Commonwealth Fusion Systems valuation, funding and investors

Commonwealth Fusion Systems works in fusion power plant manufacturing and delivery, based in Harvard, United States. Founded in 2018, it has about 1,110 employees.

Electric Supplies & Power Generation Harvard Series C

VALUATION · TODAY

$9.76B +22% after Series C

Range $6.46B – $16.92B · Grade B

TODAY

+12 MO

$5.00B

$10.00B

$15.00B

$20.00B

2019

2020

2021

2022

2023

2024

2025

2026

2027

Series A $84.0M

Series B $863M

Series C $1.00B

ValuationBefore first round12-month outlook: where it points, how wide it fansHover the past: the outlook shows what was predicted then

HEADCOUNT · TODAY1,114 employees

+4%6m growth

+7%1y growth

+43%2y growth

500

1,000

1,500

Data from Jan 2021

TODAY

Predicted in 1 yr $11.92B +22% vs today

Predicted next raise $1.31B if a round comes

Winding-down probability 0%

Last round: Series C · $1.00B · Jul 2026
Valuation at last round: $9.17B · implied
Headcount: 1,114 · flat
Grade: B
Founded: 2018

How VCMC values companies →

Commonwealth Fusion Systems valuation today

VCMC values Commonwealth Fusion Systems at $9.8B today, with a range of $6.5B to $16.9B and a grade of B. The valuation starts from its last funding round, a Series C round in Jul 2026.

Valuation by date (110 rows)

Each point is what the model would have shown on that date, using only what was known then; before its first round, a company is valued as a startup because it later raised.

