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Tokamak Energy

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Commercial fusion energy via spherical tokamaks and HTS magnets.

Milton, United KingdomFounded 2009Energy

Valuation $250–500M Last recorded · 2025

Revenue <$1M Latest reported FY

Headcount 100–500 Current team size

Total funding $100–500M Disclosed equity funding

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About Tokamak Energy

Tokamak Energy is a UK-based startup operating in the energy sector, specifically focusing on the development of fusion energy. The company's mission is to accelerate the development of fusion energy, a form of power generation that is clean, safe, and virtually limitless. The company's primary product is the tokamak, a device used to contain and control the process of nuclear fusion.

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The company's leadership team boasts a wealth of experience in the energy, healthcare, and environmental sectors. The team includes Chris Martin, the Chairman, who has a track record of successfully growing businesses and leading them to public offerings or sales. David, the Executive Vice Chairman and former CEO, is a trained theoretical physicist with a history of supporting new technology ventures and securing major contracts. Mikhail, the Chief Scientist, is a leading global authority on tokamaks.

Tokamak Energy's business model revolves around the research, development, and eventual commercialization of their fusion energy technology. Their target market includes energy providers and governments seeking to diversify their energy sources and reduce their carbon footprint. The company generates revenue through investment rounds, grants, and potentially through the sale or licensing of their technology once it is commercially viable.

In summary, Tokamak Energy is a promising startup in the energy sector, leveraging cutting-edge technology and a seasoned leadership team to bring fusion energy to the market.

Source: Dealroom company data

At a glance

Status: Operational
Founded: 2009
Headquarters: Milton, United Kingdom
Employees: 287
Open positions: None listed
Dealroom signal: 77.7/100
Sub-industry: Clean Energy
Sector: Energy, Spinout, Sustainable Development Goals, Nuclear Fusion, Climate Tech, Novel Energy, Superconductors, NIF defense security and resilience, NIF energy, NIF Energy Security and Climate Change, DT and LS
Technology: Deep Tech
Business model: Manufacturing
Client focus: b2b
Investment activity: 1 company, latest Sep 2025
Capital deployed: —
Preferred round: ACQUISITION
Links: Website LinkedIn X

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Funding history

10 recorded events

Company financing events and reported valuations.

Deal type	Date	Amount	Valuation	Investors	Source
SERIES COther financing	Jun 2025	$3.6M	$428M	Undisclosed	↗
GROWTH EQUITY VCOther financing	Nov 2024	$125M	—	BW Group · Furukawa Electric · British Patient Capital · Sabanci Climate Ventures	↗

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Financials

Revenue, earnings and profit over time

Revenue, earnings and other financial measures where available. Years marked “E” are estimates.

Year	Revenue	Growth	EBITDA	Margin
2026
2025
2024
2023
2022
2021
2020		—

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Growth signals

Tokamak Energy website traffic

Latest recorded traffic for Tokamak Energy is 22K monthly website visits, up 37.5% over the last three months. Tokamak Energy's team declined 4.3% over the past year.

Latest monthly visits22K 3-month web change+37.5% 1-year team growth-4.3%

Monthly website visitsOct 2019–Jul 2026

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Company	Headquarters	Status	Employees	Total funding	Valuation
FFFirst Light FusionInspired by the only natural example of inertial confinement on Earth, First Light Fusion is developing a practical pathway to fusion energy using the simplest machine possible	Yarnton, United Kingdom	Operational	89	$135M	$225M
CFCrossfield FusionCrossfield Fusion has been developing a novel compact fusion reactor targeting carbon free heat and power generation. The company adopted a new approach to building fusion reactors based on patented technology called the Epicyclotron	London, United Kingdom	Operational
EXExergy3Developing and commercializing a novel form of ultra-high temperature energy storage technology	Edinburgh, United Kingdom	Operational
OPOxford PhotovoltaicsDesigns and manufactures hybrid organic photovoltaic systems for building integrated applications	Yarnton, United Kingdom	Operational
FEFocused EnergyCombining U.S. fusion science with German laser engineering to deliver modular, commercially viable fusion from proven ignition technology	Darmstadt, Germany	Operational
RFRenaissance FusionRenaissance Fusion builds on the success of stellarator experiments, makes them reactor-ready by quadrupling the magnetic field and simplifies them using proprietary High-Temperature Superconductors manufacturing and flowing liquid-metal walls	Fontaine, France	Operational
SUSupremaCritical HTS tapes for compact magnetic fusion reactors, essential for advancing energy technology	Rome, Italy	Operational
FFFirefly FusionFirefly Fusion will develop standard tokamaks as the most promising and fastest path to fusion energy	Lausanne, Switzerland	Operational