Considering different technical and commercial pathways to fusion energy, how are investors evaluating the sector, understanding comparative risk profiles and capital requirements?

• What are realistic capital requirements and timelines from here to commercial operation for MCF approaches?
• How do break-even challenges, technology risks, and proof-point milestones compare across tokamak, stellarator, magnetic mirrors, Z-pinch approaches?
• What makes different fusion technologies more or less attractive to different investor types?
• How should investors think about diversification across fusion technologies versus concentration in one approach?
• What near-term milestones (2026-2027) will de-risk each pathway and move investor capital from evaluation to deployment?