Proxima Fusion is Europe's best-funded fusion company and the first research spin-off from the Max Planck Institute for Plasma Physics, founded in Munich in 2023 to commercialize the stellarator - a twisted magnetic bottle that is harder to build than a tokamak but runs continuously without needing to drive a current through the plasma.
Latest update Oct 7, 2026
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Its quasi-isodynamic design, Stellaris, was published in February 2025 as the first peer-reviewed, fully integrated stellarator power plant concept. In February 2026 Proxima signed a memorandum of understanding with RWE, the Free State of Bavaria and the Max Planck IPP to build Alpha, a roughly €2B net-energy demonstrator at Garching near Munich targeted to begin operating in 2031, followed by a commercial Stellaris plant at the decommissioned Gundremmingen nuclear site later in the 2030s; an Alpha Alliance of more than 50 European industrial companies including Siemens Energy, Framatome, Air Liquide and Thales now backs the project (up from 30+ at the February 2026 launch). On July 7, 2026 the company raised €411M ($468M) at a €2.4B ($2.7B) valuation, led by XTX Ventures and East X Ventures with RWE and Google as strategic investors, taking total funding past €650M and funding completion of its Stellarator Model Coil in late 2027. On September 9, 2026 Proxima signed an MoU with the State of Lower Saxony to lay foundations for Europe's first large-scale fusion-grade HTS tape plant: about €140M for the first two phases through end-2029, split equally public/private, with Lower Saxony contributing €21M. Proxima would be the anchor customer for about 20,000 km of tape for Alpha and 40,000 km for Stellaris; no site has been named.
proximafusion.comUpdated Sep 16, 2026
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2026-2028
Use the July 2026 round to expand high-temperature superconducting cable and magnet manufacturing and the engineering systems behind stellarator production across the Munich, Paul Scherrer Institute and Culham sites, and hire across engineering, manufacturing and operations. Convert the September 9 Lower Saxony HTS-tape MoU into a named site, a technology partner and a funded plant (~€140M first two phases through 2029), and advance the planned Gundremmingen magnet factory that has not broken ground.
2026-2028
Turn the February 2026 memorandum of understanding with RWE, the Free State of Bavaria and Max Planck IPP into firm agreements: roughly 20% private financing, roughly 20% Bavarian co-financing against the up-to-€400M High-Tech Agenda, federal funding, and the permitting needed to build at Garching. The July 2026 €411M round met Bavaria's private-match condition, unlocking its €400M pledge; a further ~€1.2B in German federal funding for Alpha remains uncommitted. The Garching plot is still unchosen. STRIDE is a separate, smaller, three-hub research channel (initial €125M for all three hubs equally), not Alpha construction money.
Late 2027
Finish the Stellarator Model Coil, a full-scale high-temperature superconducting magnet demonstration that is the main hardware gate before Alpha construction. It is meant to de-risk HTS magnets for stellarator geometry, where coils are non-planar and far harder to manufacture than a tokamak's. Nuclear Engineering International reported on September 15, 2026 that completion is targeted for late 2027. Faraday Factory Japan remains contracted to supply HTS tape for the coil.
2031
Build and commission the ~€2B Alpha demonstrator at Garching and operate it from 2031, aiming to make it the first stellarator ever to produce more fusion energy than it consumes and to generate the data that sets the Stellaris engineering design.
Mid-to-late 2030s
Build Europe's first commercial stellarator fusion power plant on the site of the decommissioned Gundremmingen nuclear station in Bavaria, reusing existing grid connections and industrial infrastructure.
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Proxima's quasi-isodynamic stellarator power plant concept, published in February 2025 as the first stellarator power plant design optimized simultaneously for plasma physics, engineering and maintenance and validated through peer review. Quasi-isodynamic optimization cancels the net toroidal current, which is what lets a stellarator run continuously and avoid the disruptions that plague tokamaks.
Proxima's net-energy stellarator demonstrator, to be built at Garching near Munich next to the Max Planck Institute for Plasma Physics. Alpha is intended to be the first stellarator to achieve net energy gain (Q>1) and to prove out the manufacturing methods, materials and systems a commercial Stellaris plant would need.
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Funded by venture capital, strategic investors (RWE, Google) and public grants (~€95M to date), with Bavarian state co-financing of roughly 20% signalled for Alpha. The September 9 Lower Saxony HTS-tape MoU is planned industrial capex with Proxima as the anchor customer, not current sales.
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Operating status
Pre-revenue
No fusion device is operating yet. The company is building toward its Stellarator Model Coil, a full-scale HTS magnet demonstration targeted for late 2027 that is meant to de-risk stellarator magnets, while scaling HTS cable and magnet production across its Munich, Paul Scherrer Institute and Culham sites. On September 9, 2026 it signed an MoU with Lower Saxony for Europe's first large-scale fusion-grade HTS tape plant (~€140M first two phases through 2029; site still unchosen), with Proxima as anchor customer rather than a tape vendor. Alpha, the ~€2B net-energy demonstrator at Garching, is in design with an MoU in place covering financing and siting and operations targeted for 2031; the commercial Stellaris plant at Gundremmingen follows later in the 2030s. Headcount is 200+ and growing across engineering, manufacturing and operations, with hiring still open after the July 2026 raise.
