First Trump Media, Now General Fusion, Who Goes Public Next?

by Shaun Walsh | Jan 23, 2026

General Fusion Fires the Second Shot

30 days ago, the fusion world “Pulled a Crazy Ivan” with the unexpected merger of Trump Media & Technology Group (TMTG) and TAE Technologies. We called it the “starting gun” for the commercial fusion era. Today, the second shot was fired from the fusion energy starting gun.

General Fusion, the Canadian champion of Magnetized Target Fusion (MTF), has announced a definitive agreement to go public via a business combination with Spring Valley Acquisition Corp. III (NASDAQ: SVAC). The deal values the combined entity at approximately $1 billion and expects to trade on the NASDAQ under the ticker GFUZ by mid-2026.

If the TMTG-TAE deal was a “Crazy Ivan” with significant political influence and capital, this General Fusion deal is something else entirely: it is the industry’s first “Pure Play” public offering. It represents a new path forward for fusion energy funding, and confirms that the race for public liquidity has now become an all-out sprint.

Below, we analyze this new deal, compare it to the TMTG reverse merger and the General Fusion IPO vehicle, and ask the trillion-dollar question: Who is next?

General Fusion: The “Pure Play” Fusion Stock

For investors seeking clarity and focus, General Fusion's status as a dedicated fusion company offers a compelling opportunity for the burgeoning fusion energy market.

The Deal Mechanics

  • Valuation: $1 Billion (Pro-forma Equity Value).
  • Cash Injection: ~$335 Million (Gross proceeds, comprising $230M from Spring Valley’s trust and a $105M PIPE).
  • The Partner: Spring Valley is not a media company. They are a seasoned energy SPAC sponsor who previously took NuScale Power (the Small Modular Reactor company) public. This provides an institutional credibility that TMTG lacks.

The Lawson Machine 26 (LM26)

Unlike TAE’s massive “Copernicus” machine or the tokamak giants, General Fusion uses a Z-Pinch approach. Their reactor involves injecting plasma into a liquid-metal (Lithium) liner and collapsing it using pneumatic pistons. It’s loud, it’s mechanical, and it’s brilliant.

  • The Use of Funds: The $300M+ war chest is explicitly earmarked to complete the LM26 demonstration program. The goal is to achieve “scientific breakeven” conditions (10 keV temperatures) by 2028.

  • Why It Matters: This is a “hardware” stock. You aren’t buying a media platform; you are purchasing a machine that mechanically compresses hydrogen to fusion conditions. It is the cleanest bet on the technology itself currently available on the public market.

Trump Media (TMTG/TAE) vs. General Fusion (GFUZ)

We now have two public fusion companies, starkly contrasting: one a media conglomerate with political ties, the other a dedicated fusion tech firm.

1. How Are They The Same?

  • The Thesis: Both companies are betting that private venture capital (VC) is no longer sufficient to fund the “final mile” of fusion commercialization. Both admit that they need the “deep pockets” of the public retail market to build their billion-dollar pilot plants.
  • The Timing: Both are targeting 2026 as their “breakout” year for construction and the late 2020s for net energy.
  • The Risk: Both are pre-revenue deep tech plays. If the physics fail, both stocks go to zero.

2. How Do They Differ?

3. Which Is a Better Capital Vehicle?

  • TMTG has a “Meme Stock” premium, which gives it a higher floor (due to fanatical holders) and a higher ceiling (due to the hype machine). TMTG can likely raise more money faster by issuing stock to its loyal base, even if the fundamentals don’t make sense.
  • General Fusion (GFUZ) is the first pure-play vehicle. At $1 billion, it is “cheap” compared to TAE’s $3B implied tag. The Spring Valley team has a track record with NuScale, meaning they understand how to communicate nuclear regulatory timelines to Wall Street. You aren’t funding a social network; every dollar goes to fusion energy.

Who Could Be Next?

With TAE and General Fusion testing the public markets (or pending), the “private” seal has been broken. The pressure is now immense on the remaining private giants to unlock liquidity for their employees and investors.

As the private fusion sector prepares to go public, the emergence of companies like Helion, Commonwealth, and Zap Energy fuels optimism and eagerness for new investment avenues.

1. Commonwealth Fusion Systems (“The 800 Pound Gorilla”)

  • Status: Private (Valued >$5B, backed by Gates/Breakthrough Energy).

  • The Catalyst: Their SPARC reactor is nearing completion in Massachusetts.

  • Prediction: CFS is the “800 Poud Gorilla.” They will not go public until SPARC turns on and generates Net Energy (Q>1). When they do an IPO, it will be a traditional, Goldman Sachs/JP Morgan-led IPO, likely the most significant energy IPO since Saudi Aramco. 

Helion Energy (“The AI Power Play”)

  • Status: Private (Valued >$3B)
  • The Catalyst: Helion has the most aggressive timeline in history—a contractual obligation to supply electricity to Microsoft by 2028.
  • Prediction: Helion will likely follow a more traditional playbook or become an M&A target, with Microsoft as the big brother in the deal. With Sam Altman (OpenAI) as chairman, they have access to unlimited private capital. However, if they hit their 2026 “Polaris” milestones early, look for a massive Direct Listing (not an IPO) in 2027 to let the world buy into the “AI Power Source.”

3. Zap Energy (The “Next in Line?”)

  • Status: Private (Series C/D)
  • The Catalyst: Their “Z-Pinch” technology is cheaper and smaller than competitors.
  • Prediction: Zap is the prime candidate for a SPAC. If General Fusion trades well (above $10), bankers will be calling Zap Energy looking for a similar $1-2B deal to bring their modular reactors to the public markets.

This Deal Drives Fusion Forward

The General Fusion announcement today confirms a vital shift in the energy transition. For 50 years, fusion was always “30 years away.” Now, we have two tickers (DJT and soon GFUZ) you can add to your 401(k).

  • TMTG proved that fusion can capture the market's imagination.
  • General Fusion is proving that fusion can fit into Wall Street's structures.

The $1 billion valuation for General Fusion might look like a bargain in 2035, or it might look like a zero. But for the first time in history, that choice isn’t up to a government grant committee. It’s up to you.