Agenda

1-1 meetings

Private bi-lateral conversations with investors, innovators and others

Discussions & networking

Two full days of discussions, debates, presentations and networking

Networking Day

A full day of informal networking comprising visits to a fusion relevant facility

Tuesday, 23rd February 2027

Fusion School

Please note: Registration for the Fusion School is separate from the main event. Enrollment is complimentary for qualified investors.

9:00 AM - 9:30 AM
Registration, Coffee & Networking
  • Participant check-in and welcome pack distribution
  • Coffee service and informal networking
9:30 AM - 9:40 AM
Welcome & Introduction
  • Course overview and learning objectives
  • Introduction to facilitators and faculty
  • Overview of the global fusion funding landscape
9:40 AM - 10:20 AM
Fusion Energy Fundamentals Basics of Fusion Energy, Science, and Key Terminology

Understand the physics of fusion.

Distinguish fusion from fission and other energy sources. Master essential fusion terminology and concepts

Key Topics:

  • Fusion physics: D-T reactions, plasma confinement, triple-product
  • Energy yield calculations and power generation potential
  • Comparison with renewable energy sources and nuclear fission
  • Advantages: fuel density, safety, waste, fuel supply/costs etc
  • Commercialization: timing, segments/uses, effects
10:20 AM - 11:10 AM
Fusion Technology Deeper Dives: Magnetic Confinement Fusion: Tokamaks, Stellarators & Variants (1/3)

Explore tokamak and stellarator magnetic-confinement systems, comparing fuel choices, stability challenges, and engineering trade-offs. Get a clear view of current TRLs, critical milestones, and realistic timelines from today’s machines to demo plants and early commercial deployment.

11:10 AM - 11:40 AM
Coffee & Networking Break

Connect with partners & other attendees. 

11:40 AM - 12:30 PM
Fusion Technology Deeper Dives: Inertial confinement fusion: Laser-driven, Target-based Systems (2/3)

Dive into laser-driven inertial confinement fusion, examining target design, fuel-cycle economics, and the technical risks of high-energy systems. Understand the development pathway, major milestones ahead, and the commercial potential for scalable ICF approaches.

12:30 PM - 1:40 PM
Networking Lunch

Connect over lunch with faculty and fellow students.

1:40 PM - 2:20 PM
Investor Considerations: What do investors want?

Understand core investor concerns and drivers of conviction. Compare investment theses.

  • Teams & partnerships
  • Technology & milestones
  • Portfolio & approaches
  • Capital intensity 
  • Scalability & integration
  • Spin-outs
2:20 PM - 3:00 PM
Fusion Supply Chain Opportunities

Investment Across the Value Chain. Identify investable opportunities beyond reactor developers. Understand supply chain bottlenecks and scaling challenges.

Core Challenges & Solutions:

  • Superconducting magnets: high-temperature superconductors
  • Plasma-facing materials: tungsten, beryllium, advanced composites
  • Fuel cycles: tritium breeding & handling
  • Maintenance: remote handling and robotics

Market Sizing:

  • Total addressable market projections, opportunities and risks
  • Competitive landscape, market concentration & bottlenecks
3:00 PM - 3:20 PM
Networking Break

Enjoy coffee and connect with fellow attendees.

3:20 PM - 4:10 PM
Fusion Investment Valuation

Fusion Valuation Methodologies

Identify appropriate valuation methods for fusion investments. Understand unique risk factors and discount rate considerations. Understand cash flows for different fusion business models. Benchmark valuations against comparable technologies.

Valuation Challenges:

  • Long development timelines and capital intensity
  • Technology and regulatory risks
  • Market adoption uncertainty
  • Limited comparable transactions

Valuation Methodologies:

  • Discounted cash flow models for fusion companies
  • Real options valuation for early-stage technologies
  • Risk-adjusted net present value calculations
  • Comparable company analysis: renewable energy, nuclear, SMRs
4:10 PM - 4:50 PM
Fusion Power Plant & Financing

Fusion Plant Applications, Integration & Funding

Identify applications for fusion power or heat. Understand challenges to financing fusion power plants.

Fusion Energy Applications:

  • Clean base-load for grid
  • Inside the fence applications
  • Industrial heat

Implementation:

  • FOAK -> NOAK
  • Integrations of fusion machines to power plant
  • Utility scale vs modular
  • Tariffs & PPAs
  • Capex, O&M, LCOE & financing
4:50 PM - 5:20 PM
Regulation & Key Regulatory Risk

Evolving Regulation & Risk

Understand the current state of regulation and direction of change. Identify points of risk and their mitigation.