More than €650M raised to date, including the July 2026 €411M round co-led by XTX Ventures and East X Ventures with utility RWE and Google investing strategically. RWE also brings power plant construction and operating expertise to the Alpha project.
About €95M of public grants to date, plus the February 2026 MoU under which the Free State of Bavaria signalled potential co-financing of roughly 20% of Alpha, with up to €400M available through its High-Tech Agenda and further federal funding being sought.
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2026
MoU with Lower Saxony for a fusion-grade HTS tape plant
On September 9, 2026 Proxima and the State of Lower Saxony signed a memorandum of understanding in Hanover to lay foundations for Europe's first large-scale industrial production of fusion-grade high-temperature superconducting tape. About €140M is planned for the first two phases through end-2029, split equally public and private; Lower Saxony plans to contribute €21M (just under 30% of the public half). The MoU covers site assessments, milestone-based funding, faster permitting and partnerships; no town has been named and construction has not started. Proxima would be the anchor customer for about 20,000 km of tape for Alpha and 40,000 km for Stellaris, and is in talks with international technology partners to bring manufacturing know-how to Lower Saxony.
Named coordinator of Germany's STRIDE national fusion hub
On July 29, 2026 Germany's Federal Ministry for Research, Technology and Space (BMFTR) designates STRIDE (Stellarator Technology & Research for Industrial Development) as the country's national magnetic-fusion hub, to be led jointly by Proxima Fusion, Gauss Fusion and the Max Planck Institute for Plasma Physics at the same Garching and Gundremmingen sites as Alpha and Stellaris. STRIDE is one of three national fusion hubs (alongside laser-fusion hub VEGA and fuel-cycle hub MAT-TRIx). The Bund is providing an initial ~€125M in federal funding equally across the three hubs, with funding starting in August 2026.
Sergei Galperin joins as Chief Financial Officer
Effective June 1, 2026 Sergei Galperin joins Proxima as CFO, moving from Ribbit Capital after more than 15 years at J.P. Morgan (most recently European Head of Financial Technology Advisory) and a stint as CFO of health insurer Alan, where he scaled the company through successive funding rounds.
Industrial Development Board formed
In May 2026 Proxima forms an Industrial Development Board of four senior European energy and industrial leaders - Luc Remont, Michael Bolle, Ann Mettler and Erich Clementi, with backgrounds spanning EDF, Schneider Electric, Robert Bosch, E.ON, IBM, the European Commission and Breakthrough Energy - to advise on converting the Alpha and Stellaris roadmap into project finance, supply-chain buildout and regulatory delivery.
€411M round at a €2.4B valuation
On July 7, 2026 Proxima closes a €411M ($468M) financing round at a €2.4B ($2.7B) valuation, led by XTX Ventures and East X Ventures with RWE and Google joining as strategic investors alongside KfW Capital, SPRIND, Burda Principal Investments and returning backers including Plural, UVC Partners, Balderton, Cherry Ventures, Lightspeed and DST Global Partners. Total funding passes €650M including €95M of public grants, making Proxima Europe's best-funded fusion company. The raise also meets the private-funding condition of Bavaria's February 2026 MoU, unlocking the state's €400M matching commitment toward Alpha.
MoU with RWE, Bavaria and Max Planck IPP
On February 26, 2026 Proxima, utility RWE, the Free State of Bavaria and the Max Planck Institute for Plasma Physics sign a memorandum of understanding covering the roadmap to Europe's first commercial fusion power plant: Proxima leads engineering, procurement and construction and finances about 20% privately, Bavaria signals potential co-financing of about 20% (with up to €400M available through its High-Tech Agenda) plus permitting support, RWE contributes power plant construction and operating expertise, and IPP leads the plasma physics for Alpha.
Alpha Alliance of 30+ European industrials
On February 25, 2026 Proxima announces the Alpha Alliance, an industrial consortium of more than 30 European and international companies - including Siemens Energy, Framatome, Air Liquide, Thales, TRUMPF, Eni, Bilfinger, Pfeiffer Vacuum, Kyoto Fusioneering Europe and RWE Nuclear - assembled to manufacture, integrate and deliver the Alpha demonstrator's systems at scale.
2025
2025
2024
2023
Founded in April 2023 by Francesco Sciortino, Lucio Milanese, Jorrit Lion, Jonathan Schilling and Martin Kubie - scientists and engineers from the Max Planck Institute for Plasma Physics, MIT and X Development - as the institute's first research spin-off, with €7.5M in pre-seed funding from investors including Plural and UVC Partners.
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$468Mdisclosed across 1 round with a stated amount
Pre-seed
2023
Plural, UVC Partners, High-Tech Gründerfonds and others
Seed
2024
redalpine (lead), Plural, UVC Partners
Series A
2025-06
Cherry Ventures, Balderton Capital, UVC Partners, Plural, Lightspeed, DeepTech & Climate Fonds, Bayern Kapital
Series A extension
2025-09
Existing investors
Series A2
2026-07-07
€411M ($468M) at €2.4B post-money
XTX Ventures and East X Ventures (co-leads), RWE (€25M, per Reuters) and Google (strategic), KfW Capital, SPRIND, Burda Principal Investments, Plural, UVC Partners, Balderton, Cherry Ventures, DST Global Partners, Brevan Howard, Lightspeed, redalpine, Leitmotif, Elaia, CDP Venture Capital, Bayern Kapital, EIC Fund
