Google Joins Funding Round for German Stellarator Fusion Company

Cnbc reported that Google participated in a 411 million euros funding round for Proxima Fusion, a Germany-based company developing stellarator technology for nuclear fusion. The round, announced on Tuesday, totaled 411 million euros and was led by XTX Ventures and East X Ventures, with RWE also joining as a strategic investor. Proxima Fusion reached a $2.7 billion valuation after the round.

Other participants included Plural, UVC Partners, Balderton and Cherry Ventures. The company said the proceeds will expand high-temperature superconducting cable and magnet production and develop engineering and manufacturing systems for stellarators. Proxima Fusion targets an operational fusion demonstrator in the early 2030s and a commercial power plant later in the decade.

It plans to hire across engineering, manufacturing and operations. Cnbc reported that Google signed an offtake agreement in June 2025 with Commonwealth Fusion Systems for its first commercial plant once live. Francesco Sciortino, cofounder and CEO of Proxima Fusion, said in a statement that Europe is racing with the United States and China to reach the first fusion power plant.