Commonwealth Fusion Systems: valuation by date, as the model would have shown it on each date
Date	Valuation	Range	Predicted in 1 yr	Phase	Headcount	Trend	Grade	Winding-down probability
1 Jan 2018	$9.63M	$3.51M – $26.5M	$13.2M (+37%)	before first round	–	unknown	D	0%
1 Feb 2018	$9.89M	$3.60M – $27.2M	$13.6M (+37%)	before first round	–	unknown	D	0%
1 Mar 2018	$10.1M	$3.69M – $27.8M	$13.9M (+37%)	before first round	–	unknown	D	0%
1 Apr 2018	$10.4M	$3.79M – $28.6M	$14.3M (+37%)	before first round	–	unknown	D	0%
1 May 2018	$10.7M	$3.89M – $29.3M	$14.6M (+37%)	before first round	–	unknown	D	0%
1 Jun 2018	$11.0M	$3.99M – $30.1M	$15.0M (+37%)	before first round	–	unknown	D	0%
1 Jul 2018	$11.3M	$4.10M – $30.9M	$15.4M (+37%)	before first round	–	unknown	D	0%
1 Aug 2018	$11.6M	$4.21M – $31.8M	$15.6M (+35%)	before first round	–	unknown	D	0%
1 Sep 2018	$11.9M	$4.33M – $32.6M	$15.7M (+32%)	before first round	–	unknown	D	0%
1 Oct 2018	$12.2M	$4.44M – $33.5M	$15.9M (+30%)	before first round	–	unknown	D	0%
1 Nov 2018	$12.5M	$4.56M – $34.4M	$16.0M (+28%)	before first round	–	unknown	D	0%
1 Dec 2018	$12.9M	$4.68M – $35.3M	$16.2M (+26%)	before first round	–	unknown	D	0%
1 Jan 2019	$13.2M	$4.81M – $36.3M	$16.3M (+24%)	before first round	–	unknown	D	0%
1 Feb 2019	$13.6M	$4.94M – $37.3M	$16.5M (+21%)	before first round	–	unknown	D	0%
1 Mar 2019	$13.9M	$5.06M – $38.2M	$16.6M (+19%)	before first round	–	unknown	D	0%
1 Apr 2019	$14.3M	$5.20M – $39.2M	$16.8M (+17%)	before first round	–	unknown	D	0%
1 May 2019	$14.6M	$5.33M – $40.2M	$16.9M (+15%)	before first round	–	unknown	D	0%
1 Jun 2019	$15.0M	$5.48M – $41.3M	$17.1M (+13%)	before first round	–	unknown	D	0%
1 Jul 2019	$15.4M	$5.62M – $42.4M	$17.2M (+11%)	before first round	–	unknown	D	0%
1 Aug 2019	$15.6M	$5.68M – $42.8M	$17.4M (+11%)	before first round	–	unknown	D	0%
1 Sep 2019	$15.7M	$5.73M – $43.2M	$17.5M (+11%)	before first round	–	unknown	D	0%
1 Oct 2019	$15.9M	$5.78M – $43.6M	$17.7M (+11%)	before first round	–	unknown	D	0%
1 Nov 2019	$16.0M	$5.83M – $44.0M	$17.8M (+11%)	before first round	–	unknown	D	0%
1 Dec 2019	$16.2M	$5.89M – $44.4M	$18.0M (+11%)	before first round	–	unknown	D	0%
1 Jan 2020	$16.3M	$5.94M – $44.8M	$18.2M (+11%)	before first round	–	unknown	D	0%
1 Feb 2020	$16.5M	$5.99M – $45.2M	$18.3M (+11%)	before first round	–	unknown	D	0%
1 Mar 2020	$16.6M	$6.05M – $45.6M	$18.5M (+11%)	before first round	–	unknown	D	0%
1 Apr 2020	$16.8M	$6.10M – $46.0M	$18.7M (+11%)	before first round	–	unknown	D	0%
1 May 2020	$16.9M	$6.16M – $46.4M	$18.8M (+11%)	before first round	–	unknown	D	0%
27 May 2020	$467M	$307M – $1.3B	$840M (+80%)	after a round	–	unknown	C	0%
1 Jun 2020	$471M	$307M – $1.3B	$840M (+78%)	after a round	–	unknown	C	0%
1 Jul 2020	$495M	$307M – $1.3B	$840M (+70%)	after a round	–	unknown	C	0%
1 Aug 2020	$520M	$307M – $1.3B	$840M (+62%)	after a round	–	unknown	C	0%
1 Sep 2020	$546M	$307M – $1.3B	$840M (+54%)	after a round	–	unknown	C	0%
1 Oct 2020	$573M	$307M – $1.3B	$840M (+46%)	after a round	–	unknown	C	0%
1 Nov 2020	$603M	$307M – $1.3B	$840M (+39%)	after a round	–	unknown	C	0%
1 Dec 2020	$633M	$307M – $1.3B	$840M (+33%)	after a round	–	unknown	C	0%
1 Jan 2021	$665M	$307M – $1.3B	$840M (+26%)	after a round	93	unknown	C	0%
1 Feb 2021	$699M	$307M – $1.3B	$840M (+20%)	after a round	93	unknown	C	0%
1 Mar 2021	$731M	$307M – $1.3B	$840M (+15%)	after a round	93	unknown	C	0%
1 Apr 2021	$769M	$307M – $1.3B	$840M (+9%)	after a round	93	unknown	C	0%
1 May 2021	$807M	$307M – $1.3B	$840M (+4%)	after a round	93	unknown	C	0%
1 Jun 2021	$840M	$304M – $1.3B	$840M (0%)	after a round	93	unknown	C	0%
1 Jul 2021	$840M	$289M – $1.3B	$840M (0%)	after a round	93	unknown	C	0%
1 Aug 2021	$840M	$275M – $1.3B	$840M (0%)	after a round	93	unknown	C	0%
1 Sep 2021	$840M	$261M – $1.3B	$840M (0%)	after a round	93	unknown	C	0%
1 Oct 2021	$840M	$249M – $1.3B	$840M (0%)	after a round	93	unknown	C	0%
1 Nov 2021	$840M	$236M – $1.3B	$840M (0%)	after a round	93	unknown	C	0%
1 Dec 2021	$840M	$225M – $1.3B	$840M (0%)	after a round	93	unknown	C	0%
1 Jan 2022	$840M	$214M – $1.3B	$840M (0%)	after a round	93	unknown	C	0%
1 Feb 2022	$840M	$203M – $1.3B	$840M (0%)	after a round	93	unknown	C	0%
1 Mar 2022	$840M	$349M – $1.3B	$840M (0%)	after a round	200	growing	C	0%
