The brief

Analyst view

• About €385 million raised, €170M of it private; investors include EQT, Siemens Energy and the EIC Fund (its first fusion stake).
• ATLAS, a 7-petawatt laser facility at Colorado State University, is due for completion in December 2026.
• Targets a prototype reactor in 2032 and commercial plants from 2036; Siemens Energy designs the power-plant side.

Technical approach

As reported

Short pulses

Femtosecond lasers, not big compressors

Pulses of about 100 femtoseconds deliver extreme intensity at once instead of first compressing a fuel pellet, as NIF-style lasers do.

Nano targets

Structured fuel absorbs the light

Targets with nanoscale structures absorb laser energy efficiently and accelerate fuel nuclei before the target blows apart.

Lasers as products

Revenue before fusion

Plans to sell industrial laser systems and neutron sources first; spun out Caelora in 2026 to market high-energy lasers.