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Commonwealth Fusion Systems

SPrivateFounded 2018πŸ‡ΊπŸ‡ΈDevens, Massachusetts
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CEO

Bob Mumgaard

Overview

Commonwealth Fusion Systems is building commercial fusion systems around high-temperature superconducting magnet technology developed with MIT. SPARC is its fusion-energy demonstration tokamak under construction in Devens, Massachusetts, and ARC is its planned first commercial plant designed to bring hundreds of megawatts of fusion power to the grid in the early 2030s. CFS also manufactures HTS magnets as the enabling technology behind its compact, high-field tokamak approach.

Main Products

SPARC

SPARC

Under Construction

Compact, high-field tokamak designed to demonstrate net energy from fusion. It uses high-temperature superconducting magnets to achieve reactor-class magnetic fields in a much smaller machine, with peer-reviewed projections of roughly Q ~11 and ~140 MW of fusion power.

Assembly is advancing at the Devens campus. As of April 2026, CFS says the facility is about 75% complete, with both halves of the vacuum vessel and two of the 18 toroidal field magnets in Tokamak Hall.

Projected GainQ ~11
Projected Fusion Power~140 MW
Magnetic Field12.2 T on-axis / just above 20 T on coil
TF Magnets18
ARC

ARC

In Development

CFS' first planned grid-scale commercial fusion power plant, designed to deliver about 400 MW of clean electricity using the HTS magnet and tokamak stack proven through SPARC.

Site selected at James River Industrial Center in Chesterfield County, Virginia. CFS said in April 2026 that it has not yet broken ground, while first operation remains targeted for the early 2030s.

Target Output~400 MW
LocationChesterfield County, Virginia
Anchor OfftakeGoogle 200 MW PPA

What's Next

Complete SPARC assembly

Finish SPARC assembly and commissioning at the Devens campus. As of April 2026, CFS says the facility is about 75% complete and two of the 18 toroidal field magnets are already in Tokamak Hall.

2026–2027

SPARC first plasma

Bring SPARC online and achieve first plasma, validating the integrated tokamak, cryogenic, RF heating, and magnet systems in the finished machine.

2027

Demonstrate net energy from fusion (Q > 1)

Deliver SPARC's core mission: show net fusion energy in a commercially relevant high-field tokamak. CFS' published design work projects about Q ~11 and ~140 MW of fusion power.

2027

Advance ARC toward construction

Translate SPARC learnings into final ARC design, move the Virginia project through development and permitting, and start construction ahead of planned early-2030s operation.

Early 2030s

Operations & Revenue

StatusPre-revenue

Development stage β€” SPARC remains under construction and ARC has not yet broken ground, but CFS is beginning to commercialize its HTS magnet platform through external supply and licensing partnerships.

Pipeline & Contracts

Google Power Purchase Agreement

200 MW PPA with Google for electricity from the ARC commercial fusion plant in Virginia.

Eni Power Agreement

More than $1B offtake agreement with Eni for electricity from CFS' first ARC power plant in Virginia.

HTS Magnet Supply & Licensing

CFS is monetizing its superconducting magnet platform through external partnerships, including cable licensing with Type One Energy and a long-term magnet design and manufacturing agreement with Realta Fusion.

Key Metrics

Employees

~1,000

Est. Annual Revenue

Pre-revenue

Total Funding

~$2.9B

SPARC Target Performance

Q ~11 and ~140 MW fusion power

SPARC Build Progress

~75% complete

ARC Target Output

~400 MW

Timeline

2026SPARC facility passes 75% complete

CFS says its SPARC facility is about 75% complete, with both halves of the vacuum vessel and two of the 18 toroidal field magnets now in Tokamak Hall.

2025Google strategic partnership

Google signs a strategic partnership that includes a 200 MW power purchase agreement from ARC and collaboration on grid decarbonization and commercial fusion deployment.

2025$863M Series B2

Raises $863M to complete SPARC and continue development work on ARC in Virginia, bringing total capital raised to nearly $3B.

2024First external HTS magnets shipped

Delivers superconducting magnets to the University of Wisconsin's WHAM project, marking the first products shipped as part of CFS' strategy to serve applications beyond its own power plants.

2024ARC site selected in Virginia

Announces ARC commercial fusion plant will be built at James River Industrial Center in Chesterfield County, Virginia, on land leased from Dominion Energy.

202120-tesla HTS magnet demonstrated

Successfully tests the most powerful high-temperature superconducting magnet ever built, a critical milestone for SPARC's compact tokamak design.

2021$1.8B Series B

Raises $1.8B in the largest private fusion funding round to date. Begins construction on SPARC at Devens, Massachusetts.

2019Series A funding

Closes $115M Series A from Eni, Breakthrough Energy Ventures, and Khosla Ventures to advance HTS magnet development.

2018Founded as MIT spinout

CFS spins out of MIT's Plasma Science and Fusion Center with $50M in initial funding from Eni.

Funding

RoundDateAmountInvestorsSource
Seed2018$50MEni
Series A2019$115MEni, Breakthrough Energy Ventures, Khosla Ventures
Series A22020$84MTemasek, Equinor, Devonshire Investors
Series B2021$1.8BTemasek, Google, Bill Gates, Eni, Tiger Global
Series B22025$863MNvidia, Google, Morgan Stanley, Temasek, Coatue, DFJ Growth