Commonwealth Fusion Systems raises $863M Series B2

Commonwealth Fusion Systems announced an $863 million Series B2 fundraising round to complete SPARC and advance its first ARC power plant in Virginia.

• Main announcement: Commonwealth Fusion Systems raised $863 million in a Series B2 round (oversubscribed) to complete SPARC (fusion demonstration machine) and progress development of ARC, its planned grid-scale fusion plant in Chesterfield County, Virginia, targeting to put power on the grid in the early 2030s; CFS has raised close to $3 billion to date and previously raised $1.8 billion in Series B (2021).
• Background and partners: The round added international investors across sectors including Counterpoint Global (Morgan Stanley), Google, Brevan Howard, NVentures (NVIDIA), and a 12-company Japanese consortium led by MITSUI & CO., Ltd. and Mitsubishi Corp.; strategic partnerships with Dominion Energy and Google (Google agreed to buy half the power produced at ARC) were reiterated.