Controlled nuclear fusion is hailed as the "ultimate energy for mankind." Once commercialized, it will completely reshape the global energy landscape and carbon emission accounting. Behind this lies a trillion-dollar market.

Understanding the industrial chain composition makes it clear. The upstream raw material segment has a clear division of labor: superconducting material manufacturers are responsible for the hardware foundation of magnetic confinement devices; structural material companies need to adapt to extreme conditions; metal material suppliers ensure the overall device framework. The midstream is the true technological fortress—core component manufacturing, which has the highest barriers to entry. From valves to divertors and other key parts, each tests technological strength.

The most interesting recent development is the latest move. A leading technology group merged with a fusion company, with a transaction scale exceeding $6 billion, planning to build a fusion power plant by 2026. This company adopts the field-reversal technology route, which has advantages such as small device size, compact structure, and cost efficiency. However, to truly achieve commercialization, the power supply system becomes a critical bottleneck. Companies related to this area are definitely worth paying attention to.