LM26 is General Fusion's magnetized target fusion demonstration machine, which compresses a plasma with a lithium liner driven by pistons. It achieved first plasma in February 2025 and in June 2026 reported ~0.72 keV electron temperatures from mechanical compression; General Fusion listed on Nasdaq (GFUZ) in July 2026.
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Current state
| Status | Operating |
| Country | Canada |
| Location | Richmond, British Columbia |
| Developer | General Fusion |
| Developer type | Private |
| Concept | Magnetized target |
| Fuel | D-T |
| Purpose | Demonstration |
| First plasma | 2025-02 |
| Private funding raised | USD 400m (as of 2026-01-27) |
| Stock ticker | NASDAQ: GFUZ |
| Public funding | Canadian federal support (Strategic Innovation Fund) among >$400m raised |
Notes
private funding raised is NEI's 'more than $400m from private investors and the Canadian government' (currency of that figure not explicit; treated as USD). Listing included a $107.5M PIPE. Next targets: 1 keV, 10 keV, then scientific-breakeven-equivalent (Lawson), no dates. CEO cited ~2035 for a first-of-a-kind commercial plant (interview, not a formal target). Listing cash (~US$150M) is meant to fund the LM26 Lawson program milestones through 2028. Publicly traded since 2026-07-13 (NASDAQ: GFUZ); developer type kept "Private" meaning non-governmental.
Timeline
- 2024-12 — General Fusion completed assembly of LM26. (source)
- 2025-02 — LM26 achieved first plasma. (source)
- 2025-04 — LM26 performed its first plasma compression. (source)
- 2026-01-22 — General Fusion signed a business combination agreement with Spring Valley Acquisition Corp. III to list on Nasdaq. (source)
- 2026-06-22 — General Fusion reported LM26 electron temperatures of ~0.72 keV (8.4 million °C), more than tripling during mechanical compression. (source)
- 2026-07-13 — General Fusion completed its merger with Spring Valley Acquisition Corp. III and began trading on Nasdaq as GFUZ with about US$150 million in cash. (source)
The timeline is append-only: corrections are added as new entries. Stated targets appear in the current-state table, never as milestones.
Sources
- General Fusion goes public — Nuclear Engineering International, checked 2026-10-11
- Spring Valley Acquisition Corp III Rule 425: LM26 reaches 0.72 keV — StockTitan / SEC filing, checked 2026-10-11
- General Fusion Becomes First Publicly Listed Fusion Company — Nasdaq / PR Newswire (primary), checked 2026-10-11
- Spring Valley Acquisition Corp. III Shareholders Approve Business Combination with General Fusion — Nasdaq / PR Newswire (primary), checked 2026-10-11