The fusion startup race heats up — Helion's first MW delivery slips to 2027
Helion told Microsoft that its 50 MW power purchase agreement, originally scheduled for late 2026, will not be operational until at least Q3 2027. Investors say it doesn't matter — the race is still on.
Helion Energy, the Sam Altman-backed fusion startup that signed a landmark 50 MW power purchase agreement with Microsoft in 2023, has told its customer that delivery will slip from late 2026 to at least Q3 2027, according to two people familiar with the conversation.
Helion declined to comment on the timeline but reiterated in a statement that 'our path to first net electricity production remains the most aggressive in the industry.' Microsoft, also asked for comment, did not respond.
A delay everyone saw coming
Fusion timelines slip. Helion's original 2024 target was, in the words of one venture investor we spoke to, "always more of a vision document than a delivery date." What's notable is not the delay but how little it has cooled investor enthusiasm: Helion closed a $1.8B Series F last quarter at a $7.5B valuation, and competitors Commonwealth Fusion, TAE, and Pacific Fusion have all raised at least $400M in 2026.
The thing to actually watch
Net energy gain, sustained, for more than a few seconds. Until any one company demonstrates that — publicly, repeatedly, and independently verified — every PPA in the fusion sector is a vibes document.