1 Apr 2022	$840M	$354M – $1.3B	$840M (0%)	after a round	200	growing	C	0%
1 May 2022	$840M	$359M – $1.3B	$840M (0%)	after a round	200	growing	C	0%
1 Jun 2022	$840M	$313M – $1.3B	$840M (0%)	after a round	200	growing	C	0%
1 Jul 2022	$840M	$314M – $1.3B	$840M (0%)	after a round	200	growing	C	0%
1 Aug 2022	$840M	$151M – $1.3B	$840M (0%)	after a round	200	unknown	D	0%
1 Sep 2022	$840M	$143M – $1.3B	$840M (0%)	after a round	200	unknown	D	0%
1 Oct 2022	$840M	$136M – $1.3B	$840M (0%)	after a round	200	unknown	D	0%
1 Nov 2022	$840M	$130M – $1.3B	$840M (0%)	after a round	200	unknown	D	0%
1 Dec 2022	$840M	$123M – $1.3B	$840M (0%)	after a round	200	unknown	D	0%
1 Jan 2023	$840M	$117M – $1.3B	$840M (0%)	after a round	200	unknown	D	0%
1 Feb 2023	$840M	$112M – $1.3B	$840M (0%)	after a round	200	unknown	D	0%
1 Mar 2023	$840M	$106M – $1.3B	$840M (0%)	after a round	200	unknown	D	0%
1 Apr 2023	$840M	$101M – $1.3B	$840M (0%)	after a round	200	unknown	D	0%
1 May 2023	$840M	$319M – $1.3B	$840M (0%)	after a round	460	growing	C	0%
1 Jun 2023	$840M	$282M – $1.3B	$840M (0%)	after a round	460	growing	C	0%
1 Jul 2023	$840M	$277M – $1.3B	$840M (0%)	after a round	460	growing	C	0%
1 Aug 2023	$840M	$272M – $1.3B	$840M (0%)	after a round	460	growing	C	0%
1 Sep 2023	$840M	$78.7M – $1.3B	$840M (0%)	after a round	460	unknown	D	0%
1 Oct 2023	$840M	$74.9M – $1.3B	$840M (0%)	after a round	460	unknown	D	0%
1 Nov 2023	$821M	$99.1M – $1.2B	$779M (-5%)	after a round	530	up	D	0%
1 Dec 2023	$817M	$95.1M – $1.2B	$775M (-5%)	after a round	530	up	D	0%
1 Jan 2024	$814M	$91.2M – $1.2B	$772M (-5%)	after a round	530	up	D	0%
1 Feb 2024	$810M	$87.3M – $1.2B	$769M (-5%)	after a round	530	up	D	0%
1 Mar 2024	$832M	$83.9M – $1.3B	$823M (-1%)	after a round	600	up	D	0%
1 Apr 2024	$840M	$234M – $1.3B	$840M (0%)	after a round	630	growing	C	0%
1 May 2024	$840M	$230M – $1.3B	$840M (0%)	after a round	630	growing	C	0%
1 Jun 2024	$840M	$228M – $1.3B	$840M (0%)	after a round	630	growing	C	0%
1 Jul 2024	$840M	$224M – $1.3B	$840M (0%)	after a round	630	growing	C	0%
1 Aug 2024	$840M	$220M – $1.3B	$840M (0%)	after a round	630	growing	C	0%
1 Sep 2024	$840M	$216M – $1.3B	$840M (0%)	after a round	780	growing	C	0%
1 Oct 2024	$840M	$212M – $1.3B	$840M (0%)	after a round	780	growing	C	0%
1 Nov 2024	$840M	$208M – $1.3B	$840M (0%)	after a round	780	growing	C	0%
1 Dec 2024	$840M	$205M – $1.3B	$840M (0%)	after a round	880	growing	C	0%
1 Jan 2025	$840M	$201M – $1.3B	$840M (0%)	after a round	880	growing	C	0%
1 Feb 2025	$840M	$197M – $1.3B	$840M (0%)	after a round	880	growing	C	0%
1 Mar 2025	$840M	$194M – $1.3B	$840M (0%)	after a round	880	growing	C	0%
1 Apr 2025	$840M	$191M – $1.3B	$840M (0%)	after a round	880	growing	C	0%
1 May 2025	$840M	$191M – $1.3B	$840M (0%)	after a round	880	growing	C	0%
1 Jun 2025	$840M	$191M – $1.3B	$840M (0%)	after a round	880	growing	C	0%
1 Jul 2025	$840M	$191M – $1.3B	$840M (0%)	after a round	880	growing	C	0%
1 Aug 2025	$840M	$191M – $1.3B	$840M (0%)	after a round	1,035	growing	C	0%
29 Aug 2025	$6.2B	$4.1B – $14.1B	$9.2B (+50%)	after a round	1,043	growing	C	0%
1 Sep 2025	$6.2B	$4.1B – $14.1B	$9.2B (+49%)	after a round	1,043	growing	C	0%
1 Oct 2025	$6.4B	$4.1B – $14.1B	$9.2B (+44%)	after a round	1,043	up	C	0%
1 Nov 2025	$6.6B	$4.1B – $14.1B	$9.2B (+40%)	after a round	1,043	up	C	0%
1 Dec 2025	$6.9B	$4.1B – $14.1B	$9.3B (+36%)	after a round	1,069	growing	C	0%
1 Jan 2026	$7.1B	$4.1B – $14.2B	$9.3B (+31%)	after a round	1,071	growing	C	0%
1 Feb 2026	$7.4B	$4.1B – $14.2B	$9.3B (+26%)	after a round	1,071	growing	C	0%
1 Mar 2026	$7.6B	$4.1B – $14.2B	$9.3B (+23%)	after a round	1,071	up	C	0%
1 Apr 2026	$7.9B	$4.1B – $14.2B	$9.3B (+18%)	after a round	1,071	up	C	0%
1 May 2026	$8.1B	$4.1B – $14.2B	$9.3B (+14%)	after a round	1,071	up	C	0%
1 Jun 2026	$8.4B	$4.1B – $14.2B	$9.3B (+11%)	after a round	1,085	flat	C	0%
1 Jul 2026	$8.7B	$4.1B – $14.2B	$9.3B (+7%)	after a round	1,085	flat	C	0%
31 Jul 2026	$9.2B	$6.5B – $16.9B	$11.9B (+30%)	after a round	1,085	flat	B	0%
1 Aug 2026	$9.2B	$6.5B – $16.9B	$11.9B (+30%)	after a round	1,085	flat	B	0%
1 Sep 2026	$9.4B	$6.5B – $16.9B	$11.9B (+27%)	after a round	1,085	flat	B	0%
1 Oct 2026	$9.6B	$6.5B – $16.9B	$11.9B (+24%)	after a round	1,114	flat	B	0%
24 Oct 2026	$9.8B	$6.5B – $16.9B	$11.9B (+22%)	after a round	1,114	flat	B	0%

