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BFD Expert Voices - Climate Deals

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With the planned merger of Trump Media & Technology Group (Nasdaq: DJT) and fusion developer TAE, the world is getting the first test of the public markets' appetite for fusion. 

The big picture: Fusion companies have long eyed the public markets as a future source of funding, but the tech is massively capital-intensive and many years from commercialization.

Private investors have funneled billions into fusion firms in recent years, but the newer firms like Commonwealth Fusion Systems have been pulling in the lion's share.

Driving the news: The all-stock deal, valued at $6 billion, will provide TAE up to $200 million in cash at signing and another $100 million available upon formally filing with the SEC, the companies said.

The transaction, slated to close mid-2026, will help fund the construction of TAE's first 50 MW fusion power plant.

Former GOP congressman Devin Nunes, who is TMTG chairman and CEO, and Michl Binderbauer, TAE CEO and director, plan to serve as co-CEOs of the combined company.

The nine-member board also includes Donald J. Trump Jr. and Michael B. Schwab.  

Zoom in: Trump Media's stock spiked 41%. 

That compares to TMTG's stock losing more than 70% of its value this year.

Between the lines: TAE was in need of capital to develop its first plant and announced an ongoing funding round of $150 million this summer.

Binderbauer said on a media call that TAE has advanced its research to the point that "capital is now becoming our biggest challenge."

TAE is one of the few fusion companies that has started generating revenue through power management and life sciences spinoffs.

Binderbauer tells Axios Pro that his goal was "to get the capital fast" so TAE could scale and demonstrate its capability.

Reality check: Much of the fusion industry is projecting first commercialization in the mid-2030s. 

TAE expects its first power in 2031, Binderbauer said on the call.

Six years is a lifetime for the stock market, particularly for retail investors. 

TAE will need to provide a steady stream of news, deals and updates to keep its stock from dropping. Publicly traded advanced nuclear firms like Oklo could provide a guide.

The intrigue: How TAE trades over the next months and years will give an indicator of whether the public markets have the patience for fusion at its pre-commercial stage, with its complicated technologies and long timelines.

A source familiar with the deal says that the combined company intends to be solely focused on energy, which means that Truth Social and other Trump Media assets could be sold or otherwise separated.

Binderbauer didn't confirm or deny that when asked by Axios.

Catch up quick: TAE, based in Foothill Ranch, California, previously raised $1.3 billion in private capital from investors including Google, Chevron, Sumitomo and NEA.

Earlier this year, TAE said it achieved stable plasma at over 70 million° C — required for generating fusion energy — in a machine it's calling Norm, replicating a milestone it had reached in a considerably larger, more expensive device named Norman.

What we're watching: More fusion companies could go public in 2026 if the TAE deal goes well.

General Fusion, another older fusion firm that was struggling to raise capital, is a rumored SPAC candidate.

What's next: TMTG and TAE need shareholder and regulatory approval to complete the merger.

Disclosure: In 2023, TMTG sued 20 media organizations, including Axios, for defamation, and litigation is ongoing.

Fusion will see first public market test

TAE will need to provide a steady stream of news, deals and updates to keep its stock from dropping.

Illustration of a question mark with an atom as the dot. 

With the <a class="gtmContentClick" data-vars-link-text="planned merger" data-vars-click-url="https://www.axios.com/2025/12/18/trump-nuclear-fusion" data-vars-content-id="55c753a7-5dce-4ab5-ada3-359d58c4c400" data-vars-headline="Fusion will see first public market test" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/2025/12/18/trump-nuclear-fusion" target="_self">planned merger</a> of Trump Media &amp; Technology Group (Nasdaq: DJT) and fusion developer TAE, the world is getting the first test of the public markets&#x27; appetite for fusion. The big picture: Fusion companies have <a class="gtmContentClick" data-vars-link-text="long eyed" data-vars-click-url="https://www.axios.com/pro/climate-deals/2025/02/13/fusion-public-markets" data-vars-content-id="55c753a7-5dce-4ab5-ada3-359d58c4c400" data-vars-headline="Fusion will see first public market test" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/pro/climate-deals/2025/02/13/fusion-public-markets" target="_self">long eyed</a> the public markets as a future source of funding, but the tech is massively capital-intensive and many years from commercialization.

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Fusion will see first public market test

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