General Fusion, the nuclear fusion startup backed by Jeff Bezos, is merging with Spring Valley Acquisition Corp. III in a deal that values the company at approximately $1 billion. If everything goes according to plan, it will become the first pure-play fusion company to trade on public markets.
The deal structure
The SPAC merger was announced on May 22, 2026, with a target close as early as June 2026. General Fusion is aiming for a dual listing on the Nasdaq and Toronto Stock Exchange, a nod to both its Canadian roots and its ambitions to tap into US capital markets.
The financial mechanics break down into two pieces. The company expects $105 million from a public equity investment, commonly known as a PIPE. On top of that, there’s a potential $230 million sitting in the SPAC’s trust account, though that figure is subject to redemptions.
What General Fusion actually does
