Munich-based Proxima Fusion raised €411 million (roughly $468 million) in July 2026, backed by Google, RWE, XTX Ventures, and other investors, valuing the company at approximately €2.4 billion.
The round makes Proxima one of the best-funded fusion energy startups in Europe, in a category historically dominated by well-capitalized U.S. and Chinese efforts. Fusion remains years away from commercial reliability, but the investment reflects a broader shift: Big Tech companies are placing long-duration, carbon-free power bets to meet the enormous and growing energy demands of AI infrastructure.
Google's participation is particularly notable. As AI data centers consume increasing amounts of electricity, major cloud and AI providers are looking further up the energy supply chain than efficiency improvements alone can solve, and fusion -- despite its long development timeline -- has become part of that hedge.
For founders and investors in deeptech and energy, Proxima's raise signals that Europe can still compete for frontier-science capital when a company combines strong technical credibility with a clear line to an urgent commercial buyer, in this case the AI industry's power problem.