Article

General Fusion, a Canadian company, has filed for a merger with Spring Valley Acquisition Corp. III, which could make it the first public company dedicated to nuclear fusion with an estimated valuation of $1 billion on Nasdaq.

The merger is projected to close by mid-2026 pending necessary approvals. This follows a challenging year for General Fusion, including significant layoffs and a $22 million funding rescue. The merger includes $107.7 million from a private investment in public equity, alongside Spring Valley's $230 million trust.

General Fusion's technology focuses on magnetic target fusion, differing from conventional methods. The funds will support the Lawson Machine 26's development, although the goal for scientific profitability has been pushed to 2028. The fusion sector attracted $2.64 billion in new funding in the past year.