General Fusion, a Vancouver-based company pursuing what some have dubbed a “steampunk” approach to fusion energy, is set to begin trading on the Nasdaq under the ticker GFUZ on or about July 10, 2026. It will be the first publicly traded pure-play fusion energy company. The listing comes via a business combination with Spring Valley Acquisition Corp. III (NASDAQ: SVAC), a deal first announced in January 2026 and approved by shareholders in early July. The combined entity carries a pro-forma equity value of approximately $1 billion.
The deal structure and the money involved
The company has historically raised more than $400 million in private funding. The SPAC transaction includes a committed PIPE (private investment in public equity) of around $107.7 million, with estimated trust proceeds of $230 million assuming no redemptions.
How the technology actually works
General Fusion’s approach is called Magnetized Target Fusion, or MTF. Here’s the simplified version: imagine superheated plasma, magnetically contained, being squeezed by mechanical pistons inside a chamber lined with liquid metal. The compression is meant to achieve the conditions necessary for fusion, where atomic nuclei merge and release enormous amounts of energy.
