Proxima Fusion
About
Proxima Fusion builds toward a commercial QI-HTS stellarator fusion power plant, arguing that the stellarator's inherently steady-state magnetic confinement (as opposed to the pulsed operation of tokamak designs) offers a clearer path to continuous, grid-ready fusion power.
- Founded
- 2023
- Headquarters
- Munich, Germany
- Employees
- 90+ (2025)
- Technology
- Quasi-isodynamic (QI) stellarator fusion power plants
- Total Funding Disclosed
- €650M+ (~$740M), incl. ~€95M public grants
- Latest Round
- Series A2 (07/2026), €411M
- Latest Valuation
- €2.4B (~$2.7B)
Overview
Proxima Fusion is a Munich-based fusion energy company developing quasi-isodynamic (QI) stellarator power plants, spun out in 2023 from the Max Planck Institute for Plasma Physics (IPP), home of the Wendelstein 7-X stellarator experiment.
The company's founders and early team combine plasma-physics research backgrounds from IPP and MIT with engineering leadership from organizations including Formula 1 (McLaren Racing) and Google X's Wing drone-delivery spinout, and the company describes its approach as combining simulation-driven and AI-assisted engineering with high-temperature superconducting (HTS) magnet technology to accelerate stellarator design.
Since its 2023 pre-seed raise, Proxima Fusion has expanded from a small research spin-out to a company with 90+ employees (as of 2025), published a commercial power-plant concept ('Stellaris') with partners, signed agreements with industrial and public partners including RWE, the Free State of Bavaria, and the Max Planck Institute for Plasma Physics, and raised over €650 million in combined private and public capital as of mid-2026.
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