General Fusion (GFUZ) saw its stock surge by 51.86% in pre-market trading on Monday, July 13, 2026, marking its first day of public trading on the Nasdaq. This follows its business combination with Spring Valley Acquisition Corp III, which closed on July 10, 2026. The merger valued General Fusion at an enterprise value of approximately $850 million and was expected to provide roughly $216 million in gross proceeds, although only about $150 million in cash was ultimately secured due to high redemptions from the SPAC.
The Vancouver, British Columbia-based company is focused on developing Magnetized Target Fusion (MTF) technology. This approach uses liquid metal compression aiming to achieve fusion conditions of 100 million degrees Celsius by 2026 and scientific breakeven equivalent by 2027 with its Lawson Machine 26 (LM26) demonstration plant. The LM26 machine, which was designed, built, and began operating in early 2025, aims to demonstrate its proprietary technology at a commercially relevant scale.
General Fusion is backed by notable investors including Jeff Bezos' Bezos Expeditions, Shopify founder Tobias Lütke, Singapore sovereign fund Temasek, and the Canadian government's Strategic Innovation Fund. Its public listing provides critical capital for its multi-year path toward commercial fusion power, with the goal of operating a full-scale fusion reactor by 2035. This makes General Fusion one of the rare publicly traded companies in the fusion energy sector, attracting significant institutional interest despite the long development timeline inherent in fusion technology.
The company secured about $150 million in cash from the public listing, derived from a private placement of $107.7 million and a smaller portion from the SPAC trust due to substantial redemptions. This capital is intended to fund its Lawson program through key technical milestones, including achieving plasma heating to 100 million degrees Celsius and ultimately the Lawson criterion, which represents the conditions for net fusion energy gain. Investors are advised to monitor progress on the LM26 milestones, potential partnership developments, and the long-term execution risk associated with fusion technology, as sustained net-energy-gain fusion at a commercial scale remains unproven.
Despite heavy redemptions from SPAC unitholders, which reduced the anticipated proceeds, General Fusion's CEO Greg Twinney indicated that the company was adequately capitalized due to an oversubscribed private investment in public equity (PIPE) deal. The company expects to reveal the exact redemption figures in a future regulatory filing. General Fusion becomes the first publicly listed company in the fusion energy space, providing a unique investment opportunity in a sector with high potential for clean baseload power.
