HELION · Helion Energy, Inc.
Nuclear — fusion (FRC / magneto-inertial, direct-electricity)
HELION·Nuclear — fusion (FRC / magneto-inertial, direct-electricity)Pre-IPO · Private
Helion Energy, Inc.

Helion Energy, Inc.

ConvictionWeak

Pre-revenue deep-tech IP + capital-intensive first-of-a-kind power plant; future revenue via merchant power-purchase agreements (PPA) with hyperscalers/utilities. Vertically integrated manufacturing (in-house capacitors, magnets, pulsed-power).

Revenue
Not disclosed — pre-revenueno fusion electricity sold to grid (as of Jun 2026
Rev growth
n/apre-revenue
Gross margin
n/a
Op margin
n/a — deeply cash-burning R&D + first-of-a-kind capex
Capex intensity
Extreme — building the Orion plantMalaga, WA) + 8 prototype generations; capacitors ordered 3 yrs ahead, Polaris alone = ~150 shipping containers of capacitors + ~50,000 pulse-power semiconductors
Valuation
~$15.5B post-moneySeries G, Jun 4 2026
Valuation trail
$15.5B5.2× since Nov 2021
3 marks · Nov 2021–Jun 2026
private — no public price
$3B$15.5B
Priced round

Only Series E/F/G carry disclosed post-money valuations; Series A-D and early 2013-14 grants/seed were never priced-and-disclosed, so omitted. No publicly-disclosed secondary/tender mark.

The read

Where our coverage leans

Coverage leans bullish

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Full financial intelligence for Helion Energy, Inc.

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
  • Signals, trends & valuation range
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Not investment advice — analyst work product for a qualified professional.· intel vintage Q2 2026· sign in (free) for the analyst summary; Pro unlocks full intelligence
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