General Fusion to List as GFUZ After $1B SPAC Deal with $108M PIPE
SVAC•General Fusion is set to merge with Spring Valley Acquisition Corp. III in a transaction implying a US$1 billion pro-forma equity value, backed by a US$108 million committed PIPE and up to US$230 million in trust capital. The combined company will list on Nasdaq as GFUZ in mid-2026.
1. SPAC Combination Framework
General Fusion entered a definitive business combination with Spring Valley Acquisition Corp. III, valuing the combined entity at approximately US$1 billion pro-forma. Shareholders will vote on the transaction at an extraordinary general meeting scheduled for July 6, 2026.
2. PIPE and Trust Capital
The deal secures US$108 million from a committed and oversubscribed PIPE financing alongside up to US$230 million of trust capital from Spring Valley Acquisition’s funds, assuming no redemptions, to fund General Fusion’s development roadmap.
3. Fusion Technology and LM26
General Fusion’s Magnetized Target Fusion approach uses mechanical compression of magnetized plasma instead of superconducting magnets or high-powered lasers. Its LM26 demonstration machine has been operational since early 2025, marking a key hardware milestone.
4. Listing Timeline and Approvals
Upon completion of regulatory and shareholder approvals, the combined company will trade on Nasdaq under the ticker GFUZ. The transaction is targeted to close in mid-2026, positioning it as the first pure-play fusion company in public markets.
