Trump Media & Technology Group (TMTG) has signed a definitive agreement to merge with TAE Technologies in an all-stock transaction valued at more than $6 billion. The companies said the transaction would create a publicly traded fusion company, which they claimed would be among the first in the sector.
Under the announced terms, shareholders of each company are expected to own about 50% of the combined entity on a fully diluted basis.
In the merger materials filed with the SEC, the companies said the combined firm expects to site and begin construction of a first utility-scale fusion power plant producing 50 megawatts of electricity (MWe) in 2026, subject to required approvals, with additional plants expected at 350 to 500 MWe.
TMTG also said it agreed to provide up to $200 million in cash at signing, with an additional $100 million available upon the initial filing of the Form S-4 registration statement. The companies said the transaction is expected to close in mid-2026, subject to customary conditions, including shareholder and regulatory approvals.
TMTG CEO Devin Nunes and TAE CEO Michl Binderbauer are slated to serve as co-CEOs after closing, with Nunes continuing to lead Trump Media brand operations and Binderbauer managing TAE.
The companies said the combined firm will be governed by a nine-member board, including Nunes and Donald J. Trump Jr. from TMTG and Binderbauer and Michael B. Schwab from TAE, plus five independent directors to be named later.
TAE has positioned its fusion program as an aneutronic approach built around field-reversed configuration (FRC) plasmas and, ultimately, hydrogen-boron (p-B11) fuel. In a technical note, TAE described its beam-driven FRC system as capable of accommodating multiple fuel cycles, including p-B11, and said its long-term goal is connecting a hydrogen-boron fusion power plant to the grid in the 2030s.
On the financing side, TAE said in June 2025 it raised more than $150 million in a funding round that included Google, Chevron Technology Ventures, and NEA, and that it has raised more than $1.3 billion in equity capital since inception. In that same announcement, Binderbauer cited rising energy needs “due to the growth of AI and data centers” as part of the demand backdrop for fusion.
On the federal timeline, the U.S. Department of Energy’s Fusion Science and Technology Roadmap (released Oct. 16, 2025) maps a national strategy to align public investment and private innovation with the goal of delivering commercial fusion power to the grid by the mid-2030s.
Separately, a January 2025 GAO report on DOE fusion commercialization efforts said additional planning would strengthen DOE’s work, highlighting the complexity of moving from R&D to commercialization.
TMTG’s merger announcement points to its balance sheet as part of the rationale for the combination. In its Q3 2025 Form 10-Q, TMTG reported $972,900 in net sales for the quarter and disclosed holdings that include digital assets on its balance sheet.