Pacific Fusion

Pacific Fusion Raises $900 Million in Series A - October 25, 2024

Executive Summary

Pacific Fusion is a nuclear fusion technology company developing pulsed magnetic inertial fusion systems to deliver clean, unlimited energy.

Funding Amount: $900 Million

Valuation: Undisclosed

Round Type: Series A

Announced: October 25, 2024

Headquarters: Fremont, California

Category: Nuclear Fusion Energy

About Pacific Fusion

Pacific Fusion was founded in 2023 and is headquartered in Fremont, California.

Pacific Fusion is a nuclear fusion technology company developing pulsed magnetic inertial fusion systems to deliver clean, unlimited energy.

Funding Round Details

Investment Amount

Pacific Fusion successfully raised $900 Million in this Series A funding round.

Lead Investors & Participants

General Catalyst (Lead Investor): Global venture capital firm leading one of the largest Series A rounds in history. Hemant Taneja joins the board

Breakthrough Energy Ventures (Strategic Investor): Bill Gates-backed clean energy investment fund

Kenneth Griffin (Individual Investor): Founder and CEO of Citadel, one of the world's largest hedge funds

Patrick Collison (Individual Investor & Board Member): Co-founder of Stripe, joins Pacific Fusion's board of directors

John Doerr (Individual Investor): Legendary venture capitalist at Kleiner Perkins

Mustafa Suleyman (Individual Investor): CEO of Microsoft AI and co-founder of DeepMind

Eric Schmidt (Board Member): Former Google CEO joins Pacific Fusion's board of directors

Use of Funds

The $900 million in committed capital will be unlocked as Pacific Fusion achieves predefined technical milestones, ensuring accountability while mitigating financing risk. The funding will support the development and scaling of their pulsed magnetic inertial fusion technology toward commercial energy production.

Key Metrics & Achievements

• Largest Series A round for a fusion energy company
• Founded in 2023, operating in stealth mode until this announcement
• All funding committed upfront, unlocked upon milestone achievement
• Milestone-based structure ensures technical progress accountability
• Distinguished board including Eric Schmidt, Patrick Collison, and Hemant Taneja

Business Model

Pacific Fusion is developing pulsed magnetic fusion technology that uses fast-rising, high-current pulses to magnetically squeeze and heat small containers of deuterium-tritium fuel. This approach differs from other fusion methods and aims to achieve practical, commercial-scale clean energy generation.

Market Opportunity & Competition

The nuclear fusion industry has attracted significant capital as investors seek breakthrough clean energy solutions. Pacific Fusion competes with Commonwealth Fusion Systems ($2B raised), Helion Energy ($577M), TAE Technologies ($1.2B+), and others, each pursuing different technological approaches to achieving controlled fusion.

This fundraising report was announced on October 25, 2024 and represents verified data from Crunchbase, Bloomberg, TechCrunch, and official company announcements.