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Lowercarbon Capital is raising its second fusion fund, founder Chris Sacca said at the SOSV Climate Tech Summit on Thursday. 

Why it matters: The momentum around fusion has been growing, but a dedicated fusion fund remains an anomaly. 

Zoom in: The new fund is dubbed "Q > 10," said Sacca, a nod to the potential energy growth that could be produced by fusion companies. 

"What we're seeing is across multiple diverse approaches to fusion, incredible success. Exponential growth and in some cases double exponential," said Sacca. 

Sacca said Lowercarbon's fusion portfolio includes "some really crazy sh*t that no one's really talked about yet," and mentioned a company building fusion reactors that look like servers.

Lowercarbon partner Scott Hsu previously told Axios Pro that the firm is looking for opportunities in fusion's supply chain. 

Yes, but: Given fusion isn't yet a commercial technology, not all LPs will be eager to invest. 

Sacca said: "It's funny, when we go out to raise these things, how people roll their eyes. It's not like we have any shortage of capital, so if you don't believe, don't believe, feel no pressure."

Lowercarbon doesn't set fund targets, but a source says the second fund will be larger than the first.

The big picture: Private investors have been ramping up fusion investments as electricity demand soars and hyperscalers have signed partnerships.

Catch up quick: Lowercarbon raised $250 million for its first fusion fund in 2022. It was called "Q > 1," in reference to a fusion reaction that produces more energy than it uses.

It's backed at least 8 fusion startups including Xcimer, Zap Energy and Commonwealth Fusion Systems, and hired Hsu, a longtime Energy Department fusion expert.

What's next: AI data centers will likely be the application that commercializes fusion, and bullish investors are hoping that it'll be ready by the mid-2030s.

Lowercarbon Capital raising second fusion fund

The firm, founded by Chris Sacca, raised $250M for its first fusion fund.

Illustration of a road leading to a glowing atom on the horizon

Lowercarbon Capital is raising its second fusion fund, founder Chris Sacca said at the SOSV Climate Tech Summit on Thursday. Why it matters: The momentum around fusion has been growing, but a dedicated fusion fund remains an anomaly.

Lowercarbon Capital raising second fusion fund

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