Helion
D-He3 fusion with direct electricity capture, targeting 2028 first power
The product
Field-reversed configuration (FRC) pulsed fusion reactors using a deuterium-helium-3 fuel cycle, with direct electromagnetic energy capture (no steam cycle). Polaris is their 7th-gen prototype intended to demonstrate first net electricity from fusion. A signed PPA commits them to deliver 50 MW of fusion power to Microsoft by 2028.
The thesis
Helion is the most aggressive timeline in fusion: the only fusion company with a binding commercial PPA (Microsoft 2028), a new manufacturing facility under construction in Everett that will employ 150+, and a $5.4B post-money valuation backed by Sam Altman and SoftBank Vision Fund 2. If Polaris hits net-electric, the entire fusion sector is re-rated.
Evidence ledger
- website · 2026-04-27
Helion identifies as a reindustrialization company.
https://www.helionenergy.com
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