Commonwealth Fusion Systems (CFS) is a US fusion company founded in 2018 from research at MIT. It develops high-field tokamaks using high-temperature superconducting magnets, including the SPARC experiment and the planned ARC power plant.
Reviewed 17 October 2026. Design targets, experimental reports and issuer statements are distinguished below.
History and organisation
Founded in 2018, CFS grew out of MIT’s Plasma Science and Fusion Center. Mumgaard, Brunner and Sorbom moved into company leadership, while MIT continued as a research partner.[1] Its principal manufacturing and SPARC facilities are in Devens, Massachusetts.[2]
Technology and experiments
CFS uses REBCO high-temperature superconductors for compact, high-field tokamaks. A representative toroidal-field coil tested with MIT reached approximately 20 T in 2021; this is a coil-test field, not the plasma-axis field.[3][4] The 2020 SPARC design specified a 1.85 m major radius and 12.2 T on-axis field. Its mission was Q>2; Q≈11 and about 140 MW fusion power were model predictions. Plasma gain is not whole-plant net electricity.[5]
Development and commercial plans
The August 2026 update described assembly and support-system commissioning. CFS targets net fusion energy in SPARC in 2027.[6][7] ARC is a proposed 400 MW net-electric plant in Virginia, targeting the early 2030s.[2][8] Google agreed to purchase 200 MW of its planned output.[9] These remain development targets and future delivery arrangements. Published design studies address unresolved operating requirements, including heat exhaust and disruptions.[8]
Financing and funding records
These are traceable public records, not an exhaustive account of undisclosed financing. Investor lists are non-exhaustive. Early auxiliary records have weaker evidence.
| Announcement / disclosure | Type or round | Amount (original currency) | Disclosed investors | Basis and references (Chinese notes) |
|---|---|---|---|---|
| 2018-03-09 | 早期投资 / Early investment | USD 50 million | Eni | 2019年A轮的一部分，不能与A轮全额重复相加。[1][10] |
| 2019-06-27 | A轮最终交割 / Series A close | USD 115 million | Eni、Breakthrough Energy Ventures、The Engine；新增Future Ventures、Khosla Ventures、Lowercase Capital、Moore Strategic Ventures、Safar Partners、Schooner Capital、Starlight Ventures | 整轮总额，包含此前投资。[11][10] |
| 2020-05-26 | A2轮 / Series A2 | USD 84 million | Temasek领投；Equinor、Devonshire Investors及原有投资方 | 公告称累计超过2亿美元。[12] |
| 2021-12-01 | B轮 / Series B | USD >1.8 billion | Tiger Global领投；包括Bill Gates、Coatue、DFJ Growth、Google及原有投资方 | 公告称累计超过20亿美元。[13] |
| 2025-08-28 | B2轮 / Series B2 | USD 863 million | 包括Counterpoint Global、NVentures、Planet First Partners、Google、Eni及三井物产/三菱商事牵头的日本企业联合体 | 公告称累计约30亿美元。[14] |
| 2026-06-11 | 少数股权投资披露 / Minority equity investment | 金额未披露 / Undisclosed | Plynth Energy | 公告确认取得少数股权；本次不将其另计为独立新增融资额，避免与后续整轮披露重叠。[15] |
| 2026-07-30 | 新增股权融资 / Additional equity financing | USD 1 billion | 公告披露投资者类别：养老金、主权基金、基础设施投资者及产业伙伴；未列完整名单 | 公告未明确轮次字母；累计约40亿美元。[2] |
| 2026-09-10 | 此前融资参与方披露 / Participant disclosure | 未披露单独金额 / Undisclosed individual amount | Hyundai Motor Group | 公告明确为此前10亿美元融资轮的投资者，不是额外新增一轮。[16] |
Dates are announcement dates. The 2018 Eni investment is included in Series A. Cumulative totals are issuer-reported rounded figures; power-purchase contracts are not equity financing. The Plynth and Hyundai announcements are investor disclosures, not amounts added again to round totals.
References
- MIT News. MIT and newly formed company launch novel approach to fusion power. 2018-03-09. [大学新闻；项目参与方] Accessed: 2026-10-17.
- CFS. Commonwealth Fusion Systems Raises Another $1 Billion, Bringing Total Capital Raised to $4 Billion. 2026-07-30. [机构或企业一手公告] Accessed: 2026-10-17.
- MIT News. Tests show high-temperature superconducting magnets are ready for fusion. 2024-03-04. [大学新闻；项目参与方] Accessed: 2026-10-17.
- IEEE Transactions on Applied Superconductivity 34(2). The SPARC Toroidal Field Model Coil Program. 2024. [同行评议论文；磁体实验] Accessed: 2026-10-17.
- A. J. Creely et al., Journal of Plasma Physics 86, 865860502. Overview of the SPARC tokamak. 2020. [同行评议论文；设计与预测] Accessed: 2026-10-17.
- CFS. SPARC: Proving commercial fusion energy is possible. 动态网页. [机构或企业一手公告] Accessed: 2026-10-17.
- CFS. SPARC progress, DOE Milestone approvals reflect CFS power plant maturity. 2026-08-05. [机构或企业一手公告] Accessed: 2026-10-17.
- CFS. CFS publishes five peer-reviewed physics basis papers for ARC. 2026-06-04. [机构或企业一手公告] Accessed: 2026-10-17.
- CFS. What’s new at CFS: SPARC assembly and commissioning work begins. 2025-07-28. [机构或企业一手公告] Accessed: 2026-10-17.
- The Boston Globe. Cambridge fusion energy startup completes $115 million funding round. 2019-06-27. [独立媒体；本次核对限可检索摘要] Accessed: 2026-10-17.
- CFS / PRNewswire（StreetInsider转载）. Commonwealth Fusion Systems Raises $115 Million and Closes Series A Round. 2019-06-27. [机构或企业一手公告] Accessed: 2026-10-17.
- CFS. Commonwealth Fusion Systems Raises $84 Million in A2 Round. 2020-05-26. [机构或企业一手公告] Accessed: 2026-10-17.
- CFS. Commonwealth Fusion Systems Raises $1.8 Billion in Funding to Commercialize Fusion Energy. 2021-12-01. [机构或企业一手公告] Accessed: 2026-10-17.
- CFS. Commonwealth Fusion Systems Raises $863 Million Series B2 Round. 2025-08-28. [机构或企业一手公告] Accessed: 2026-10-17.
- CFS. Commonwealth Fusion Systems Announces Equity Investment by Abu Dhabi-Based Plynth Energy. 2026-06-11. [机构或企业一手公告] Accessed: 2026-10-17.
- CFS. Commonwealth Fusion Systems Announces Equity Investment by Hyundai Motor Group. 2026-09-10. [机构或企业一手公告] Accessed: 2026-10-17.