General Fusion jumps 40% in Nasdaq SPAC debut as first fusion IPO

General Fusion Group Ltd. began trading on the Nasdaq on July 13, 2026 under the ticker GFUZ following the completion of its reverse merger with Spring Valley Acquisition Corp. III, a special purpose acquisition company. The stock opened at $12.85 per share and climbed about 40 percent in early trading, marking the first time public market investors could buy shares in a company focused solely on nuclear fusion power. The transaction delivered approximately $150 million in cash to General Fusion, consisting of less than $30 million left in the SPAC trust after heavy redemptions and about $108 million from a concurrent private investment in public equity.

The SPAC deal was initially structured to provide up to $338 million in gross proceeds and implied a pro-forma equity valuation near $1 billion for General Fusion, but redemptions significantly reduced the capital raised from the SPAC vehicle. Despite the lower cash haul, the listing establishes General Fusion as the first publicly traded pure-play fusion energy company and gives the Vancouver-area magnetized target fusion developer an exchange-traded currency to fund its long-term commercialization roadmap. General Fusion intends to use the proceeds to advance its Magnetized Target Fusion technology toward key technical milestones and eventual commercial fusion power plants, in a market environment that has shown growing appetite for high-risk, long-duration climate and energy technologies.