In a move that signals a dramatic pivot from social media to frontier energy technology, Trump Media & Technology Group (TMTG) has announced a merger with nuclear fusion developer TAE Technologies. The deal, valued at over USD 6 billion, aims to create one of the first publicly traded fusion energy companies in the United States, with ambitious plans to break ground on a commercial power plant as soon as next year.
Technical Specifications & Timeline
- TAE's Fusion Approach: Hydrogen-boron fuel in a field-reversed configuration.
- Recent Breakthrough: "Norman" reactor achieved stable plasma >70 million °C (2025).
- Next-Gen Reactor: "Copernicus" tasked with demonstrating net energy before 2030.
- Commercial Plant Plan:
- Size: 50 MWe (first plant), 350-500 MWe plants "planned"
- Construction Start: Targeted for 2026
- Operational Goal: 2031
The Merger Creates a New Public Fusion Giant
The all-stock transaction, announced on December 18, 2025, will combine the parent company of Truth Social with the California-based fusion research firm TAE Technologies. Under the agreement, shareholders of each company will own approximately 50% of the newly formed entity. The merger values TAE common stock at USD 53.89 per share, based on Trump Media's recent trading average. The news triggered a significant market reaction, with Trump Media's shares surging 28% in premarket trading following the announcement. The deal is expected to close in mid-2026, pending shareholder and regulatory approvals.
Deal Financials & Valuation
- Deal Value: Over USD 6 billion (all-stock transaction)
- TAE Share Valuation: USD 53.89 per share (based on TMTG's 30-day VWAP as of Dec 17, 2025)
- Immediate Funding: TMTG to provide up to USD 200M cash to TAE at signing, plus USD 100M upon SEC filing.
- Ownership: Shareholders of TMTG and TAE will each own ~50% of the combined company.
A Strategic Pivot for a Struggling Social Media Firm
For Trump Media, the merger represents a strategic shift amid financial challenges. The company reported a net loss of USD 54.8 million in the third quarter of 2025 on modest revenue of just under USD 1 million. Its stock had fallen roughly 60% year-to-date prior to the merger news. The company has recently diversified into cryptocurrency and artificial intelligence, amassing a balance sheet with USD 1.5 billion in digital assets. The merger provides TMTG with a tangible, high-tech asset and a narrative far beyond its core social media business, leveraging TAE's decades of research and over 1,600 patents.
Company Financials (Pre-Merger)
- Trump Media & Technology Group (TMTG):
- Q3 2025 Net Loss: USD 54.8 million
- Q3 2025 Revenue: USD 972,900
- YTD Stock Performance (through Dec 17): Down ~60%
- Digital Assets on Balance Sheet: USD 1.5 billion
- TAE Technologies:
- Total Private Capital Raised: Over USD 1.3 billion
- Key Investors: Google, Chevron Technology Ventures, Goldman Sachs
TAE's Proven Technology and the Path to Commercialization
TAE Technologies, founded in 1998, is no newcomer to the fusion arena. The company has raised over USD 1.3 billion from investors like Google and Chevron and has built and operated five experimental fusion reactors. Its unique approach uses hydrogen and boron fuel in a field-reversed configuration, avoiding the radioactive tritium used in other designs. A key breakthrough came earlier in 2025 when its "Norman" reactor demonstrated stable plasma at temperatures exceeding 70 million degrees Celsius. The company's next-step reactor, "Copernicus," is tasked with demonstrating net energy generation before 2030.
Leadership and Ambitious Timelines for Fusion Power
The leadership of the combined company will be shared, with Trump Media CEO Devin Nunes and TAE CEO Michl Binderbauer serving as co-CEOs. Donald Trump Jr., who manages the trust holding his father's shares, will sit on the new nine-member board. The company has announced an aggressive roadmap, intending to identify a site and begin construction on a 50-megawatt utility-scale fusion power plant in 2026. The goal is to have this first plant operational by 2031, with larger 350-500 megawatt plants planned for the future. To support this, Trump Media has agreed to provide TAE with up to USD 200 million in cash at signing, with another USD 100 million available upon filing merger documents.
The High-Stakes Bet on Fusion's Future
The merger places a massive public bet on the commercial viability of fusion energy, a technology that has long been "30 years away." While TAE's progress is notable, the industry faces immense technical hurdles in plasma confinement, materials science, and engineering at scale. The promise, as stated by Devin Nunes, is nothing less than a historic energy breakthrough that could lower prices, boost supply, and bolster national defense. The success of this venture hinges not just on TAE's science, but on the merged company's ability to navigate the significant financial, regulatory, and engineering challenges that stand between experimental reactors and a functioning power grid.