Proxima Fusion

Proxima Fusion is a Munich-based fusion company—and the first spin-out from the Max Planck Institute for Plasma Physics—developing commercial power plants based on quasi-isodynamic high-temperature-superconductor (QI-HTS) stellarators that build on Wendelstein 7-X science. It is advancing Alpha, a net-energy stellarator demonstrator near Munich with Bavaria, IPP and RWE, toward a first commercial Stellaris plant later in the 2030s, with offices in Zurich and Oxford and around 200 employees. In July 2026 Proxima raised €411 million ($468 million) at a €2.4 billion valuation led by XTX Ventures and East X Ventures, with strategic investors RWE and Google and participation from KfW Capital, SPRIND, Burda Principal Investments and returning backers including Plural, UVC Partners, Balderton, Cherry Ventures, Lightspeed and the EIC Fund—bringing total capital secured to more than €650 million including public grants. Sources: Proxima Fusion press, 7 Jul 2026; Tech.eu; CNBC.