Companies · Other Energy
CAMBRIDGE · Other Energy · https://thefusionreport.com/commonwealth-fusion-systems-a-hot-start-for-2026/
Diligence memoA one-page analyst read on Commonwealth Fusion Systems LLC — recommendation, valuation, rhythm, risks.→Commonwealth Fusion Systems LLC looks over-valued against its niche peers and is dormant on financing cadence.
Synthesized from the figures below est. — every claim rests on a number shown on this page. Valuation uses the energy sector profile.
Analyst read est. — computed against this company's niche peers in the same era. Inputs shown; not a quoted figure.
Procedural diagnosis est. — rule-based common-sense checks over the filing pattern, issuer name, activity cadence, and surfaced operating evidence.
Commonwealth Fusion Systems LLC behaves more like a recurring private-offering issuer than a conventional venture-backed operating company.
No named principal in this company's public records yet — see all operators below.
Explore how these operators interlock with other companies in the operator network.
Commonwealth Fusion Systems LLC is one of 2049 Other Energy companies tracked from CAMBRIDGE. By capital raised it ranks among the largest (ahead of 100% of sector peers), and among the largest by modeled valuation est..
Ranking is computed against this company's own sector cohort — reported capital is fact; valuation tiers are modeled.
AI analyst read est. — model-extracted from this company's public description, not a verified fact. 30%
operates a technology-led product inferred from public copy
Grounded in: “You are a venture analyst”
Commonwealth Fusion Systems kicks off 2026 with SPARC’s first magnet installed, a Siemens-NVIDIA digital twin collaboration, and new board members.
Commonwealth Fusion Systems kicks off 2026 with SPARC’s first magnet installed, a Siemens-NVIDIA digital twin collaboration, and new board members. by Michael Heumann | Mar 10, 2026 | Fusion Energy Today’s article in The Fusion Report is an update on Commonwealth Fusion Systems (CFS) and their progress so far in 2026. As a reminder, CFS was founded in 2018 as a spin-out from MIT, focused on commercializing tokamak-based nuclear fusion using high-temperature superconducting magnets. Headquartered in Devens, Massachusetts, CFS is developing the SPARC experimental tokamak to demonstrate net energy gain, with the goal of using this platform to inform its first commercial ARC fusion power plant in Virginia in the early-2030s. The company has raised several billion dollars in private funding and is considered one of the world’s largest private fusion developers, reflecting strong investor confidence in its magnet technology and roadmap. CFS is developing a compact, high-field tokamak called SPARC as its first net-energy fusion demonstration device, with first plasma expected later this year. SPARC is being built at the company’s campus in Devens, Massachusetts, and is designed to use hig
Trades publicly as The Fusion Report.
As reported in public records reported — not modeled.
Solid bars are reported offering amounts reported; hatched bars are the modeled post-money valuation est. — both on one shared scale so you can read raise-vs-worth at each round directly. Use the toggles to overlay data labels and the niche-peer / market average value lines.
The line shows cumulative reported funding over the period; + labels show new capital added between points when there is room. Toggle on-bar figures, plus the niche-peer and market averages, to read this company against its cohort. Benchmarks are modeled medians.
Stages are modeled from round size (public records carry no series label). No record for: Pre-Seed, Seed, Series A, Series B — the company may have raised it under a different exemption, merged it into an adjacent record, or skipped it. Sequence completeness: 43%.
Round size and date are reported; the stage label is inferred from round size (latest is Growth/Late — a round over $400M). Valuation is modeled from stage benchmarks scaled by the energy sector profile. Directional, not a quoted figure.
Benchmarked against 2049 companies in Other Energy. Each bar is a median (the middle company, not an average — outliers don't skew it). Two yardsticks: real money raised (reported on Form D) and modeled value (our estimate est.). These are whole-sector medians across all stages, except the per-stage row.
Raised more than 100% of sector peers (real $). Modeled value above 100% of peers (estimate).
A tighter cohort than the sector chart above — only companies at the same stage (Growth/Late) that last raised in the same ~3-year era, ranked by modeled value est. (not money raised). This is the exact set the analyst read compares against, so a like-for-like cohort is what makes "over/under-valued" meaningful. This company ranks #1 of 5.
| Company | Stage | Raised · real | Value · est | vs peer med. |
|---|---|---|---|---|
| Commonwealth Fusion Systems LLC this company | Growth/Late | $2.0B | $20.7B | 2.38× |
| Sino Resources Technology Co Ltd | Growth/Late | $1.1B | $13.0B | 1.50× |
| Worleyparsons Ltd | Growth/Late | $700.0M | $8.7B | 1.00× |
| Twb Asset Management Trust | Growth/Late | $500.0M | $6.2B | 0.71× |
| Algonquin Gas Transmission, Llc | Growth/Late | $850.0M | $6.2B | 0.71× |
Stage is inferred from round size est., not reported on the filing — a round's dollar size maps to a bucket: Pre-Seed <$1.0M · Seed $1.0M–$4.0M · Series A $4.0M–$15M · Series B $15M–$40M · Series C $40M–$100M · Series D+ $100M–$400M · Growth/Late >$400M.
