General Fusion (GFUZ)
Market Price (10/31/2026): $0 | Market Cap: $-Sector: Industrials | Industry: Industrial Machinery & Supplies & Components
General Fusion (GFUZ)
Market Price (10/31/2026): $0Market Cap: $-Sector: IndustrialsIndustry: Industrial Machinery & Supplies & Components
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Megatrend and thematic driversMegatrends include Energy Transition & Decarbonization. Themes include Fusion Energy Development. | Weak multi-year price returns2Y Excs Rtn is -79%, 3Y Excs Rtn is -130% | High stock price volatilityVol 12M is 119% Key risksGFUZ key risks include [1] failure to complete an initial business combination, Show more. |
| Megatrend and thematic driversMegatrends include Energy Transition & Decarbonization. Themes include Fusion Energy Development. |
| Weak multi-year price returns2Y Excs Rtn is -79%, 3Y Excs Rtn is -130% |
| High stock price volatilityVol 12M is 119% |
| Key risksGFUZ key risks include [1] failure to complete an initial business combination, Show more. |
Qualitative Assessment
AI Analysis | Feedback
Updated on 10/20/2026
General Fusion (GFUZ) stock has lost about 45% since it went public on 7/13/2026 because of the following key factors:
1. High SPAC Redemption Rates and Initial Valuation Discrepancy. General Fusion went public on July 13, 2026, through a business combination with Spring Valley Acquisition Corp. III. Approximately 87% of SPAC unitholders redeemed their shares prior to the merger, indicating a significant lack of confidence from a large portion of the initial investors. This resulted in less than $30 million from the original $230 million trust, though a $107.7 million PIPE brought the total cash at listing to approximately US$150 million. Furthermore, while the pro forma equity value of the combined entity was approximately $1 billion, the actual market capitalization traded closer to $280 million following its debut, highlighting a substantial disparity between the initial valuation expectations and the market's immediate assessment.
2. Pre-Revenue Status and Long-Term Nature of Fusion Energy Development. As a company operating in the highly speculative and capital-intensive fusion energy sector, General Fusion is pre-revenue, with commercialization of its Magnetized Target Fusion technology targeted for 2028. Despite achieving a key technical milestone of 1 keV electron temperature with its Lawson Machine 26 in October 2026, the absence of near-term revenue generation and the extended timeline for commercial viability positions the stock as a long-term, high-risk investment. This inherent characteristic makes the stock particularly susceptible to downward pressure in periods where market sentiment shifts away from speculative growth assets.
Show more
General Fusion (GFUZ) stock has lost about 45% since it went public on 7/13/2026 because of the following key factors:
1. High SPAC Redemption Rates and Initial Valuation Discrepancy. General Fusion went public on July 13, 2026, through a business combination with Spring Valley Acquisition Corp. III. Approximately 87% of SPAC unitholders redeemed their shares prior to the merger, indicating a significant lack of confidence from a large portion of the initial investors. This resulted in less than $30 million from the original $230 million trust, though a $107.7 million PIPE brought the total cash at listing to approximately US$150 million. Furthermore, while the pro forma equity value of the combined entity was approximately $1 billion, the actual market capitalization traded closer to $280 million following its debut, highlighting a substantial disparity between the initial valuation expectations and the market's immediate assessment.
2. Pre-Revenue Status and Long-Term Nature of Fusion Energy Development. As a company operating in the highly speculative and capital-intensive fusion energy sector, General Fusion is pre-revenue, with commercialization of its Magnetized Target Fusion technology targeted for 2028. Despite achieving a key technical milestone of 1 keV electron temperature with its Lawson Machine 26 in October 2026, the absence of near-term revenue generation and the extended timeline for commercial viability positions the stock as a long-term, high-risk investment. This inherent characteristic makes the stock particularly susceptible to downward pressure in periods where market sentiment shifts away from speculative growth assets.
