MW of power that the first ARC commercial fusion power plant will produce
Commonwealth Fusion Systems (CFS), an US nuclear energy scale up that developed the proprietary technology SPARC, an innovative Tokamak nuclear reactor for magnetic confinement fusion, that also attracted the resources of Neva (part of Intesa SanPaolo) and Milan-listed energy giant ENI (press release). According to press reports of June 2025, the company was pursuing an extension of its 2021 Series B round, which exceeded 1.8 billion US dollars in value, with the aim of raising an additional 1 to 1.5 billion. Neva (Intesa SanPaolo) said it invested in CFS (see here a previous post by BeBeez). Market rumours say that once secured such resource, CFS post-money value will amount to 8 billion.
Further to NEVA’s the company also attracted the resources of Brevan Howard Macro Venture Fund; Counterpoint Global (Morgan Stanley); Stanley Druckenmiller; FFA Private Bank (Dubai) Ltd.; Galaxy Interactive, a venture capital of Nasdaq-listed Galaxy Digital Inc; Gigascale Capital; HOF Capital; NVentures, the venture capital arm of Nasdaq-listed NVIDIA; Planet First Partners; Woori Venture Partners US. CFS also received money from MITSUI & CO. and Mitsubishi Corp that led a consortium of 12 Japanese companies such as Development Bank of Japan Inc, Fujikura Ltd, JERA Co Inc, JGC JAPAN Corp, Mitsui Fudosan Co Ltd, Mitsui OSK Lines Ltd, NTT Inc, Sumitomo Mitsui Banking Corp, Sumitomo Mitsui Trust Bank Ltd, and The Kansai Electric Power Co Inc.
Milan-listed ENI, Breakthrough Energy Ventures; Emerson Collective; Future Ventures; Gates Frontier; Google; Hostplus Superannuation Fund; Khosla Ventures; Lowercarbon Capital; Safar Partners; Eric Schmidt; Starlight Ventures; Tiger Global; and other existing investors increased their stakes in CFS.
In 2021, the scaleup raised above 1.8 billion from lead investor Tiger Global Management, Bill Gates, Coatue, DFJ Growth, Emerson Collective, Footprint Coalition, Google, JIMCO Technology Fund (part of JIMCO, the global investment harm of the Jameel Family), John Doerr, JS Capital, TIME Ventures (a firm of Marc Benioff), Senator Investment Group, an University endowment fund, and a pension fund. The round also attracted the resources of Breakthrough Energy Ventures, The Engine, Eni, Equinor Ventures, Fine Structure Ventures, Future Ventures, Hostplus, Khosla Ventures, Lowercarbon, Moore Strategic Ventures, Safar Partners, Schooner Capital, Soros Fund Management LLC, Starlight Ventures, and Temasek (press release).
In June 2025, NYSE-listed Google signed an agreement to purchase 200 MW of power that the first ARC commercial fusion power plant will produce (press release).
Mario Costantini, the ceo of Neva, said: “Every discovery that changes the world starts with those who dare to believe in it. CFS is working on the most advanced technology in the world, in a sector that will revolutionise our lives. As part of Italy’s leading bank, our investment in the company stems from the conviction that our country must play an active role in this transformation and involve its SMEs and productive fabric in the construction of a new industrial chain for clean and sustainable energy. We are committed to ensuring that this initiative has a systemic impact: the goal is to anticipate global trends, support the transformation of businesses, and generate skilled employment’.
Clara Andreoletti, the ceo of ENI Next, commented: “ENI has further strengthened its financial commitment to CFS, confirming our long-term involvement in the development of fusion energy. We see this technology as a revolutionary breakthrough in achieving our energy transition goals. As a relative majority shareholder, ENI’s support for CFS goes beyond financial capital. We continue to provide crucial operational, technological, and project execution support, sharing methodologies applied to the energy sector”.
In 2018, Bob Mumgaard (ceo), Brandon Sorbom, Dan Brunner, and Zach Hartwig funded CFS with a spin off from Massachusetts Institute of Technology (MIT). The company core business is the development of magnetic confinement fusion (MCF) using high-temperature superconductors (HTS). CFS made significant progress in recent years, starting with the direct production of high-temperature superconducting magnets at its plant. The company is a pioneer and leader in its field and recently announced plans to build the first fusion power plant in Virginia.
CFS will invest such proceeds in completing the construction of SPARC, a nuclear energy reactor that the company is assembling in its facility in Devens, Massachusetts, USA. This technology will have to demonstrate the ability to achieve a positive energy balance from nuclear fusion, which may take place in 2027. By 2030, CFS also aims to complete the construction of ARC, a 400 MW commercial nuclear fusion power plant, in Virginia’s Chesterfield County.
