Proxima Fusion raises €411 million ($468 million) in Series funding led by XTX Ventures and East X Ventures with participation from Google, RWE, and others

Type: Financing · Technology: Nuclear · Country: Germany · Value: $468M · Announced: 2026-07-07

German fusion technology startup Proxima Fusion secured €411 million ($468 million) in a Series funding round led by XTX Ventures and East X Ventures, with strategic investments from Google and RWE. The financing round, the largest-ever private investment in European fusion, values Proxima at nearly €2.5 billion and positions the company as the best-funded fusion enterprise in Europe. Proxima, a spin-out from the Max Planck Institute for Plasma Physics (IPP), is developing stellarator-based fusion power plants using the QI-HTS stellarator concept, which eliminates current-driven instabilities. The new capital will fund the construction of Alpha, a net-energy stellarator demonstrator near Munich, targeted for completion in the early 2030s to bridge fusion research and commercial deployment. Proxima plans to follow Alpha with Stellaris, its first commercial stellarator fusion power plant later in the decade. Google's participation aligns with its 24/7 carbon-free energy (CFE) ambition, as the company seeks abundant carbon-free energy to meet growing AI infrastructure power demands, acknowledging that grid decarbonization has not kept pace with its energy needs.

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