COMMONWEALTHFUSION·Nuclear — fusion (HTS-magnet tokamak)Pre-IPO · Private

Commonwealth Fusion Systems

ConvictionWeak

Pre-revenue, capital-intensive deep-tech developer, vertically integrated across the fusion value chain (HTS-magnet manufacturing → tokamak design/build → power-plant operation). Future monetization: electricity sales via PPAs, technology/magnet licensing, and HTS-magnet supply to third parties. No commercial revenue today.

Revenue

Not disclosedpre-commercial; no electricity sales

Rev growth

n/apre-revenue

Gross margin

n/apre-revenue

Op margin

Deeply negativeR&D + SPARC construction burn; not disclosed

Capex intensity

Extreme — multi-$B cumulative on SPARC build + magnet factoryARC will require billions more

Valuation

~$8B estimated2026 secondary marks; exact May-2026 round post-money not disclosed

Valuation trail

Third-party current valuation estimate (~$8B), aggregator/private-market — NOT a disclosed round post-money. Same window: Nasdaq Private Market secondary per-share ~$195 (NPM est.), last trade ~$234

2 marks · Dec 2021–Jun 2026

private — no public price

Priced round Secondary / SPAC mark

CFS has never officially disclosed a post-money valuation for any round — its press releases (cfs.energy, PRNewswire) confirm raise size only. So this trail is built from credibly reported THIRD-PARTY estimates, not company figures; both points are tagged kind='secondary' to reflect that no primary round mark exists. Trail of actual rounds (all with UNDISCLOSED valuations, hence omitted as valuation points per the honesty gate): Series A ~$215M cumulative (2018–2020, Eni/Breakthrough/Khosla/Temasek/Equinor); Series B $1.8B (Dec 2021, lead Tiger Global) — the ONLY round with a credible third-party post-money estimate, CB Insights' $3.2–5.0B range (midpoint $4.0B shown; treat as a wide band, not a precise mark); Series B2 $863M (Aug 2025, NVIDIA/NVentures, Google, Breakthrough, Counterpoint Global/Morgan Stanley, Mitsui consortium) — NO valuation disclosed or reliably estimated, so OMITTED; ~$3.85B round (May 2026, Singapore-linked + existing backers; total funding ~$6.85B) — NO valuation disclosed, OMITTED. The ~$8B figure is a current aggregator estimate (appears in compworth/PitchBook-style profiles), NOT tied to the May-2026 round price; I could not confirm an $8B round post-money from any primary or reputable-press source — the user's '~$8B 2026 secondary' lead matches an aggregator/secondary-market estimate, not a disclosed primary mark. Nasdaq Private Market showed a secondary per-share NPM estimate of $195.23 with a last trade of $234 as of 2026-06-12, but NPM does not publish the implied total valuation, so no clean secondary cap is includable. Confidence is LOW: (a) zero company-disclosed valuations across the entire history; (b) the one historical estimate is a wide CB Insights range; (c) the current $8B is an aggregator estimate not traceable to a primary round price. Could not access Forge, PitchBook, or CB Insights detail pages (paywall/403). No SEC filings — CFS is private, no S-4/SPAC. Gaps: a precise 2021 post-money, and any disclosed post-money for the 2025 B2 or 2026 mega-round, were never published.

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Coverage leans bullish

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Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.

Income statement & margin structure
SWOT, moats & dependency map
Supplier–customer ecosystem graph
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