# Fusion (long-dated PPAs)

Part ID: 8.06 · Layer 8 (Power generation & energy supply)

Long-dated power purchase agreements with fusion developers, none of which have yet demonstrated commercial electricity generation.

Fusion PPAs are contracts for power from developers pursuing net-energy-gain fusion reactors, none of which currently generate commercial electricity — this is the furthest-dated and most speculative category in the layer, sitting conceptually alongside the SMR and advanced reactor bets in Layer 8.05 but with an even longer and less certain path to first delivered megawatt. Several of the largest AI operators have signed these agreements as long-horizon options on future firm power rather than as near-term supply. Because no fusion developer has a working commercial plant, these deals carry essentially all technology and schedule risk on the developer side, and none of it should be read as contracted revenue in the way a signed utility PPA (Layer 8.07) would be. An investor should treat named delivery dates as targets rather than commitments and focus on which developers have independently verified net-energy milestones rather than announced offtake volume alone.

**AI delta:** AI operators have signed long-dated fusion PPAs as options on future firm power, providing capital and demand signals to developers years before any commercial generation is proven.

## Companies

| Company | Role | Confidence | Ownership | Ticker | Note |
|---|---|---|---|---|---|
| Commonwealth Fusion | manufacturer | inferred | private |  |  |
| General Fusion | manufacturer | inferred | private |  |  |
| Helion | manufacturer | inferred | private |  |  |
| Marvel Fusion | manufacturer | inferred | private |  |  |
| Pacific Fusion | manufacturer | inferred | private |  |  |
| TAE | manufacturer | inferred | private |  |  |
| Tokamak Energy | manufacturer | inferred | private |  |  |
| Type One | manufacturer | inferred | private |  |  |
| Zap | manufacturer | inferred | private |  |  |

Confidence tags: disclosed = company/filing statement; reported = trade press or partner list; inferred = taxonomy lead.