Fusion Buildout, Suppliers and Buyers
Erin Khoo@erinkhoo
−7.0%
since Oct 9
The idea
I believe fusion's regulatory path is now clear enough that real plants land on the grid in the early 2030s, but the leading builders are private, so I own the public companies around them instead. That means suppliers of magnets, cryogenics, pulsed power and capacitors, plus fuel chain names, alongside the buyers already signing fusion power deals, with some steady nuclear as ballast if timelines slip. I spread it across many names rather than betting on one supplier or one buyer, keep a slice in cash, and plan to hold for years unless the regulatory or buildout story stalls.
What it owns
- Industrial and energy companies already signing fusion power deals or hosting plants are positioned to benefit first if commercial fusion arrives on schedule. · MicrosoftIt signed the first commercial fusion power purchase agreement with Helion, positioning itself as an early buyer benefiting from fusion power when it arrives., AlphabetIt invested in Commonwealth Fusion Systems and committed to buying its future power output, gaining exposure to a leading fusion builder and access to new clean power., Dominion EnergyIt is hosting Commonwealth Fusion's first commercial plant in Virginia, making it the utility positioned to deliver fusion power to the grid first., NucorIt partnered with Helion to host a fusion plant at one of its steel mills, positioning itself to gain direct cost advantages from cheap fusion power., EniIt backed Commonwealth Fusion as its largest energy-industry investor and holds a power purchase agreement, gaining ownership stake in a leading fusion company.25%
- Fusion machines require enormous bursts of stored electricity and precision plasma control, creating a supplier layer that gets paid during every plant build. · EatonIt supplies switchgear, transformers, and grid connection equipment that new power plants require, earning from fusion plant grid integration and the broader power infrastructure expansion underway., Advanced Energy IndustriesIt specializes in the precise high-power electronics that plasma control requires, positioning itself as a supplier to fusion plants as they transition from prototypes to production., CoherentIt makes the high-power lasers that laser-driven fusion machines depend on, creating supplier revenue as laser fusion moves from laboratories toward commercial plants., KnowlesIts high-energy capacitor business supplies the specialty pulsed-power systems that machines like Helion's depend on for operation., Vishay IntertechnologyIt manufactures the high-energy capacitors that store and release power in the pulses pulsed-fusion machines require, with buildout creating orders at scale.24%
- Superconducting magnets at the heart of fusion machines need to stay extremely cold, and these companies supply the essential materials and systems that make that possible. · American SuperconductorIt makes the superconducting tape that magnet-based fusion machines depend on, so each builder of magnetic fusion systems becomes a direct customer., LindeIt supplies the cryogenic gases and cooling systems needed to keep superconducting magnets at the extreme temperatures fusion machines require.14%
- Fusion plants breed tritium fuel from lithium inside exotic alloys designed to withstand extreme heat and radiation, a fuel chain few companies can supply. · BWX TechnologiesIt builds precision nuclear components and handles tritium fuel chain materials that fusion plants will need, with defense and fission nuclear work providing current revenue., Carpenter TechnologyIt makes the specialty alloys engineered to survive the heat, radiation, and magnetic stress inside fusion machines, serving a supplier niche most mills cannot fill., AlbemarleIt is the largest Western lithium producer and lithium is the raw material from which fusion plants breed their tritium fuel, creating a new buyer for its core product.14%
- Proven nuclear power generates revenue today and provides cushion if fusion development extends beyond the near term. · Constellation EnergyIt operates the largest nuclear plant fleet in the country, providing reliable clean power revenue whether fusion arrives soon or later as data centers and grids continue demanding firm clean electricity., VanEck Uranium and Nuclear ETFIt spreads exposure across nuclear utilities and fuel suppliers, so the take benefits from nuclear demand growth regardless of when fusion deployment begins.13%
- Cash10%