Current:

  • Regulated separately from fission in key jurisdictions 
  • Licensing precedents (ITER, national labs) & baseline safety cases.

Evolution & Risk:

  • Harmonized, risk-proportionate fusion frameworks (esp. US, UK, Japan).
  • Rules on tritium handling, industrial hazards, activated waste
5:20 PM - 6:00 PM
Open Q&A

Exploration of key themes with a panel of fusion innovators & investors

  • Fusion investment assessment frameworks
  • Key risk factors, mitigation strategies & due diligence processes
  • Timeline expectations for commercial viability
6:00 PM - 11:00 PM
Fusion Networking Reception

All participants are invited to network with the fusion ecosystem, over drinks & food.

Please note: Registration for the Fusion School is separate from the main event. 

Wednesday, 24th February 2027  

FusionX:Global - Day 1

8:00 AM - 9:00 AM
Registration, Coffee & Networking
  • Conference Check-in
  • Badge collection
  • Informal networking with fellow attendees and exhibitors
9:00 AM - 9:10 AM
Welcoming Remarks

Welcoming remarks opening the fifth FusionX:Global conference, setting the stage for two days of global discussion on the path to commercial fusion energy in the host city of Munich

9:10 AM - 9:25 AM
Opening Address

Opening address, setting the stage for two days of global discussion on the path to commercial fusion energy. 

9:25 AM - 10:30 AM
Building Value on the Path to Commercialisation

A panel of senior figures from the world's leading fusion innovators and investors discuss the path to commercialisation, milestones, de-risking and value creation. 

  • What key challenges remain to achieving private-sector break-even globally, how close are they to being resolved, and what effect will Q>1 have on capital-flows?
  • What advancements in blankets, plasma heating, lasers, and controls are imminent, and what are the implications for costs, commercialisation and returns? 
  • How is the global investment landscape shifting – and what does it take for the next generation of fusion companies, wherever they are based, to reach the scale needed for commercial deployment? 
10:30 AM - 11:20 AM
Funding: Building the Capital Stack from pre-Seed to Series A

A panel of early-stage investors share their thoughts on fusion as an opportunity, their conviction, what it takes to get from concept to Series A, and what the capital stack looks like at each step 

  • What does an ideal capital stack look like at seed, grants, SAFEs, strategic corporates, and how does that mix shift by the time Series A closes? 
  • Milestones drive valuation everywhere, but which ones actually move the needle at this stage, physics results, IP position, team, something else? 
  • Where does government or public funding fit into an early-stage round, complement to private capital or crutch that slows the raise? 
  • How does this differ for pure-play fusion v. fusion supply-chain companies? 
  • How can fusion enhance short- and long-term returns? Does it reduce risk/bring diversification to a portfolio? What's an ideal weighting towards fusion? 
11:20 AM - 11:50 AM
Coffee & Investor Networking

Enjoy coffee, connect with fellow attendees, and explore exhibitor booths.

11:50 AM - 12:30 PM
Building the Foundations of a Fusion Future

As fusion moves from technical demonstration to commercial deployment, a robust commercial ecosystem becomes vital to provide the revenue and risk visibility needed to unlock financing. Drawing on Germany’s plans for integrated fusion hubs, and international experience, this discussion explores how policymakers, fusion companies, industry and customers can build reliable, scalable and economically viable systems for fusion. 

  • What are the pre-requisites to secure commitments from credible customers, including hyperscalers and data centres, and capital from private sector funders ? 
  • How is risk – construction, performance and availability – allocated and priced between the state, developers and customers?
  • What contract structures, PPA terms, pricing and volume commitments create lender-grade, bankable revenue?  
  • What public backing or support is needed to unlock debt and project finance? 
12:30 PM - 1:00 PM
Fireside Chat

A discussion exploring joint experience and advances towards commercialisation, examining the path to delivering commercially viable fusion. 

1:00 PM - 2:15 PM
Networking Lunch

Connect with peers over a buffet lunch.

2:15 PM - 2:45 PM
Keynote Interview: The State & Pace of Global Fusion

A wide-ranging keynote conversation assessing the current state of global fusion: where the science stands, where capital is flowing, how commercialisation is advancing and what the next 24 months will determine and define. 

2:40 PM - 3:20 PM
Scaling the Capital Stack from Series B to FOAK

Capital intensity and first-of-a-kind (FOAK) risk make fusion power a financing challenge. The structure of capital, the allocation of risk across project participants, and the management of that risk throughout construction and commissioning will determine the timeline and cost of commercial deployment. 

