Understand core investor concerns and drivers of conviction

Identify appropriate valuation methods for fusion investments

Benchmark valuations against comparable technologies

Investment theses

• Teams & partnerships
• Technology & milestones
• Capital intensity
• Scalability & integration
• Spin-outs

Valuation

• Understand unique risk factors & valuation Challenges:
• Understand cash flows for different business models
• Benchmark valuations against comparable technologies
• Assess exit value against comparable technology transitions, factoring in fusion's capital intensity and long time-to-revenue