Google and RWE Back German Nuclear Fusion Startup Proxima Fusion at €2.4 Billion Valuation

German nuclear fusion startup Proxima Fusion has raised €411 million in a funding round that values the company at €2.4 billion. Backed by investors including Google and energy firm RWE AG, the three-year-old company is developing a nuclear fusion plant that it hopes will be operational in the 2030s, signaling significant investor confidence in the future of fusion energy.

Proxima Fusion funding round

• ▪German startup Proxima Fusion has raised €411 million ($469 million) in a new financing round.
• ▪The financing round was led by XTX Ventures and the London-based firm East X Ventures.

Nuclear fusion plant development

• ▪Proxima Fusion is developing a nuclear fusion plant.
• ▪The company hopes its nuclear fusion plant will be operational in the 2030s.

Investor composition

• ▪XTX Ventures is the investment arm of Alex Gerko’s algorithmic trading firm XTX Markets Ltd.
• ▪Investors in Proxima Fusion include the German national energy firm RWE AG and Alphabet Inc.’s Google.

Company valuation

• ▪Proxima Fusion announced the deal on July 7, 2026.
• ▪A new funding deal gives the three-year-old energy firm Proxima Fusion a valuation of €2.4 billion.

1 source