Helion has raised $465 million in a Series G led by Thrive Capital, valuing the company at $15.5 billion — nearly triple its $5.425 billion valuation from the Series F just 17 months ago.
Polaris, Helion’s 7th-generation prototype, became the first privately funded fusion machine to operate with deuterium-tritium fuel and exceed 150 million °C — ten times the temperature at the Sun’s core.
Orion, the company’s first commercial fusion power plant, is under construction in Malaga, Washington, targeting delivery of 50MW of electricity to Microsoft by 2028 under the world’s first fusion power purchase agreement.
On a flat stretch of land in Malaga, Washington — apple country, 130 miles east of Seattle, next to a bend in the Columbia River — the world’s first commercial fusion power plant is being built. Orion is not a concept or a rendering. It broke ground in July 2025. Two miles away, Microsoft is constructing the data centres it expects to power.
Everett, Washington-based Helion has raised $465 million in a Series G led by Thrive Capital, bringing total funding to $1.5 billion and valuing the company at $15.5 billion post-money. New investors include Alta Park Capital, Anti Fund, BoxGroup, Lux Capital, Peak XV Partners, and Ford Motor Company Executive Chairman Bill Ford. Returning investors include Capricorn Technology Impact Funds, Lightspeed Venture Partners, Mithril Capital, Dustin Moskovitz through Good Ventures Foundation, SoftBank Vision Fund 2, and a university endowment fund. The round nearly triples Helion’s $5.425 billion valuation from its Series F in January 2025, making it the fastest valuation step-up in the private fusion sector.
