Helion bags $425M in fresh funding despite fusion power still being a distant dream
Fusion energy startup Helion has yet to prove it can generate electricity, but that hasn’t stopped investors from dumping another $425 million into the venture.
Helion, whose board is chaired by OpenAI CEO Sam Altman, announced an “oversubscribed and upsized” Series F funding round yesterday. With the addition of $425 million to its coffers, the startup claims it’s now worth $5.4 billion - despite failing to produce net-positive energy after more than a decade.
This latest round included more cash from Altman, Peter Thiel-founded Mithril Capital and others, also brought in new investors like the SoftBank Vision Fund, Silicon Valley funding giant Lightspeed Venture Partners, an unnamed “major university endowment” and more.
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