On November 30, 2021, Commonwealth Fusion Systems (CFS) announced that it has closed on more than $1.8 billion in Series B funding to commercialize fusion energy. This includes capital to construct, commission, and operate SPARC, the world's first commercially relevant net energy fusion machine. In addition, the funds will enable the company to begin work on ARC, the first commercial fusion power plant, which includes developing support technologies, advancing the design, identifying the site, and assembling the partners and customers for the future of fusion power. Wilson Sonsini Goodrich & Rosati represented a yet-to-be-named major investor in the transaction.

The Series B round was led by Tiger Global Management, with participation by new investors including (in alphabetical order) Bill Gates; Coatue; DFJ Growth; Emerson Collective; Footprint Coalition; Google; JIMCO Technology Fund, part of JIMCO, the Jameel Family’s global investment arm; John Doerr; JS Capital; Marc Benioff’s TIME Ventures; Senator Investment Group; a major university endowment; and a pension plan. Also participating were existing investors including Breakthrough Energy Ventures; The Engine; Eni; Equinor Ventures; Fine Structure Ventures; Future Ventures; Hostplus; Khosla Ventures; Lowercarbon; Moore Strategic Ventures; Safar Partners; Schooner Capital; Soros Fund Management LLC; Starlight Ventures; Temasek; and others committed to the commercialization of fusion energy to mitigate climate change. Since its founding in 2018, CFS has raised more than $2 billion in funding.

The Wilson Sonsini team that advised the investor on the transaction included:

Corporate
Seth Helfgott
Joe Milner

Delaware Corporate
Adrian Broderick
Jane Trueper

Tax
Jonathan Zhu
Derek Wallace
Nika Antonikova

National Security
Joshua Gruenspecht
Jonathan Davey

For more information, please see CFS's press release.