CFS raises $1B in new equity, bringing its total to about $4B, to finish SPARC and advance ARC

Commonwealth Fusion Systems/ARC

Commonwealth Fusion Systems raised another $1 billion in equity, taking its total since its 2018 founding to about $4 billion. The money goes to finishing assembly of SPARC, its demonstration machine in Devens, Massachusetts, and to developing ARC, its first grid power plant in Chesterfield County, Virginia, which CFS aims to connect in the early 2030s.

• Investors include pension funds, sovereign wealth funds, infrastructure investors and industrial partners; Dominion Energy, Google and Eni are strategic partners.
• Google and Eni have also signed agreements to buy power from ARC, so part of the plant's future output is already sold.
• CFS says its $4B is roughly 30% of all the capital the fusion industry has raised to date.
• It is the largest fusion round since CFS's own $1.8B Series B in 2021.
• CFS was the first fusion company to file a grid-connection request with PJM, the largest US wholesale power market. SPARC is still being assembled and has not yet made plasma.