Key facts about Commonwealth Fusion Systems

Founded: 2018
Headquarters: Harvard, United States
Employees: about 1,110 +7% in a year
Total raised: $1.95B
Funding rounds: 3
Last round: Series C Jul 2026

Commonwealth Fusion Systems was founded in 2018 by Bob Mumgaard and Brandon Sorbom.

Commonwealth Fusion Systems funding history

Commonwealth Fusion Systems has 3 funding rounds on record, from May 2020 to Jul 2026, $1.95B in total. None disclosed a valuation.

Series C 30 Jul 2026
Investors not disclosed.
Sources: stockanalysis.com, cfs.energy, techcrunch.com and 2 more
$1.00B
Series B 28 Aug 2025
With Brevan Howard Macro Venture Fund, Morgan Stanley, FFA Private Bank (Dubai) Ltd., Galaxy, Gigascale Capital, HOF Capital, Neva SGR, NVentures (NVIDIA’s venture capital arm), Planet First Partners, Woori Venture Partners US, MITSUI & CO., Ltd., Mitsubishi Corp., Development Bank of Japan Inc., Fujikura Ltd., JERA Co., Inc., JGC JAPAN CORP., Mitsui Fudosan Co., Ltd., Mitsui O.S.K. Lines, Ltd., NTT Inc., Sumitomo Mitsui Banking Corp., Sumitomo Mitsui Trust Bank Ltd., The Kansai Electric Power Co., Inc., Breakthrough Energy, Emerson Collective, Eni, Future Ventures, Gates Frontier, GV, Hostplus Superannuation Fund, Khosla Ventures, Lowercarbon Capital, Safar Partners, Starlight Ventures, Tiger Global.
Sources: cfs.energy, prnewswire.com, techcrunch.com and 2 more
$863M
Series A 26 May 2020
Led by Temasek; with Equinor, Devonshire Investors, Breakthrough Energy, The Engine, ENI Next LLC, Future Ventures, Hostplus, Khosla Ventures, Moore Strategic Ventures, Safar Partners, Schooner Capital, Starlight Ventures.
Sources: cfs.energy, prnewswire.com, gunder.com
$84M

Commonwealth Fusion Systems investors

42 investors have backed Commonwealth Fusion Systems; Temasek led at least one round.

