General Fusion becomes first fusion company to go public

General Fusion Group Ltd. closed its business combination with Spring Valley Acquisition Corp. III on Friday, July 10, positioning itself as the first publicly traded pure-play fusion energy company. Shares and warrants are expected to begin trading on Nasdaq under the symbols GFUZ and GFUZW on July 13, 2026.finanznachrichten+2

The Vancouver-based company enters public markets with approximately US$150 million in cash, drawn from net transaction proceeds from a private placement and SPAC trust capital. The funds are expected to carry General Fusion's Lawson program through several technical milestones the company aims to complete by 2028, with the goal of demonstrating its Magnetized Target Fusion technology at commercially relevant scale.stocktitan+1

A Long Road to the Public Markets

General Fusion, founded in 2002, announced its merger agreement with Spring Valley in January 2026, implying a pro-forma equity value of roughly US$1 billion. The deal included approximately US$108 million in oversubscribed private investment in public equity and up to US$230 million held in Spring Valley's trust. However, as The Globe and Mail reported, high shareholder redemptions reduced the final cash available, with the company ultimately securing the $150 million figure.stocktitan+3

Spring Valley III shareholders approved the transaction on July 6 at a meeting held at Greenberg Traurig's New York offices. The SEC had declared the joint F-4 registration statement effective on June 12, clearing the regulatory path.fusion-future+2

The Technology Behind the Bet

General Fusion's approach differs from other fusion efforts. Its Magnetized Target Fusion technology uses mechanical compression of plasma with a lithium liner rather than relying on superconducting magnets or high-powered lasers, aiming for a design that can integrate with existing power plant infrastructure.generalfusion+1

The company operates Lawson Machine 26, which it describes as the first MTF demonstration machine built at commercially relevant scale, compressing plasma at 50% commercial-scale diameter. In June 2026, General Fusion announced LM26 had tripled plasma electron temperature through compression, reaching approximately 8.4 million degrees Celsius — a milestone on its path toward 10 keV and ultimately meeting the Lawson criterion for net fusion energy.stocktitan+1

What Comes Next

The listing arrives amid surging interest in fusion energy, driven by growing electricity demand from AI and data centers. General Fusion has raised over US$400 million in total funding to date, including more than US$100 million from governments. The company has said its PIPE financing alone should fund operations through the end of 2028.theglobeandmail

General Fusion now faces the challenge of delivering on its technical roadmap as a public company under market scrutiny — a first for the fusion sector.