Helion, the fusion startup backed by Sam Altman, has raised $465 million in a Series G round led by Thrive Capital, valuing the company at $15.5 billion and bringing its total funding to $1.5 billion. The capital will help Helion complete Orion, its first fusion power plant, which it aims to deliver to Microsoft by 2028. Helion's approach is distinctive: rather than using steam turbines, it plans to harvest electricity directly from the magnets used to compress plasma, potentially improving efficiency — though some experts remain skeptical. The raise is part of a broader surge in fusion investment, with several other startups also closing large rounds in recent months, driven in part by AI companies' appetite for abundant, always-on power.
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