  • What's different about structuring a $200M+ round versus a pre Series A? 
  • How does the capital stack ideally evolve, and what stack can realistically finance a FOAK plant?
  • What risk management frameworks and contractual structures are most applicable to fusion's unique risk profile? 
  • What's the biggest mismatch right now between what funders want to see de-risked and what founders can actually prove? 
  • How do licensing, permitting, and regulatory uncertainty shape risk allocation and overall project bankability? 
3:20 PM - 3:40 PM
Coffee & Networking

Refuel, recharge, and make new connections over coffee.

3:40 PM - 4:10 PM
Supply-Chain/Critical Tech: Fuel Cycle

A fireside chat exploring the technical challenges across the fuel cycle, from tritium breeding to waste management; how innovation de-risks investment opportunities. 

4:10 PM - 4:50 PM
Commercialisation: MCF

A panel of fusion innovators & investors explore the path to commercialisation, the challenges, and their expectations, across tokamak and stellarator approaches. 

  • What does the path beyond break-even look like and where is it hardest? 
  • How do suppliers, builders & investors view HTS & magnets? As core-tech, as a constraint or as a potential spin-out business? 
  • What milestones will materially de-risk MCF & what’s the process to retire them? 
  • MCF commercialisation assumes progress that hasn't happened yet; where's that most exposed – plasma, magnets, fuel cycle, materials – and who's closing the gap fastest? 
4:50 PM - 5:30 PM
Commercialisation: ICF

A panel of fusion innovators & investors explore the path to commercialisation, the challenges, and their expectations, across laser-based ICF approaches. 

  • What separates break-even in the chamber from break-even as a business, and how far is private-sector ICF from closing that gap?
  • What's driving valuation right now, and do investors and builders agree? 
  • Optics, power sources, lasers, targets, which of these is de-risking fastest, and which is lagging? 
  • Where does the next wave of cost reduction need to land, and how close is it? 
5:30 PM - 6:00 PM
In Conversation: Investment, Conviction & Fusion

An interactive conversation exploring the evolution of conviction, the process in evaluating fusion investment opportunities, and what excites and worries investors looking forward. 

  • How did evaluation of fusion evolve from option to core opportunity? 
  • Where are the opportunities by approach and application? 
  • What factors set apart the leaders from the pack? 

Wednesday, 24th February 2027

Workshop Sessions

Deeper-dive, targeted presentations + discussion sessions alongside the plenary discussions. An opportunity to engage with emerging innovators, and their power, enabling technology solutions. 

2:30 PM - 3:20 PM
Workshop 1: Korea's Role in the Global Fusion Ecosystem

South Korea has built one of the world's most advanced fusion research programmes, with KSTAR setting world records in plasma duration, and a powerful industrial base capable of accelerating global commercialisation. This workshop explores Korea's strategic role in the global fusion ecosystem in depth. 

  • Korea's research milestones and the path from KSTAR to a commercial programme 
  • The role of Korean industrial and engineering capability in the global supply chain 
  • Korea as a model for public-private fusion partnership and regulation
  • Opportunities for international collaboration with the Korean fusion ecosystem 
3:20 PM - 3:40 PM
Coffee & Networking

Refuel, recharge, and make new connections over coffee.

3:40 PM - 4:30 PM
Workshop 2: VNS – the Near-Term Commercial Case

Volumetric neutron sources offer a credible near-term pathway to revenue while advancing fusion development. By enabling materials testing, tritium breeding validation, and component qualification, they can remove key bottlenecks ahead of full reactor deployment. 

  • What revenue streams do VNS systems generate today – isotope production, materials testing contracts, industrial applications? 
  • How can VNS accelerate fusion commercialisation by enabling materials testing, tritium breeding validation, and component qualification before full-scale reactors are built? 
  • What is the investment case for VNS vs. waiting for fusion power plants? 
  • Which fusion approaches are best positioned to deliver commercial VNS systems, and on what timeline? 
4:30 PM - 5:20 PM
Workshop 3: Exits, Returns & the Path to Liquidity

As the fusion sector matures, investors and founders are beginning to think seriously about how value is ultimately realised. This session explores the full spectrum of exit and liquidity pathways available – from public markets to consolidation – and what each implies for strategy, governance, and capital structure. 

