# Proxima Fusion

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/proxima-fusion

- Industry: Power & Utilities
- Headquarters: Munich, Germany
- Website: www.proximafusion.com
- Total disclosed funding: $664M
- Latest round: Series B (Jul 7, 2026)
- Investors on record: 32

## About

Based in Munich, Germany, and founded in 2023, Proxima Fusion GmbH provides stellarator fusion reactors. The company was co-founded by Francesco Sciortino (CEO), Lucio Milanese, Jorrit Lion, Martin Kubie, and Jonathan Schilling. In July 2026, Proxima Fusion GmbH raised EUR 411 million in series B funding co-led by new investors XTX Ventures, East X Ventures, RWE Generation, and GV, with participation from other new investors SKion, Burda Principal Investments, KfW Capital, SPRIND. Returning investors Plural, Unternehmertum Venture Capital, Balderton Capital, Cherry Ventures, DST Global, Brevan Howard, Lightspeed Venture Partners, DeepTech and Climate Fund, Redalpine, Leitmotif, Elaia Partners, CDP Venture Capital, Bayern Kapital, and European Innovation Council, High-Tech Gruenderfonds, and other unspecified investors also participated in the round.

The company offers a fusion power plant using QI stellarators providing clean, abundant, and safe energy for all. The firm’s quasi-isodynamic (QI) stellarators offer heat exhaust concepts for the island divertor.

Proxima Fusion is pre-revenue and generates no commercial income, operating as an R&D-stage developer funded by equity and public grants. Since inception it has raised over €650 million, including €95 million in non-dilutive public funding from SPRIND, the EU and Bavarian programmes, alongside registered project grants for AI-driven fusion engineering, superconducting magnets and microwave plasma heating. Filed accounts show a net loss of €8.93 million for FY2024 against total assets of €19.6 million. Future monetisation is expected from B2B sales of stellarator power plants and long-term electricity offtake agreements with utilities and industrial users.

Proceeds from the €411 million July 2026 round fund Alpha, a net-energy stellarator demonstrator near Munich built with Bavaria, RWE and the Max Planck Institute, targeting first operation in the early 2030s. Proxima will expand high-temperature superconducting cable and magnet production, complete its Stellarator Model Coil milestone, and hire across engineering, manufacturing and operations in Munich, Zurich and Oxford, advancing toward Stellaris, its first commercial power plant at Gundremmingen later this decade.

## Funding rounds

- Series B, Jul 7, 2026, $469M — Lightspeed Venture Partners, Elaia Partners, CDP Venture Capital, Brevan Howard, Balderton Capital, GV, DST Global, High-Tech Gruenderfonds, Bayern Kapital, Unternehmertum Venture Capital, Redalpine, SKion, Cherry Ventures, Burda Principal Investments, RWE Generation, KfW Capital, XTX Ventures, Plural, DeepTech and Climate Fund, Leitmotif, SPRIND, European Innovation Council, East X Ventures
- Series A, Aug 8, 2025, $18M — CDP Venture Capital, Brevan Howard, Leitmotif, European Innovation Council, Roundtable - Landytech Invest Lux 1
- Series A, May 8, 2025, $147M — Lightspeed Venture Partners, Elaia Partners, Omnes Capital, Balderton Capital, High-Tech Gruenderfonds, Bayern Kapital, Unternehmertum Venture Capital, Redalpine, Cherry Ventures, Visionaries Club, Simon Fiduciaria Spa, Plural, DeepTech and Climate Fund, Gateway Ventures, Leitmotif, Roundtable - Landytech Invest Lux 1, Wilbe Capital
- Seed, Mar 5, 2024, $22M — Max Planck Foundation, High-Tech Gruenderfonds, Bayern Kapital, Unternehmertum Venture Capital, Redalpine, Visionaries Club, SEK Ventures, Plural, Wilbe Group
- Seed, Apr 18, 2023, $7.7M — High-Tech Gruenderfonds, Unternehmertum Venture Capital, Plural, Wilbe Group

## Investors

- High-Tech Gruenderfonds (https://capitalatlas.ai/funds/high-tech-gruenderfonds) — Seed, Series A, Series B
- Unternehmertum Venture Capital (https://capitalatlas.ai/funds/unternehmertum-venture-capital) — Seed, Series A, Series B
- Plural (https://capitalatlas.ai/funds/plural) — Seed, Series A, Series B
- Wilbe Group — Seed
- Max Planck Foundation — Seed
- Bayern Kapital (https://capitalatlas.ai/funds/bayern-kapital) — Seed, Series A, Series B
- Redalpine (https://capitalatlas.ai/funds/redalpine) — Seed, Series A, Series B
- Visionaries Club (https://capitalatlas.ai/funds/visionaries-club) — Seed, Series A
- SEK Ventures — Seed
- Lightspeed Venture Partners (https://capitalatlas.ai/funds/lightspeed-venture-partners) — Series A, Series B
- Elaia Partners (https://capitalatlas.ai/funds/elaia-partners) — Series A, Series B
- Omnes Capital (https://capitalatlas.ai/funds/omnes-capital) — Series A
- Balderton Capital (https://capitalatlas.ai/funds/balderton-capital) — Series A, Series B
- Cherry Ventures (https://capitalatlas.ai/funds/cherry-ventures) — Series A, Series B
- Simon Fiduciaria Spa — Series A
- DeepTech and Climate Fund (https://capitalatlas.ai/funds/deeptech-and-climate-fund) — Series A, Series B
- Gateway Ventures (https://capitalatlas.ai/funds/gateway-ventures) — Series A
- Leitmotif (https://capitalatlas.ai/funds/leitmotif) — Series A, Series B
- Roundtable - Landytech Invest Lux 1 — Series A
- Wilbe Capital (https://capitalatlas.ai/funds/wilbe-capital) — Series A
- CDP Venture Capital (https://capitalatlas.ai/funds/cdp-venture-capital) — Series A, Series B
- Brevan Howard — Series A, Series B
- European Innovation Council (https://capitalatlas.ai/funds/european-innovation-council) — Series A, Series B
- GV (https://capitalatlas.ai/funds/gv) — Series B
- DST Global (https://capitalatlas.ai/funds/dst-global) — Series B
- SKion — Series B
- Burda Principal Investments (https://capitalatlas.ai/funds/burda-principal-investments) — Series B
- RWE Generation — Series B
- KfW Capital (https://capitalatlas.ai/funds/kfw-capital) — Series B
- XTX Ventures (https://capitalatlas.ai/funds/xtx-ventures) — Series B
- SPRIND — Series B
- East X Ventures (https://capitalatlas.ai/funds/east-x-ventures) — Series B