Helion Energy

Thesis

Helion achieved a February 2026 milestone of 150M degrees C deuterium-tritium fusion, breaking their own industry record. Polaris is the first private machine to use D-T fuel, and 'scientific breakeven' is imminent. Sam Altman is a major backer, and OpenAI is in talks to purchase 5GW of Helion power by 2030, scaling to 50GW by 2035. The convergence of AI energy demand and fusion progress creates a unique moment. Data centers are projected to consume 5-10% of U.S. Electricity by 2030, and fusion is the only scalable zero-carbon baseload solution that doesn't face the siting and waste challenges of fission. Helion's approach (field-reversed configuration with direct energy conversion) is fundamentally different from tokamaks. Smaller, faster to iterate, and potentially cheaper to build. The company targets grid electricity by 2028, which would make it the first commercial fusion power plant in history. Weakness. This is a private company, making it nearly impossible for retail investors to access directly. Fusion has a long history of broken timeline promises. The 2028 grid target is extremely ambitious, and even a successful demonstration doesn't guarantee cost-competitive commercial deployment.

Catalysts

• +Scientific breakeven demonstration imminent
• +OpenAI in talks for 5GW power purchase agreement by 2030
• +Grid electricity target of 2028 would be historic first
• +AI data center energy demand creating massive market pull

Risks

• -Private company. Nearly impossible for retail investors to access
• -Fusion has a long history of broken timeline promises
• -2028 grid electricity target is extremely ambitious
• -Cost-competitive commercial deployment unproven even after demonstration

Common questions