Show more
Updated on 10/20/2026
General Fusion (GFUZ) stock has lost about 45% since it went public on 7/13/2026 because of the following key factors:
1. High SPAC Redemption Rates and Initial Valuation Discrepancy. General Fusion went public on July 13, 2026, through a business combination with Spring Valley Acquisition Corp. III. Approximately 87% of SPAC unitholders redeemed their shares prior to the merger, indicating a significant lack of confidence from a large portion of the initial investors. This resulted in less than $30 million from the original $230 million trust, though a $107.7 million PIPE brought the total cash at listing to approximately US$150 million. Furthermore, while the pro forma equity value of the combined entity was approximately $1 billion, the actual market capitalization traded closer to $280 million following its debut, highlighting a substantial disparity between the initial valuation expectations and the market's immediate assessment.
2. Pre-Revenue Status and Long-Term Nature of Fusion Energy Development. As a company operating in the highly speculative and capital-intensive fusion energy sector, General Fusion is pre-revenue, with commercialization of its Magnetized Target Fusion technology targeted for 2028. Despite achieving a key technical milestone of 1 keV electron temperature with its Lawson Machine 26 in October 2026, the absence of near-term revenue generation and the extended timeline for commercial viability positions the stock as a long-term, high-risk investment. This inherent characteristic makes the stock particularly susceptible to downward pressure in periods where market sentiment shifts away from speculative growth assets.
3. Ongoing Operating Losses. General Fusion continues to incur significant operating losses as it develops its fusion technology. For fiscal year 2025 (ending December 31, 2025), the company reported a net income of -$31.4 million and diluted earnings per share of -$5.40. This trend of substantial losses continued into fiscal Q1 2026 (ending March 31, 2026), with reported earnings of -$423.3 million. While these losses are expected for a company in its research and development phase, they contribute to investor caution and can weigh on stock performance, especially in the context of a recent public listing.
Show less
General Fusion (GFUZ) stock has lost about 45% since it went public on 7/13/2026 because of the following key factors:
1. High SPAC Redemption Rates and Initial Valuation Discrepancy. General Fusion went public on July 13, 2026, through a business combination with Spring Valley Acquisition Corp. III. Approximately 87% of SPAC unitholders redeemed their shares prior to the merger, indicating a significant lack of confidence from a large portion of the initial investors. This resulted in less than $30 million from the original $230 million trust, though a $107.7 million PIPE brought the total cash at listing to approximately US$150 million. Furthermore, while the pro forma equity value of the combined entity was approximately $1 billion, the actual market capitalization traded closer to $280 million following its debut, highlighting a substantial disparity between the initial valuation expectations and the market's immediate assessment.
2. Pre-Revenue Status and Long-Term Nature of Fusion Energy Development. As a company operating in the highly speculative and capital-intensive fusion energy sector, General Fusion is pre-revenue, with commercialization of its Magnetized Target Fusion technology targeted for 2028. Despite achieving a key technical milestone of 1 keV electron temperature with its Lawson Machine 26 in October 2026, the absence of near-term revenue generation and the extended timeline for commercial viability positions the stock as a long-term, high-risk investment. This inherent characteristic makes the stock particularly susceptible to downward pressure in periods where market sentiment shifts away from speculative growth assets.
3. Ongoing Operating Losses. General Fusion continues to incur significant operating losses as it develops its fusion technology. For fiscal year 2025 (ending December 31, 2025), the company reported a net income of -$31.4 million and diluted earnings per share of -$5.40. This trend of substantial losses continued into fiscal Q1 2026 (ending March 31, 2026), with reported earnings of -$423.3 million. While these losses are expected for a company in its research and development phase, they contribute to investor caution and can weigh on stock performance, especially in the context of a recent public listing.
