Overview
- Proxima announced the €411 million round on Tuesday, July 7, 2026, led by XTX Ventures and East X Ventures with strategic investments from Google and RWE that lift its valuation to about €2.4 billion.
- The company said the money will expand high-temperature superconducting (HTS) cable and magnet production, fund engineering and manufacturing systems for stellarators, and support hiring across engineering, manufacturing, and operations.
- Proxima is developing a quasi-isodynamic stellarator and plans the Alpha demonstration at the decommissioned Gundremmingen site under an MOU with RWE, the Free State of Bavaria, and the Max Planck IPP with Bavaria having already committed €400 million.
- Despite the private raise and Bavaria’s pledge, Proxima still reports an estimated €1.2 billion gap in public federal funding needed to reach the roughly €2 billion Alpha budget, and the project faces technical, manufacturing, permitting, and schedule risks that could delay the early-2030s demonstrator target.
- Google’s participation marks its first public investment in a European fusion company and signals broader industry confidence in multiple fusion approaches, while the deal could accelerate regional supply chains, jobs at the Gundremmingen site, and Germany’s push to host commercial fusion technology.