The brief

Analyst view

• WHAM, its joint experiment with UW-Madison, held plasma at a record 17 tesla in 2024 using CFS magnets.
• April 2026: CFS to build the superconducting magnets for its prototypes and plants, a deal it says could be worth billions.
• About $45M in venture equity plus $9.5M debt; one of eight firms in DOE's Milestone-Based Fusion Development Program.

Technical approach

As reported

Magnetic mirror

A straight tube, pinched at the ends

Plasma sits in a straight magnetic field that is far stronger at both ends; particles heading out are reflected back.

HTS magnets

Stronger ends, less leakage

High-temperature superconducting magnets reach 17 T, letting the end fields be many times the middle and plugging leaks.

Direct conversion

Turn escaping ions into electricity

Ions leaving the open ends can be slowed in electric fields to make power directly, without a steam turbine.