Show less
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Stock Movement Drivers
Fundamental Drivers
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Market Drivers
6/30/2026 to 10/30/2026| Return | Correlation | |
|---|---|---|
| GFUZ | ||
| Market (SPY) | 1.2% | 19.7% |
| Sector (XLI) | -9.6% | 3.2% |
Fundamental Drivers
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Market Drivers
3/31/2026 to 10/30/2026| Return | Correlation | |
|---|---|---|
| GFUZ | ||
| Market (SPY) | 16.5% | 19.7% |
| Sector (XLI) | 3.8% | 3.2% |
Fundamental Drivers
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Market Drivers
9/30/2025 to 10/30/2026| Return | Correlation | |
|---|---|---|
| GFUZ | ||
| Market (SPY) | 14.4% | 19.7% |
| Sector (XLI) | 9.5% | 3.2% |
Fundamental Drivers
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Market Drivers
9/30/2023 to 10/30/2026| Return | Correlation | |
|---|---|---|
| GFUZ | ||
| Market (SPY) | 82.9% | 19.7% |
| Sector (XLI) | 71.7% | 3.2% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| GFUZ Return | - | - | - | - | - | -45% | -45% |
| Peers Return | -16% | -36% | 33% | 119% | -9% | -1% | 40% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 106% |
Monthly Win Rates [3] | |||||||
| GFUZ Win Rate | - | - | - | - | - | 0% | |
| Peers Win Rate | 44% | 39% | 56% | 47% | 50% | 31% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| GFUZ Max Drawdown | - | - | - | - | - | - | |
| Peers Max Drawdown | -40% | -51% | -36% | -38% | -48% | -53% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: GGG, GHM, GFUZ, MFP, OPTT.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 10/30/2026 (YTD)
How Low Can It Go
GFUZ has limited trading history. Below is the Industrials sector ETF (XLI) in its place.
| Event | XLI | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -15.8% | -18.8% |
| % Gain to Breakeven | 18.8% | 23.1% |
| Time to Breakeven | 34 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -11.7% | -9.5% |
| % Gain to Breakeven | 13.2% | 10.5% |
| Time to Breakeven | 45 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -20.1% | -24.5% |
| % Gain to Breakeven | 25.1% | 32.4% |
| Time to Breakeven | 125 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -41.6% | -33.7% |
| % Gain to Breakeven | 71.2% | 50.9% |
| Time to Breakeven | 231 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -23.7% | -19.2% |
| % Gain to Breakeven | 31.1% | 23.8% |
| Time to Breakeven | 120 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -11.1% | -12.2% |
| % Gain to Breakeven | 12.5% | 13.9% |
| Time to Breakeven | 51 days | 62 days |
In The Past
State Street Industrial Select Sector SPDR ETF's stock fell -15.8% during the 2025 US Tariff Shock. Such a loss loss requires a 18.8% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
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GFUZ has limited trading history. Below is the Industrials sector ETF (XLI) in its place.
| Event | XLI | S&P 500 |
|---|---|---|
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -20.1% | -24.5% |
| % Gain to Breakeven | 25.1% | 32.4% |
| Time to Breakeven | 125 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -41.6% | -33.7% |
| % Gain to Breakeven | 71.2% | 50.9% |
| Time to Breakeven | 231 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -23.7% | -19.2% |
| % Gain to Breakeven | 31.1% | 23.8% |
| Time to Breakeven | 120 days | 105 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -22.5% | -17.9% |
| % Gain to Breakeven | 29.0% | 21.8% |
| Time to Breakeven | 114 days | 123 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -60.5% | -53.4% |
| % Gain to Breakeven | 153.2% | 114.4% |
| Time to Breakeven | 700 days | 1085 days |
In The Past
State Street Industrial Select Sector SPDR ETF's stock fell -15.8% during the 2025 US Tariff Shock. Such a loss loss requires a 18.8% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About General Fusion (GFUZ)
General Fusion (GFUZ) is a blank check company, also known as a Special Purpose Acquisition Company (SPAC). Its primary business is to identify and acquire an existing private company through a merger, share exchange, or similar business combination, effectively taking that private company public. Currently, GFUZ does not operate any businesses, nor does it have specific products or services, as it has not yet completed an acquisition.
The company's strategy is to focus on acquisition targets within the natural resources and decarbonization industries. It plans to leverage its management team's extensive experience in these sectors. Specific areas of interest for potential target companies include energy resources (such as oil and gas exploration and production, oilfield services, and biofuels) and metals and mining (including critical metals like rare earths and uranium).
Additionally, GFUZ is seeking opportunities in various decarbonization themes, such as clean energy generation (including nuclear, hydrogen, solar, and wind), energy storage, grid infrastructure technologies, resource optimization, carbon capture, environmental services (like waste management and recycling), and advanced transportation solutions like electric and autonomous vehicles. The company aims to execute a transformative business combination within these focus industries.
AI Analysis | Feedback
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AI Analysis | Feedback
- Facilitating a Business Combination: GFUZ is a special purpose acquisition company (SPAC) formed for the purpose of effecting a merger, acquisition, or similar business combination with one or more operating businesses.
