Proxima Fusion raises €411 million at a €2.4 billion valuation for its stellarator programme

Proxima Fusion/Stellaris

On July 7, 2026, Proxima Fusion announced a €411 million round, about $468 million, valuing the German stellarator developer at €2.4 billion. The money is for completing the Stellarator Model Coil and expanding production of high-temperature superconducting cable and magnets.

• XTX Ventures and East X Ventures led the round; RWE and Google joined as strategic investors.
• The funds go to completing the Stellarator Model Coil, expanding high-temperature superconducting cable and magnet production, and building the engineering and manufacturing systems stellarators need.
• Proxima's plan starts with the Alpha demonstration stellarator near the Max Planck Institute for Plasma Physics in Garching, followed by the Stellaris commercial plant.
• The company has not set a date for Stellaris beyond saying it would follow Alpha later in the decade.