The fusion energy company is set to become the first publicly traded pure-play fusion developer, with a roughly $1 billion pro-forma equity value and funding that may vary with SPAC redemptions.
General Fusion is set to begin trading on Nasdaq under GFUZ as the first publicly traded pure-play fusion energy company after completing its business combination with Spring Valley Acquisition Corp. III. The deal, first announced in January 2026 and approved by shareholders in early July, values the combined entity at about $1 billion on a pro-forma equity basis. The company has said it is entering public markets with approximately US$150 million in cash, while the transaction structure includes a committed PIPE of about $107.7 million and estimated trust proceeds of $230 million assuming no redemptions, highlighting the importance of shareholder redemption levels to the final cash outcome. General Fusion has raised more than $400 million privately to date. The Vancouver-based company is developing Magnetized Target Fusion, which uses magnetically confined plasma compressed mechanically inside a liquid-metal-lined chamber in an effort to create the conditions for fusion. It said Lawson Machine 26, or LM26, is its first Magnetized Target Fusion demonstration machine built at a commercially relevant scale. On June 22, 2026, the company achieved compressional plasma heating at LM26, a technical milestone that was followed on June 24 by a framework agreement with Italy's Renexia aimed at supporting commercial deployment. General Fusion has also positioned its technology as a potential source of clean baseload power for energy-intensive applications including AI infrastructure, while the broader investment case remains tied to execution. LM26 is a demonstration device rather than a prototype power plant, and the Renexia agreement signals commercial intent but is not a construction contract. Investors are also watching the SPAC structure closely because high redemption rates could materially reduce trust proceeds.