Trump Media & Technology Group (TMTG) announced it has signed a definitive merger agreement to combine with fusion-energy developer TAE Technologies in an all-stock transaction valued at more than $6 billion, a deal the companies say would create one of the world’s first publicly traded fusion companies.
Under the terms announced on December 18, 2025, shareholders of TMTG and TAE are expected to each own roughly 50% of the combined company on a fully diluted basis at closing. The parties said the transaction values TAE shares (fully diluted) at $53.89 per share, based on TMTG’s trailing 30-day volume-weighted average price as of the December 17 market close.
The companies framed the combination as a capital-and-public-markets tie-up: TMTG would provide up to $200 million in cash to TAE at signing, with an additional $100 million available upon the initial filing of a Form S-4 registration statement. The merger is expected to close in mid-2026, subject to customary conditions including shareholder and regulatory approvals.
A central claim of the announcement is speed to “utility-scale” deployment. The companies said the combined entity expects to select a site and commence construction of a first utility-scale fusion power plant in 2026, described as 50 MWe, with additional plants envisioned at 350–500 MWe, subject to required approvals. In separate SEC-filed remarks tied to the transaction, TAE leadership also referenced a longer arc to operations, pointing to “first power” in 2031.
If the deal closes, TMTG said it would remain the holding company for its media and fintech brands—Truth Social, Truth+, and Truth.Fi—alongside TAE and its subsidiaries, including TAE Power Solutions and TAE Life Sciences. TMTG also highlighted its liquidity position, stating it had total financial assets of $3.1 billion as of the third quarter of 2025 (including cash, restricted cash, investments, trading securities, and digital assets).
TAE, founded in 1998, said it has raised more than $1.3 billion in private capital to date from investors that include Google and Chevron Technology Ventures, and that it has built and operated five fusion reactors while continuing to pursue a pathway it believes can be made commercially viable. The company said it employs more than 400 people, including 62 Ph.D. holders, and holds over 1,600 patents.
Leadership of the combined company is expected to include Devin Nunes (TMTG chairman and CEO) and Dr. Michl Binderbauer (TAE CEO) serving as co-CEOs. The planned nine-member board is expected to include directors from both companies, including Donald J. Trump Jr., with Michael B. Schwab expected to serve as chair, according to the companies.
The announcement drew immediate attention because it pairs a social media company closely associated with U.S. President Donald Trump with a long-horizon energy technology that has yet to produce grid-scale power. News coverage characterized the tie-up as an effort to commercialize fusion, while also highlighting uncertainties around timelines, capital needs, and governance questions given the political ties involved. Market reaction was volatile in the days around the announcement.
KEY QUOTES:
“Trump Media & Technology Group built uncancellable infrastructure to secure free expression online for Americans, and now we’re taking a big step forward toward a revolutionary technology that will cement America’s global energy dominance for generations.”
“Fusion power will be the most dramatic energy breakthrough since the onset of commercial nuclear energy in the 1950s… TMTG brings the capital and public market access to quickly move TAE’s proven technology to commercial viability.”
Devin Nunes (TMTG Chairman And CEO)
“Our talented team, through its commitment and dedication to science, is poised to solve the immense global challenge of energy scarcity. We’re excited to identify our first site and begin deploying this revolutionary technology that we expect to fundamentally transform America’s energy supply.”
Dr. Michl Binderbauer (TAE CEO)
“With the infusion of TMTG’s significant capital, TAE is on the precipice of scaling its leading technology to usher in a new era of energy abundance.”
Michael B. Schwab (Expected Board Chair)
