TO
Tokamak Energy Ltd
ConvictionWeak
Dual-track private deep-tech: (1) capital-intensive fusion pilot-plant R&D toward commercial net-electricity (ST40 device → ST80-HTS → ST-E1 ~200 MWe), and (2) a near-term-revenue HTS superconducting-magnet products/contracts business (TE Magnetics) serving fusion peers, defense (MHD submarine propulsion), and industrial magnet markets. Funded by venture equity + government grants (DOE, UK), not yet by product cash flow.
Revenue
Not meaningfully disclosedthird-party aggregators list ~$97K FY2023 revenue (grant/services, unverified). Forward magnet revenue anchored by the £70M STEP contract (Apr 2026 → Mar 2029) + DARPA/General Atomics MHD work, but no audited total disclosed.Rev growth
Not disclosedGross margin
Not disclosedOp margin
Not disclosedpre-profit; cash-burning R&DCapex intensity
High — ST40in a $52M LEAPS upgrade (DOE + UK co-funded); ST80-HTS build (2026); magnet manufacturing scale-up incl. Ridgway Machines acquisition (Sep 2025).Valuation
Not disclosed — last priced roundNov 2024, $125M, led by East X Ventures + Lingotto) did not disclose a post-money valuation; no public secondary mark located. ~$336M raised to date implies a low-hundreds-of-$M to ~$1B order-of-magnitude vs. fusion peer multiples, but unverified.The read
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Coverage leans bullish
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