Proxima Fusion Raises €411M — Europe’s Largest Fusion Round
Proxima Fusion raised €411 million — Europe’s largest fusion round — at a €2.4B valuation, with Google and RWE as new strategic investors.
TL;DR — Munich-based Proxima Fusion raised €411 million ($468M) — the largest fusion funding round in European history — at a €2.4 billion valuation, with Google and RWE joining as strategic investors, to build a stellarator-based fusion power plant.
Europe’s fusion ambitions just got a big cheque. On July 7, 2026, Munich-based Proxima Fusion raised €411 million — the continent’s largest fusion round.
The round
Proxima Fusion raised €411 million ($468 million) — reported as the largest fusion funding round in European history — at a €2.4 billion ($2.7 billion) post-money valuation. XTX Ventures and East X Ventures led, with Google and RWE joining as new strategic investors. The company has now secured €650 million ($740 million) in under three years, including €95 million in public grants.
| Figure | |
|---|---|
| Round | €411M ($468M) |
| Valuation | €2.4B post-money |
| Total raised | €650M in <3 years |
| Team | ~200 (Munich, Zurich, Oxford) |
Proxima is building a QI-HTS stellarator, targeting a net-energy demonstrator ("Alpha") in the early 2030s and a commercial plant ("Stellaris") later that decade.
What they said
"Europe is racing with the United States and China to get to the first fusion power plant." — Dr. Francesco Sciortino, Co-Founder & CEO, Proxima Fusion
Why it matters
- A different bet. Proxima backs the stellarator design, while most rivals pursue tokamaks.
- Strategic money. Google and RWE signal that buyers of future power are funding it now.
- Europe’s answer. It’s the continent’s most-capitalized attempt to keep pace with the US and China.
FAQ
How much did Proxima Fusion raise?
€411 million ($468 million) on July 7, 2026 at a €2.4 billion post-money valuation — reported as the largest fusion funding round in European history. Total capital raised now stands at about €650 million in under three years.
What is a stellarator, and why does Proxima use one?
A stellarator is a fusion device that confines plasma using twisted magnetic coils rather than the plasma current used by tokamaks. Proxima is building a QI-HTS stellarator, betting the design is more stable for continuous operation, with a net-energy demonstrator targeted for the early 2030s.
Sources
Image: “Wendelstein 7-X stellarator” by Tino Schulz, Max-Planck-Institut für Plasmaphysik, CC BY-SA 3.0, via Wikimedia Commons.
Shown for illustration: Wendelstein 7-X, the reference stellarator Proxima Fusion builds on — not Proxima’s own machine.
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