Google Invests in €411M Round for Proxima Fusion Stellarator Plant

On July 7, 2026, Alphabet’s Google joined a €411 million ($468-469 million) funding round for Germany-based Proxima Fusion, lifting the startup’s valuation to €2.4 billion. The round, led by XTX Ventures and East X Ventures, included a €25 million commitment from utility RWE alongside a partnership to develop Europe’s first commercial stellarator fusion plant at the former Gundremmingen nuclear site in Bavaria. Proxima has now raised more than €650 million since 2023 and will use the capital to advance its Alpha demonstrator, targeted for the early 2030s, while expanding high-temperature superconducting magnet production to meet future AI-driven power demand.