Temasek lead
Breakthrough Energy 2 rounds
Khosla Ventures 2 rounds
Brevan Howard Macro Venture Fund
Development Bank of Japan Inc.
Devonshire Investors
Emerson Collective
Eni
ENI Next LLC
Equinor
FFA Private Bank (Dubai) Ltd.
Fujikura Ltd.
Galaxy
Gates Frontier
GV
Hostplus
Hostplus Superannuation Fund
JERA Co., Inc.
JGC JAPAN CORP.
Lowercarbon Capital
Mitsubishi Corp.
MITSUI & CO., Ltd.
Mitsui Fudosan Co., Ltd.
Mitsui O.S.K. Lines, Ltd.
Moore Strategic Ventures
Morgan Stanley
NTT Inc.
NVentures (NVIDIA’s venture capital arm)
Sumitomo Mitsui Banking Corp.
Sumitomo Mitsui Trust Bank Ltd.
The Kansai Electric Power Co., Inc.
Tiger Global
Woori Venture Partners US

What Commonwealth Fusion Systems does

Commonwealth Fusion Systems works in electric supplies & power generation, with 15 recorded offerings and customers in energy.

Commonwealth Fusion Systems is an American private company engaged in the development and commercialization of fusion energy technologies. The company focuses on the design and construction of tokamak reactors and grid-scale power plants, utilizing high-temperature superconducting magnets and plasma physics. It also conducts research and manufacturing activities related to fusion energy, and has established partnerships with major corporations and institutional investors.

Description from Veridion's company data.

Products and services

Fusion Power Plant Manufacturing and Delivery
High-Temperature Superconducting Magnet Development
Tokamak Fusion System Engineering
Fusion Energy Technology Advancement
Clean Energy Solutions Development
Fusion Power Plant Scaling and Integration
Commercial Fusion Energy Solutions
Fusion Industry Development and Support
Public-Private Fusion Technology Collaboration
Fusion Energy Policy and Stakeholder Engagement
Fusion Power Plant Demonstration and Scaling
Fusion Energy Supply Chain Coordination
Fusion Technology Research and Development
Fusion Power Plant Commercialization Services
Fusion Energy Market Access Services

Markets

Energy

Technology

High-Temperature Superconducting Magnets

Business model

Business-to-Business
Manufacturing
Enterprise

Industry codes (NAICS)

333998 All Other Miscellaneous General Purpose Machinery Manufacturing 70% match
335999 All Other Miscellaneous Electrical Equipment and Component Manufacturing 30% match

Questions about Commonwealth Fusion Systems

What is Commonwealth Fusion Systems worth?

Valuation $9.8B (range $6.5B to $16.9B), as of 24 Oct 2026.

Has Commonwealth Fusion Systems raised money?

Commonwealth Fusion Systems has 3 funding rounds on record, from May 2020 to Jul 2026, $1.95B in total. None disclosed a valuation.

Who has invested in Commonwealth Fusion Systems?

Temasek, Breakthrough Energy, Future Ventures, Khosla Ventures, Safar Partners and Starlight Ventures, and 36 more. Lead investors include Temasek.

How many people work at Commonwealth Fusion Systems?

About 1,110, up 7% over the last year. Headcount grew from 93 in Jan 2021 to 1,114 in Sep 2026.

What does Commonwealth Fusion Systems do?

Commonwealth Fusion Systems works in electric supplies & power generation, with 15 recorded offerings and customers in energy. Its main offerings are fusion power plant manufacturing and delivery, high-temperature superconducting magnet development and tokamak fusion system engineering.

When was Commonwealth Fusion Systems founded, and where is it based?

Commonwealth Fusion Systems was founded in 2018 and is based in Harvard, United States. It has about 1,110 employees, up 7% over the last year.

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