全球私营核聚变领域投资报告（第一版）

Report from the F4E Fusion Observatory 1stEdition(Cutoff:10 June 2025) Fusion for EnergyMain Contributors: Rosalinda Manzo & Margot Laville Note that the views expressed in this report are those of the authors and do not necessarily reflect the The European Joint Undertaking for ITERand the Development of Fusion EnergyC/ Josep Pla 2, Tel: +34 933 201 800E-mail:info@f4e.europa.eu Contents Contents .................................................................................................................................................. 31. Executive Summary ............................................................................................................................ 42. Global Investment Overview ............................................................................................................... 62. Investors Landscape ......................................................................................................................... 123. Technology Focus............................................................................................................................. 15 1. Executive Summary The pursuit of fusion energy has entered a new and decisive phase, transitioning from a primarilypublic research endeavour to a dynamic arena for private investment. This first report by the F4EFusion Observatory provides a comprehensive analysis of this burgeoning sector, revealing a This first report from the F4E Observatory has attempted to set out the vibrant and complexlandscape of global fusion private investment. Subject to the limitations of the data available and 1. A Rapidly Growing but Concentrated Market.Our analysis using the methodology describedin annex 1, shows that global fusion private investment has reached an accumulated total of€9.9billion(cutoff 10 June 2025), a more than six-fold increase since 2020. However, this growth is 2. The Dominance of US and Chinese Models.The US leads the private race with 38 of 68private fusion companies and 60% of global funding. China is a strong second, securing 25% offunding with a highly efficient model of only 6 companies. These two dominant models appear to 3. The EU's Scaling Challenge.The EU's private ecosystem, with 8 companies and 70 investors,has raised a significant €567M (~5% of global funding). However, a critical scaling challengeemerges from the data: the average EU investment round is around three times smaller than inthe US and 30 times smaller than China. This gap in access to large-scale private capital may be 4. A Divergent Technology Strategy.The global private market currently favours magneticconfinement fusion (70% of funding). The EU private sector instead allocates most funding (69%)to inertial confinement. This shows an important difference in the EU ecosystem and may be a 5. A Negative Cross-Border Investment Balance.The EU's negative investment balance of74M€ (105M€ with the US), while demonstrating the global reach of its investors, indicates that EUcapital is also contributing to the growth of a fusion ecosystems outside the EU. This probablyreflects the attractiveness of the more mature US venture market but could also be an indication 6. The Central Strategic Duality: Industrial Strength and Private Sector Scale.An importantconclusion is that the EU's position is one of strategic duality. In contrast to the US where privatelyfunded fusion initiatives are dominant, the€6.8 billionpublic investment in the EU ITER supplychain though F4E has created a foundational asset of unparalleled value, a world-class industrial Note that this analysis does not consider public sector funding to national public fusion initiativesthat remains an important component of the overall fusion landscape (this will be the subject ofongoing analysis and future reports). This may help to explain some of the trends seen in thisreport including the allocation of investment to different fusion concepts and technologies where, 2. Global Investment Overview The overall evolution of cumulative investment in private sector fusion companies (Figures 1 and2) shows an inflection point fromjust over €1.5 billion in 2020 to an estimated €9.9 billion today (cutoff 10 June 2025).This funding is a mix of sources: private capital accounts for the majority atover €6.7 billion, but public funds, totalling around €1.8 billion, are increasingly flowing into private Figure 2 – Stacked chart showing annual in investments in fusion companies by country A global map of the€9.9 billionin total funding (Figure 3) reveals a landscape dominated by twoprimary hubs:North America (€6.3B)andEast Asia (€2.5B). A more detailed breakdown bycountry (Figure 4) sharpens this picture. TheUnited Statesleads with€6.1 billion (61.3%), while Chinafollows with€2.4 billion (24.4%). Together, these two nations account for 85% of all private Figure 4 – Breakdown of global Investments by Country of Fusion Company (Millions of EUR) Within Euro