  • SPACs/IPOs: when does going public make sense for a fusion company, and what does sustained public-market accountability require in practice? 
  • Trade sales and strategic acquisitions: which industrial and energy players are most likely acquirers, and what drives valuation in a trade sale? 
  • Consolidation within fusion: as the sector matures, which companies are likely to merge, and what does a consolidated fusion industry look like? 
  • Revenue-first models: can staged commercialisation through non-power applications reduce dependence on a single exit event? 
  • What exit timeline are investors underwriting today, and how does that shape the terms on which capital is deployed? 

Thursday, 25th February 2027 

FusionX:Global - Day 2

8:30 AM - 9:20 AM
Breakfast Briefing Session: Milestones & Technologies

A series of 50-minute, hosted roundtables. Interactive Q&As, exploring stand-out developments in fusion, fusion technologies and fusion-derived innovation including: 

  • Fusion & AI 
  • Fusion Tech & Non-Power 
  • Women in Fusion 
  • STRIDE Hub   
  • VEGA Hub  
  • MAT-TRIx Hub  
8:30 AM - 9:30 AM
Registration, Coffee & Networking
  • Participant Check-in
  • Coffee service and informal networking
9:30 AM
Welcoming Remarks
 
9:30 AM - 10:20 AM
International Fusion Development

A free-form discussion among a group of public-sector leaders on fusion development strategies, the benefits of cross-border co-operation, and the synergies that exist between their programs. 

  • What are the relative advantages of German federal/state coordination, the UK public-private balance, and US market-driven models? 
  • What synergies with the private sector can be delivered through international programs like ITER, or national ones like STEP? 
  • What are the expectations and anticipated opportunities for cooperation from Japan’s fusion plans, the US Roadmap, and the EU Fusion Strategy? 
10:20 AM - 11:10 AM
Supply-Chain/Critical Tech: Superconductors

A panel of manufacturers and users explore key questions, dual use and de-risking opportunities on the ongoing and evolving application of superconductivity, the development of high-field magnets, and the arc of costs and supply on the path to commercially-viable fusion. 

11:10 AM - 11:30 AM
Coffee & Investor Networking

Enjoy coffee, connect with fellow attendees, and explore our exhibitor booths. 

11:30 AM - 12:00 PM
Supply-Chain/Critical Tech: Photonics & Lasers

A panel of suppliers and innovators explore scaling, dual use and de-risking opportunities from single-shot science to an industrial supply chain including diode-pumped lasers, target fabrication, optics, coatings, components, and how to effect the shift from bespoke to industrial.  

12:00 PM - 12:30 PM
Fireside Chat: Site Selection & Development for Fusion Power Plants

As fusion moves toward grid-scale deployment, site selection is becoming a strategic question for developers, utilities, governments and investors. Former coal and nuclear power plant sites may offer grid access, industrial land, existing infrastructure and experienced energy communities, but also raise questions around permitting, remediation, ownership, public acceptance and financing. This session explores what makes a site fusion-ready and how site development can reduce project risk, strengthen investor confidence and support the emerging capital stack for fusion.  

  • What makes a site truly “fusion-ready” for first-of-a-kind plants?  
  • How can former coal and nuclear power plant sites accelerate deployment?  
  • How can partnerships with utilities mitigate the challenges of financing long-term, capital-intensive projects such as fusion?  
  • Which site-related milestones matter most for investors, from land control and grid interconnection to permitting progress and public funding commitments?  
  • How can fusion site development support regional transformation, supply-chain build-up and public acceptance?  
12:30 PM - 1:00 PM
Milestones, Risk Retirement & the Rocks on the Road

Fusion's commercial promise is real and so is the progress being made. This interactive session is a candid, technically-grounded discussion of the unsolved problems, the milestones being achieved and the risks being retired. Designed to give investors and innovators an honest, balanced assessment of where the he fusion truly stands.

  • What's been proven in the last 24 months, and what risks did it retire? 
  • What unresolved risk threatens timelines most? 
  • Plasma control/stability: what's solved, what isn't, and what's the milestone that closes this out? 
  • Tritium breeding, extraction, handling: what's the next fuel cycle proof-point? 
  • Heat and exhaust: what milestone shows this is solved at reactor scale, not just in the lab? 
  • Funding: which of these risks, once retired, unlocks the next uptick in capital? 
1:00 PM - 2:00 PM
Networking Lunch

Connect with peers over a buffet-lunch.

2:00 PM - 2:30 PM
Fireside Chat: Innovative Financing Models

A discussion on pioneering new models to finance first-of-a-kind fusion systems, combining private, milestone-based capital with government-enabled financial tools. 

