General Fusion Begins Nasdaq Trading After Merger That Delivered Under $30 Million

General Fusion began trading on the Nasdaq under the ticker GFUZ on Monday, becoming the first publicly listed fusion power company. @techcrunch reported that the company beat competitor TAE Technologies, backed by President Trump, to the public markets by several months. The stock rallied and rose 40 percent from its $12.85 opening price as of 12:50 p.m.

ET. General Fusion announced in January that it would merge with Spring Valley Acquisition Corp. III, and the transaction was completed last week. Without redemptions the company could have added as much as $230 million to its balance sheet from the de-SPAC.

A Globe and Mail report estimates General Fusion might receive less than $30 million after redemptions and fees. Alongside the merger the company raised $108 million from private investors and now holds about $150 million in cash. General Fusion was founded in 2002 and has raised over $600 million from private investors over the years.

Before the reverse merger was announced the company was running short on cash and laid off at least 25 percent of its employees by May 2025. Three months later existing investors put in another $22 million. The company’s approach uses magnetized target fusion with electromagnetic fields to create plasma inside a chamber lined with liquid lithium, then compresses the lithium with synchronized mechanical drivers.

General Fusion had aimed to reach breakeven with its LM26 device this year, but funding issues have pushed that milestone to 2028 or later. The company now targets turning on its first power plant by approximately 2035.