Trump's media company to merge with nuclear fusion startup
Ben Geman | 12/18/25
Illustration: Axios Visuals
Trump Media & Technology Group is merging with nuclear fusion power startup TAE technologies in an all-stock deal valued at $6 billion.
Why it matters: The unusual combo would expand the president's business interests into the heavily regulated nuclear space.
- It will provide new resources to the fusion player, and signals Trumpworld's enthusiasm about a potentially big power source, which faces big scientific and cost hurdles to become viable.
- It also shows how AI's voracious power needs are drawing investment into both existing and, in this case, frontier energy technologies.
Driving the news: The deal will provide TAE up to $200 million in cash at signing, and another $100M is available upon formally notifying the SEC of the deal, the companies said.
- Former GOP congressman Devin Nunes, who is TMTG chairman and CEO, and Dr. Michl Binderbauer, TAE CEO and director, plan to serve as Co-CEOs of the combined company, the parties said.
- Neither company immediately returned an Axios request for comment.
Our thought bubble: The deal represents a massive pivot for TMTG, which had lost about 70% of its value this year through Wednesday.
- Though the company has branched out into financial products, AI, streaming and more, none of those changes moved the needle like the pivot to nuclear, which caused TMTG shares to spike more than 30% in premarket trading Thursday.
What we're watching: "In 2026, the combined company plans to site and begin construction on the world's first utility-scale fusion power plant (50 MWe), subject to required approvals," the joint announcement says.
This is a developing story.
Disclosure: In 2023, TMTG sued 20 media organizations, including Axios, for defamation. That suit in Florida is ongoing.
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