AI Analysis | Feedback
Based on the provided description, General Fusion (GFUZ) is a blank check company (SPAC) that has recently been incorporated for the purpose of effecting a business combination with one or more businesses or entities. The company explicitly states that it has not yet selected any potential business combination target and has not had any substantive discussions with potential targets.
Therefore, General Fusion (GFUZ) does not currently have any major customers, as it has not yet acquired an operating business and is not generating revenue.
AI Analysis | Feedback
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Christopher Sorrells – Chairman of the Board & Chief Executive Officer
Mr. Sorrells has served as Chairman and Chief Executive Officer for Spring Valley Acquisition Corp. III since its inception in 2025. He also holds these roles for Spring Valley II and IV, and previously served as CEO and a director of Spring Valley I until its merger with NuScale Power in May 2022, at which point he joined NuScale Power's board. Mr. Sorrells has over 30 years of experience as an investor, operator, advisor, and board member in the natural resources and decarbonization industries. He was a Managing Director and Operating Partner at NGP Energy Technology Partners (NGP ETP), an affiliate of Natural Gas Partners (NGP), a private equity fund with $25 billion in capital commitments, where he helped grow it into a successful decarbonization-focused fund. This demonstrates a pattern of managing companies backed by private equity firms. Mr. Sorrells also served as Lead Director and Chairman of the compensation committee for Renewable Energy Group, Inc. (REGI) until its $3.1 billion merger with Chevron Corporation in June 2022, having previously led a $100 million financing to establish REGI in 2006. He currently serves as Managing Director of Pearl Energy Investments, a private equity fund.
Jeffrey Schramm – Chief Financial Officer
Mr. Schramm serves as the Chief Financial Officer for Spring Valley Acquisition Corp. III.
Robert Kaplan – Chief Operating Officer & Head of Business Development
Mr. Kaplan has served as Chief Operating Officer and Head of Business Development for Spring Valley Acquisition Corp. III since June 2025. He previously held the position of Chief Financial Officer for Spring Valley II since its inception in January 2021.
AI Analysis | Feedback
Key Risks to General Fusion (GFUZ)
- Inability to complete an initial business combination
- Reliance on management team to identify and execute a business combination
- Lack of an operating business and revenue
AI Analysis | Feedback
- Increased competition for attractive acquisition targets within the natural resources and decarbonization industries, potentially driving up target valuations or making it difficult to secure a suitable business combination.
- Deteriorating investor sentiment towards blank check companies (SPACs) generally, leading to higher shareholder redemptions or challenges in securing additional financing, which could hinder General Fusion's ability to complete its initial business combination.
AI Analysis | Feedback
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AI Analysis | Feedback
The user prompt contained outdated information about General Fusion (GFUZ). Based on current market information, General Fusion Group Ltd. (GFUZ) completed its business combination with Spring Valley Acquisition Corp. III and began trading on Nasdaq on July 13, 2026.
General Fusion is an energy company focused on developing nuclear fusion power technology. The company aims to build a fusion power plant, with a target for a first pilot plant by approximately 2035. As of its Nasdaq debut, General Fusion has "yet to generate revenue from its core technology" and is in the research and development phase, with its LM26 demonstration machine targeting key technical milestones by 2028.
Given that the company is pre-revenue from its core technology and its first pilot plant is targeted for 2035, it is not possible to identify 3-5 expected drivers of future revenue growth over the next 2-3 years in the traditional sense (e.g., price increases, growth in customers, expansion to new markets, new product launches). The company is currently focused on technological development and achieving scientific milestones, which are prerequisites for future commercialization and revenue generation rather than direct drivers of short-term revenue growth. Therefore, the request cannot be accurately fulfilled.