2:30 PM - 3:20 PM
Fusion Technology: Alternative Pathways

This panel examines alternative or hybrid fusion pathways beyond conventional magnetic- and inertial-confinement approaches exploring, for example, compact fusion system, and direct energy conversion. The discussion will focus on scientific plausibility, industrial relevance and the critical technologies these unconventional approaches could require.  

3:20 PM - 3:40 PM
Fireside Chat: Conviction, Capital & the Path Forward

An open, candid conversation between a fusion innovator and one of their investors – exploring the reality of building a fusion company, the evolution of the investor-founder relationship, and what both sides believe it will take to reach commercial deployment. 

  • How has the relationship between founder and investor evolved as the company has matured? 
  • What has surprised each party, positively or negatively, about the journey so far? 
  • What does each side need from the other over the next critical phase? 
3:40 PM - 4:00 PM
Coffee & Investor Networking

Refreshments and informal networking.

4:00 PM - 4:40 PM
Grid-Scale Fusion in the Future Energy System

As energy systems are increasingly shaped by renewables, storage, electrification and growing demand for firm clean power, this panel explores where fusion could fit in the future energy mix and what that means for grids, markets and investors. It takes a deep dive into partnerships with utilities: fusion’s potential role in meeting future demand can strengthen the investment case, while utilities can help address the financing and grid-integration challenges of long-term, capital-intensive projects. 

  • What are the key grid-integration challenges and solutions for fusion plants? 
  • How can fusion complement renewables, batteries and flexible demand? 
  • Which demand drivers could strengthen the investment case for fusion? 
  • How can utility partnerships be structured to mitigate risk & support financing? 
  • What role could fusion play in providing firm, clean power for industry, data centres or hydrogen production? 
  • How should grids, markets and regulation prepare for future fusion deployment?
4:40 PM - 5:30 PM
Closing Panel: Industrialisation, Partnership & Security

Fusion stakeholders explore the role of industrialisation, partnership, and collaboration and its significance economically and strategically globally.

  • How do we transition from building experiments to establishing a robust, scalable fusion industrial base? 
  • What are the blockers from component manufacturing to talent acquisition and workforce development? 
  • How can fusion aid energy security, industrial resilience, and stability? 
  • Which elements must be present in the national fusion strategies to ensure energy independence, security, and competitiveness? 

Thursday, 25th February 2027

Shark-Dragon-Löwen Tank-Den-Höhle

Two sets of presentations followed by interaction with a panel of leading investors exploring pre Series A opportunities in fusion power, non-power applications and the supply-chain. 

11:20 AM - 12:50 PM
Session: Opportunities in Fusion Innovation: Supply Chain

Three short presentations by companies seeking to commercialise fusion-enabling technologies and critical supply-chain components at the pre-Seed, Seed or Series A funding stage, followed by an interactive Q&A. 

  • What product or capability are you supplying to the fusion ecosystem? 
  • Who are your customers, and where does your solution fit into their systems or programmes? 
  • What are the biggest technical or scale-up risks, and what is the plan to mitigate them? 
  • What long-term cost or performance targets are you aiming for, and what makes those achievable? 
1:00 PM - 2:00 PM
Networking Lunch

Connect with peers over a buffet-lunch.

2:10 PM - 3:40 PM
Opportunities in Fusion Innovation: Power & Non-Power Applications

Three short presentations by companies seeking to build a fusion machine or commercialize non-power fusion applications at the pre-Seed, Seed or Series A funding stage, followed by an interactive Q&A. 

  • What fusion approach or non-power application are you developing, and what problem does it solve? 
  • What are the key technical challenges that still need to be overcome? 
  • What is the next major milestone that meaningfully de-risks your approach? 
  • What are your key performance or cost targets (such as LCOE for power applications), and what makes them achievable? 
3:40 PM - 4:00 PM
Coffee & Investor Networking

Refreshments and informal networking.

Friday, 26th February 2027

Networking Day

Join us for a dynamic Networking Day designed to connect you with industry leaders, innovative companies, and the local culture.

Please note that places are limited and FusionX:Members have priority. 

More detailed information about site visits and the full programme will be published in the coming weeks.

9:00 AM
Group Meet-Up & Departure
 
9:30 AM - 1:00 PM
Site Visits
 
1:00 PM - 2:00 PM
Lunch at local restaurant

Connect with fellow participants, and exchange ideas over great local food.

"FusionX has been transformative. It brings together people who need to be in the same room together to bring the reality of fusion, its challenges and its solutions to the fore"

Dennis Whyte, Co-founder, Rutherford Energy Ventures