Proxima Fusion

Proxima Fusion is a fusion energy company headquartered in Munich, Germany, developing commercial fusion power plants based on quasi-isodynamic (QI) stellarators using high-temperature superconducting (HTS) magnets. It was the first spin-out from the Max Planck Institute for Plasma Physics (IPP) and builds on the Wendelstein 7-X (W7-X) stellarator programme, working closely with IPP and the Karlsruhe Institute of Technology.

The company's roadmap runs from Stellaris, a peer-reviewed first-of-a-kind commercial stellarator power plant concept published in Fusion Engineering and Design, to the Stellarator Model Coil (SMC), a non-planar HTS demonstration magnet targeted for completion in 2027, then Alpha, a net-energy demonstration stellarator planned for the early 2030s near Munich, and finally a Stellaris power plant intended to deliver fusion electricity to the grid later in the 2030s. Alpha is being pursued in partnership with the state of Bavaria, IPP and RWE, and is supported by the Alpha Alliance, a consortium of more than 50 industrial partners, together with an Industrial Development Board.

Proxima employs around 200 people across engineering, science and operations, with staff recruited from institutions and companies including IPP, MIT, Harvard, Stanford, Cambridge, TUM, EPFL, KIT, SpaceX, Tesla, McLaren and Google X. It operates from Munich with additional offices in Zurich and Oxford, and is pursuing a vertical integration strategy covering HTS cable and magnet production.

Founding story

Proxima Fusion spun out of the Max Planck Institute for Plasma Physics in 2023, the institute's first spin-out. CEO Francesco Sciortino studied at Imperial College and EPFL, completed a PhD in plasma physics at MIT, and coordinated European tokamak research at IPP before shifting to stellarators after 2022 breakthroughs; co-founders include Lucio Milanese (MIT PhD, previously McKinsey senior advisor), Jorrit Lion and Jonathan Schilling (both IPP doctoral researchers), and Martin Kubie (previously McLaren Racing and Wing).

Business model

Proxima is a pre-revenue deep-tech developer financed by venture and strategic equity plus public grants, with a staged hardware roadmap (model coil, demonstrator, power plant) intended to lead to commercial fusion electricity generation. It has raised more than €650 million ($740 million) in under three years, including €95 million in public grants, and is pursuing vertical integration of HTS cable and magnet manufacturing.

Traction

Headcount grew from about 100 employees in September 2025 to roughly 200 in July 2026. The company has secured more than €650 million ($740 million) in total, including €95 million in public grants, published its Stellaris concept in Fusion Engineering and Design, placed industrial purchase orders for HTS magnet hardware, assembled an Alpha Alliance of more than 50 industrial partners, and secured a Bavarian public funding commitment of €400 million toward its roadmap.

Latest developments

On 7 July 2026 Proxima announced a €411 million ($468 million) round at a €2.4 billion ($2.7 billion) valuation, led by XTX Ventures and East X Ventures with RWE and Google as strategic investors; RWE invested €25 million. Proceeds are directed at completing the Stellarator Model Coil, expanding HTS cable and magnet production, and building Alpha near Munich. On 23 July 2026 Ahmed Diallo joined as Head of Global Partnerships, and the company is hiring across engineering, manufacturing and operations at its German, Swiss and UK sites.