Proxima Fusion raises €411 million, backed by Google and RWE

A German nuclear fusion startup has secured a major investment from Google and other backers, marking the largest private funding round in European fusion history and intensifying the global race to commercialize the technology. Proxima Fusion announced on Tuesday, July 7, 2026, that it raised 411 million euros (approximately 468 million dollars) in a round led by XTX Ventures and East X Ventures, with strategic investments from Alphabet's Google and German utility RWE. The financing values the Munich-based company at 2.7 billion dollars.

The new capital will support Proxima's plan to develop Europe's first commercial fusion power plant. The company is focused on a reactor design called a stellarator, which uses intricately shaped magnetic fields to confine superheated plasma. This approach is considered a more stable but technically challenging alternative to the more common tokamak design. Proxima aims to build a net-energy fusion demonstrator, named Alpha, in the early 2030s as a final proof of concept before constructing a commercial plant later that decade.

The funding will be used to expand production of high-temperature superconducting cables and magnets, which are...