General Fusion plans $1B SPAC to go public as first pure-play fusion company

Spring Valley Acquisition Corp. III disclosed a proposed business combination to take General Fusion Inc. public. The transaction is pursuant to a Business Combination Agreement dated January 21, 2026 and would result in a combined pro forma equity value of approximately $1 billion. The transaction contemplates a committed PIPE of about $107.7 million. It would use roughly $230 million of Spring Valley's trust capital assuming no redemptions. Closing is targeted in mid-2026. General Fusion has raised over $400 million to date. The company will use proceeds to advance its LM26 demonstration program toward commercial milestones. The program aims to heat plasma to 1 keV and then 10 keV on a path to the Lawson criterion. The filing notes customary risks and states that definitive proxy and prospectus materials have been filed on Form F-4. Shareholder approvals and regulatory clearances remain conditions to closing.