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General Fusion to Go Public in $1 Billion SPAC Deal With Spring Valley III

Proceeds would fund LM26 toward scientific breakeven to validate a magnetized target fusion design.

A shot of a man working on a large, white object that is covered with bits of yellow tape, within a thicket of metal latticework.
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General Fusion’s MTF technology uses mechanical pistons to compress plasma within a liquid lithium liner.
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Overview

  • The merger with Spring Valley Acquisition Corp. III aims for a Nasdaq debut under the ticker GFUZ by mid-2026.
  • Funding includes a committed $105 million PIPE and about $230 million held in the SPAC’s trust, with final cash dependent on potential shareholder redemptions.
  • The transaction implies roughly a $1 billion valuation and could create what the company describes as the first publicly traded pure‑play fusion company.
  • General Fusion says the capital would advance its LM26 demonstration program toward scientific breakeven, a step distinct from commercial power generation.
  • The plan follows 2025 layoffs and bridge financings, including a $22 million lifeline, as backers point to rising electricity demand from data centers and broader electrification.