- Funding
- €411M Series A
- Valuation
- €2.4B
Proxima Fusion is a Munich-based fusion startup pursuing stellarator-based fusion — a harder engineering problem than the tokamak most rivals chase, but with steadier plasma confinement suited to continuous operation. In July 2026 it closed a €411 million Series A at a €2.4 billion valuation — the largest fusion round in European history, outpacing any comparable US raise — led by XTX Ventures and East X Ventures with Google and utility RWE as strategic investors. The money funds Alpha, a net-energy stellarator demonstrator near Munich, the step before its planned first commercial plant Stellaris in the 2030s.