Commonwealth Fusion Systems (CFS), the frontrunner in fusion energy, has raised a staggering $4 billion and may be getting ready to go public within two to three years. The appointment of Lorence Kim as CFO, with his experience from biotech giant Moderna, hints at potential IPO plans.

Kim sees a familiar journey ahead: 'Fusion today is where mRNA was a decade ago,' he writes. CFS’s progress includes the launch of its demonstration reactor, Sparc, later this year, and plans for a commercial scale power plant by the early 2030s.

The path to public status is smoother with fusion compared to biotech. Unlike therapies that require lengthy clinical trials, fusion reactors are safer and can navigate regulatory milestones more easily. CFS's steady progress towards scientific breakeven and its collaboration with tech giants like Google add momentum to this venture.

Other fusion companies have already gone public through SPAC deals or mergers, capitalizing on current market conditions. CFS’s strategic move could position it as a leader in the rapidly expanding AI data center boom before investor interest wanes.