Proxima Fusion is Europe’s leading stellarator company and the first spin-out from the Max Planck Institute for Plasma Physics, developing commercial fusion power plants using the QI-HTS stellarator concept. The company is building Alpha, a net-energy stellarator demonstrator targeted for the early 2030s, and plans a follow-on commercial plant called Stellaris later in the decade. Proxima leads the Alpha project in partnership with the state of Bavaria, the Max Planck Institute for Plasma Physics and industrial partners including RWE, supported by an Alpha Alliance of more than 50 companies. Headquartered in Munich with offices in Zurich and Oxford, Proxima employs around 200 people across engineering, science and operations. Financially, Proxima has secured more than €650 million in funding to date, including about €95 million in public grants, and plans to expand engineering, manufacturing and magnet production capabilities as it advances toward demonstrator completion.

Total raised

$686M

Funding rounds

8

Latest round

Series A

Latest activity

Jul 2026