| Stage | Amount · real | Announced | Post-money · est | Value · est | Conf. |
|---|---|---|---|---|---|
| Series D+ | $115.0M | 2018-05-30 | $958.3M | $1.4B | 90% |
| Series C | $64.6M | 2018-05-30 | $430.6M | $773.4M | 90% |
| Series D+ | $80.6M | 2020-05-11 | $671.7M | $971.4M | 90% |
| Growth/Late | $1.8B | 2021-11-19 | $18.2B | $20.7B | 90% |
Step-up, pace versus the sector's normal cadence, and revenue/exemption moves — read straight from the reported round facts reported.
Predictive signals are modeled est. from this company's own cadence and step-up, plus sector benchmarks — directional, not advice. Peer set and a CSV export live in your analyst workspace.
Officers, directors and promoters named in this company's public recordsreported — the people who run it (not its investors). "Also runs" counts come from name-matching across all records, so verify before acting.
| Person | Role | Also runs | Tied since |
|---|---|---|---|
| Katie Rae | — | 9 other | 2018-05 |
| Daniel Brunner | — | 2 other | 2018-05 |
| Alan Eustace | — | 1 other | 2018-05 |
| MASSIMILIANO PIERI | — | 1 other | 2018-05 |
| Brandon Sorbom | — | — | 2018-05 |
| Mitchell Goldstein | — | — | 2021-11 |
| Robert Mumgaard | — | — | 2018-05 |
Commonwealth Fusion Systems LLC is an official record sourced from the U.S. Securities and Exchange Commission (SEC). U.S. data is aggregated from SEC Form D filings.
Discovered from thefusionreport — the partnerships, launches, hiring and press it publishes about itself. Evidence the company is alive and what it is doing now, not financial data.
Nearest neighbours across the whole database — matched on sector, stage and capital scale, and on shared operators (officers or directors named at both companies in public filings). A discovery shortlist, not a valuation cohort — verify before acting, the same way modeled figures are directional.
| Company | Sector | Stage | Raised · real | Value · est | Why similar |
|---|---|---|---|---|---|
| Silicon Ranch Corp | Other Energy | Growth/Late | $2.0B | $4.1B | same sector · same stage |
| Goldman Sachs Renewable Power LLC | Other Energy | Growth/Late | $1.5B | $18.4B | same sector · same stage |
| Enbridge Energy Partners Lp | Other Energy | Growth/Late | $1.2B | $14.9B | same sector · same stage |
| First Mode Holdings, Inc. | Other Energy | Growth/Late | $1.2B | $12.6B | same sector · same stage |
| Sino Resources Technology Co Ltd | Other Energy | Growth/Late | $1.1B | $13.0B | same sector · same stage |
| Generate Capital, Inc. | Other Energy | Growth/Late | $4.3B | $11.3B | same sector · same stage |
| Fervo Energy Co | Other Energy | Growth/Late | $915.7M | $4.0B | same sector · same stage |
| Algonquin Gas Transmission, Llc | Other Energy | Growth/Late | $850.0M | $6.2B | same sector · same stage |
Matched by meaning, not labels — a local language model reads each company's name, sector and description and ranks the closest in that learned space. This catches look-alikes that cross sector boundaries; the structured list above explains its matches, this one trusts the text. Directional, like every modeled signal here.
| Company | Sector | Stage | Value · est | Match |
|---|---|---|---|---|
| General Fusion Inc. | Other Energy | Series B | $1.4M | 72% |
| Maritime Fusion Fusion reactors for ships | Climate / Cleantech | — | — | 70% |
| Zephyr Fusion Powering tomorrow's industrial revolution in space | Climate / Cleantech | — | — | 70% |
| Fusion Fuel Green PLC | Other Energy | Series A | $6.8M | 70% |
| Acceleron Fusion, Inc. | Other Energy | Series B | $78.4M | 70% |
| Novasource Power Holdings, Inc. | Other Energy | Series C | $877.8M | 69% |
| Windular Research & Technologies Inc. | Other Energy | Seed | $19.5M | 69% |
| X Energy Reactor Company, LLC | Other Energy | Seed | $20.7M | 69% |
See where Commonwealth Fusion Systems LLC sits in the wider market — its sector, location and stage cohorts, each with their own leaderboards and capital-flow timelines.
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