TMTG said it signed a definitive agreement with TAE Technologies to create one of the world’s first publicly traded fusion companies. The transaction, pending approvals and set to close in mid-2026, would split ownership roughly evenly between the shareholders of the two firms on a fully diluted basis.
The combined entity plans to break ground next year on what it calls the world’s first utility-scale fusion power plant, a 50-megawatt electric facility, with larger 350- to 500-megawatt plants to follow. The move targets soaring electricity demands from AI data centers, positioning fusion as a pollution-free alternative without radioactive waste or greenhouse gases.
TMTG shares jumped 27% in early New York trading following the news.
The company, which went public in March 2024, holds $3.1 billion in financial assets as of its third quarter but has faced challenges monetizing Truth Social. It posted $927,900 in sales for the three months through September 30, a drop from over $1.01 million a year earlier, while losses grew to $54.8 million from $19.2 million.
“Trump Media & Technology Group built uncancellable infrastructure to secure free expression online for Americans, and now we’re taking a big step forward toward a revolutionary technology that will cement America’s global energy dominance for generations,” Devin Nunes, TMTG’s chairman and CEO, said in a press release.
“Fusion power will be the most dramatic energy breakthrough since the onset of commercial nuclear energy in the 1950s – an innovation that will lower energy prices, boost supply, ensure America’s A.I.-supremacy, revive our manufacturing base and bolster national defense.”
Nunes added that TMTG’s resources would speed TAE’s path to commercialization. As part of the deal, TMTG committed up to $200 million in cash at signing, with an additional $100 million available upon filing the registration documents.
TAE, founded in 1998 as Tri Alpha Energy, has raised over $1.3 billion from investors, including Google’s parent company Alphabet, Chevron, and Goldman Sachs. It has constructed five fusion reactors and holds more than 1,600 patents. The company also operates units for advanced energy storage and cancer radiotherapy.
“Our talented team, through its commitment and dedication to science, is poised to solve the immense global challenge of energy scarcity,” said Michl Binderbauer, TAE’s CEO. “At TAE, recent breakthroughs have prepared us to accelerate capital deployment to commercialize our fusion technology. We’re excited to identify our first site and begin deploying this revolutionary technology that we expect to fundamentally transform America’s energy supply.”
Nunes and Binderbauer will serve as co-CEOs of the new company, with Michael B. Schwab, a TAE backer and founder of Big Sky Partners, slated as board chairman. The nine-member board will include Nunes, Donald J. Trump Jr., Binderbauer, Schwab, and five independents.
“Through my involvement with TAE over the two decades, I’ve watched first-hand their commitment to science and the promise of applying fusion power to help solve the world’s demand for clean, abundant, affordable energy,” Schwab said. “With the infusion of TMTG’s significant capital, TAE is on the precipice of scaling its leading technology to usher in a new era of energy abundance. The world needs energy, and fusion is the clear answer.”
Trump is TMTG’s top shareholder, with a stake exceeding $1 billion, and the trust that manages it is managed by his son. The Truth Social platform, launched in 2021 after Trump was banned from other major social media sites, remains his primary outlet for posts. TMTG has recently branched into streaming via Truth+, and into cryptocurrency via Truth.FI.
Tech analyst Dan Ives of Wedbush described the merger as a “major bet on nuclear fusion power,” noting it would likely give TAE strong political backing from the President. He suggested the deal signals the “AI Arms Race” is heating up and that TMTG might pivot to focus heavily on TAE’s operations despite the even split.
The agreement, backed by advisors including Yorkville Securities and Barclays, requires shareholder and regulatory nods. Executives from both companies planned an 8 a.m. CT investor call on Thursday to discuss details, with materials available on their websites and in SEC filings.
