General Fusion plans a $1 billion SPAC deal to go public in the US

• The deal includes $105 million in committed funding and will list on Nasdaq under ticker 'GFUZ' by mid-2026
• General Fusion has not yet proven commercial viability or built a reactor producing net energy, with first-of-a-kind power plant targeted for mid-2030s
• Rising nuclear energy interest in the U.S. driven by massive electricity demand from AI data centers and electrification across transportation and manufacturing sectors

Summary

Key Transaction Details:

Canadian nuclear fusion startup General Fusion announced plans to go public through a SPAC merger with Spring Valley Acquisition Corp. III, valued at approximately $1 billion. The deal includes $105 million in committed financing and is expected to close by mid-2026, with shares listing on Nasdaq under ticker "GFUZ."

Company and Technology:

General Fusion is developing magnetized target fusion technology, an experimental approach designed to replicate solar power generation. Unlike conventional nuclear fission, fusion has not yet achieved commercial viability, and the company has not built a reactor producing net energy. The firm anticipates constructing its first commercial power plant by the mid-2030s.

Market Context:

The transaction capitalizes on renewed interest in nuclear power amid surging electricity demand from AI data centers and broader electrification across transportation and manufacturing sectors. CEO Greg Twinney emphasized that "existing technologies are not going to cut it" for meeting massive energy demands from AI and data centers.

Strategic Focus:

Proceeds will fund advancement of the company's magnetized target fusion system. General Fusion is engaging with prospective customers to ensure its technology meets future operational and financing requirements.

Competitive Landscape:

While competitors include Bloom Energy, Oklo (backed by Sam Altman), NuScale, Centrus, and Nano Nuclear Energy, none are pure-play fusion companies, potentially positioning General Fusion uniquely in the emerging fusion energy market.

The deal reflects growing investor appetite for next-generation clean energy solutions amid accelerating power demand from technology infrastructure.