Munich-based Proxima Fusion raised €411 million ($468 million) in a funding round led by XTX Ventures and East X Ventures, with Google and German utility RWE as strategic investors. The round brings Proxima's valuation to €2.4 billion ($2.7 billion), establishing it as Europe's best-funded fusion company. Other investors include KfW Capital, SPRIND, Burda Principal Investments, and returning backers Plural, UVC Partners, Balderton, and Cherry Ventures.
The funding will accelerate development of Alpha, Proxima's net-energy stellarator demonstrator scheduled for the early 2030s near Munich. RWE has committed to partnering with Proxima on building the first commercial stellarator fusion power plant on a decommissioned nuclear fission site in Gundremmingen, Bavaria. Combined with a prior €400 million from the Bavarian government, Proxima has now secured €800 million toward Alpha, with a further €1.2 billion expected from a German federal grant expected to be tendered later in 2026.
Google's investment marks its first backing of a European fusion company, signaling tech sector confidence in fusion as long-term carbon-free energy. Proxima has raised over €650 million total in less than three years, including €95 million in public grants—a public-private model that demonstrates how targeted government co-investment catalyzes venture capital at scale.