The race to build the world's first commercial fusion power plant has moved out of the physics lab and onto the factory floor. Private investors poured a record $4.48 billion into fusion last year, a 69% jump, bringing the industry's total since 2021 to $14.24 billion. According to the Fusion Industry Association, 71% of the 56 private fusion companies it surveyed expect to deliver power to the grid by the 2030s.

The front-runners already have buyers, with Washington-based Helion signing a power purchase agreement with Microsoft in 2023 to deliver at least 50 megawatts by 2028, with financial penalties if it misses, and Constellation Energy (NASDAQ:CEG) is acting as power marketer. Commonwealth Fusion Systems has raised $4 billion and expects its SPARC reactor to reach scientific breakeven in 2027.…