Helion
Direct-electricity fusion developer building Orion for Microsoft
The product
Pulsed field-reversed-configuration fusion generators designed to recover electricity directly by electromagnetic induction. Polaris is the seventh-generation prototype and is testing multiple fuel mixes; Orion is the first commercial plant, designed to deliver at least 50 MW and begin initial operations in 2028.
The thesis
Helion is simultaneously operating a seventh-generation prototype and constructing a customer-backed commercial plant. Polaris has demonstrated measurable deuterium-tritium fusion and temperatures above 150 million degrees Celsius, Orion has its principal state radioactive-material and air-emissions licenses, and a $500 million Series G values the company at $15.5 billion post-money.
How it runs
Helion builds and iterates its fusion generators in-house, then develops commercial fusion power plants for grid and on-site industrial delivery; announced projects include the Orion plant serving Microsoft and a proposed plant at a Nucor steel facility.
How it earns
The commercial model is electricity sales through customer agreements, including a power purchase agreement for at least 50 MW to Microsoft and a separate 500 MWe development agreement with Nucor. Pricing and other contract economics are undisclosed.
Why it wins
Helion's pulsed field-reversed-configuration system is designed to recover electricity directly by electromagnetic induction, avoiding a steam cycle; compact plasmas, in-house standardized components, and a deuterium/helium-3 fuel cycle are intended to reduce plant complexity and support scaled deployment.
Evidence ledger
- website · 2026-04-27
Helion identifies as a reindustrialization company.
https://www.helionenergy.com - organization-dossier-research · 2026-09-14
Dossier fields supported: operatingModel, revenueModel
https://www.helionenergy.com/orion - organization-dossier-research · 2026-09-14
Dossier fields supported: operatingModel, revenueModel
https://www.helionenergy.com/newsroom/helion-nucor-collaboration-to-deploy-500-mw-fusion-power-plant - organization-dossier-research · 2026-09-14
Dossier fields supported: strategicEdge
https://www.helionenergy.com/technology - first-party · 2026-09-23
Helion reported measurable D-T fusion and plasma temperatures above 150 million degrees Celsius in Polaris.
https://www.helionenergy.com/newsroom/helion-achieves-new-fusion-energy-milestones - first-party · 2026-09-23
Helion said the Series G closed at $500 million in September 2026 at a $15.5 billion post-money valuation and confirmed Orion is under construction.
https://www.helionenergy.com/newsroom/helion-raises-465-million-series-g-funding-round-to-meet-surging-global-demand-for-power - first-party · 2026-09-23
Washington granted Orion radioactive-material and radioactive-air-emissions licenses; assembly and office buildings were complete and generator-building work was proceeding.
https://www.helionenergy.com/newsroom/helion-clears-key-regulatory-milestone-on-the-path-to-building-and-operating-the-worlds-first-fusion-power-plant
Articles, news, and updates
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