Fusion and Fission, a story of Faith and Trust

Why are we betting 🎲big on fusion when fission ☢️is already powering the world? Despite its proven track record and massive output, nuclear fission is being overshadowed 🌚by fusion in the fundraising race. We should be all in on workable fission, so why aren’t we?

Earlier this week, I wrote about Trust as an underappreciated challenge for technology investors. My exploration of this topic has led me to a striking paradox: while fission is a mature technology with about 440 reactors generating roughly 400 gigawatts across 30 countries, enough to power 325 million US homes, fusion, which currently produces zero commercial energy, is attracting far more investment. After accounting for maintenance and refueling, fission’s actual output is closer to 300 gigawatts, still enough for 241 million homes. These numbers are a testament to the immense Trust that fission should command.

Yet, as of early 2025, fusion startups have raised over $7 billion, with about 50 companies in the race. In contrast, the largest known fission fundraiser, Kairos Power, has raised just over $600 million, mainly from the US government. Collectively, fission startups have raised approximately US$1 billion. Fusion fundraising is dwarfing that of fission, even though commercial fusion reactors may not arrive until 2030-2035 if all goes well.

The distinction between Faith 🕍and Trust ⚖️is critical here. Investors are backing fusion on faith and its future promise, while they overlook fission, even though it’s already proven and scalable. This focus on fusion represents a significant opportunity cost.

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