Pacific Fusion
ConvictionContext
Pre-revenue deep-tech: venture-funded R&D toward a demonstration fusion system, with an early open-access users program (external researchers, commercial applications, national-security experiments) as a path to first monetization before commercial power plants
Revenue
Not disclosedeffectively pre-revenue (no commercial product; users-program pricing not disclosed, first external user campaigns anticipated 2029Rev growth
Not applicablepre-revenueGross margin
Not disclosedOp margin
Not discloseddeeply negative by construction - R&D and facility build phaseCapex intensity
Extremely high: ~$1B fusion research and manufacturing campus underway at Mesa del SolAlbuquerque, NM (announced Sep 26, 2025; 200+ long-term jobs plus hundreds of construction jobs), plus a 200,000 sq ft Los Lunas, NM build center (opened Dec 12, 2025; ~100 full-time jobsValuation
Valuation not disclosed~$900M Series A committed Oct 2024, milestone-tranched, led by General Catalyst; the round now exceeds $1B after the Jun 2026 prototype milestone unlocked a further trancheValuation trail
$1B1.1× since Oct 2024
2 marks · Oct 2024–Jun 2026
private — no public price
Priced round
Pacific Fusion has never disclosed a round valuation; the valuationB figures are cumulative committed-capital proxies (a strict floor on post-money, since post-money >= capital raised), not priced equity marks. A priced Series B would provide the first true external valuation point.
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Full financial intelligence for Pacific Fusion
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
Not investment advice — analyst work product for a qualified professional.· intel vintage 2026-07· sign in (free) for the analyst summary; Pro unlocks full intelligence