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Research & Analysis
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 40.10 |
| Mkt Cap | 0.8 |
| Rev LTM | 856 |
| Op Inc LTM | 84 |
| FCF LTM | 56 |
| FCF 3Y Avg | 282 |
| CFO LTM | 88 |
| CFO 3Y Avg | 329 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 13.3% |
| Rev Chg 3Y Avg | 8.9% |
| Rev Chg Q | 18.2% |
| QoQ Delta Rev Chg LTM | 4.2% |
| Op Inc Chg LTM | -4.8% |
| Op Inc Chg 3Y Avg | 34.7% |
| Op Mgn LTM | 9.8% |
| Op Mgn 3Y Avg | 16.5% |
| QoQ Delta Op Mgn LTM | -0.7% |
| CFO/Rev LTM | 10.3% |
| CFO/Rev 3Y Avg | 18.4% |
| FCF/Rev LTM | 6.5% |
| FCF/Rev 3Y Avg | 13.1% |
Price Behavior
Price Behavior
| Market Price | $6.01 | |
| Market Cap ($ Bil) | 0.5 | |
| First Trading Date | 09/30/2025 | |
| Distance from 52W High | -56.3% | |
| 50 Days | 200 Days | |
| DMA Price | $7.42 | |
| DMA Trend | down | |
| Distance from DMA | -19.0% | |
| 3M | 1YR | |
| Volatility | 82.3% | 118.9% |
| Downside Capture | 88.92 | |
| Upside Capture | -207.46 | |
| Correlation (S&P 500) | -3.2% |
GFUZ Betas & Captures as of 9/30/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.20 | -1.39 | 1.63 | 0.29 | -0.64 | 0.28 |
| Up Beta | 5.05 | -0.97 | -4.75 | 7.21 | -2.49 | -0.78 |
| Down Beta | 1.96 | 2.26 | -5.48 | -6.15 | 2.25 | 0.38 |
| Up Capture | -22% | -225% | 97% | 33% | 14% | 1% |
| Bmk +ve Days | 6 | 16 | 27 | 66 | 132 | 424 |
| Stock +ve Days | 10 | 18 | 25 | 25 | 25 | 25 |
| Down Capture | -109% | -28% | 291% | 166% | 86% | 49% |
| Bmk -ve Days | 16 | 26 | 37 | 60 | 120 | 328 |
| Stock -ve Days | 12 | 24 | 31 | 31 | 31 | 31 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with GFUZ | |
|---|---|---|---|---|
| GFUZ | -45.5% | 118.9% | -1.10 | - |
| Sector ETF (XLI) | 8.9% | 17.3% | 0.32 | 3.2% |
| Equity (SPY) | 10.9% | 12.8% | 0.52 | 19.7% |
| Gold (GLD) | -2.0% | 28.6% | -0.08 | 19.0% |
| Commodities (DBC) | 48.2% | 20.6% | 1.79 | -8.0% |
| Real Estate (VNQ) | 10.2% | 13.7% | 0.45 | -15.6% |
| Bitcoin (BTCUSD) | -30.3% | 43.5% | -0.71 | 13.2% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with GFUZ | |
|---|---|---|---|---|
| GFUZ | -11.4% | 118.9% | -1.10 | - |
| Sector ETF (XLI) | 11.4% | 17.6% | 0.48 | 3.2% |
| Equity (SPY) | 12.2% | 17.1% | 0.53 | 19.7% |
| Gold (GLD) | 16.2% | 19.0% | 0.68 | 19.0% |
| Commodities (DBC) | 9.2% | 19.5% | 0.35 | -8.0% |
| Real Estate (VNQ) | 0.9% | 18.9% | -0.06 | -15.6% |
| Bitcoin (BTCUSD) | 4.8% | 51.6% | 0.28 | 13.2% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with GFUZ | |
|---|---|---|---|---|
| GFUZ | -5.9% | 118.9% | -1.10 | - |
| Sector ETF (XLI) | 13.2% | 20.1% | 0.58 | 3.2% |
| Equity (SPY) | 15.2% | 17.9% | 0.72 | 19.7% |
| Gold (GLD) | 11.4% | 16.5% | 0.56 | 19.0% |
| Commodities (DBC) | 8.2% | 18.1% | 0.37 | -8.0% |
| Real Estate (VNQ) | 5.3% | 20.7% | 0.21 | -15.6% |
| Bitcoin (BTCUSD) | 61.7% | 66.2% | 1.01 | 13.2% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
General Fusion — Investor Video Playlist
Products & Services
The Path to Commercialization | From Fusion Science to a Practical Power Plant
Products & Services
This Is General Fusion | The Race to Commercial Fusion Is On
Leadership
Dr. Michel Laberge discusses the benefits of Magnetized Target Fusion technology
Products & Services
General Fusion: What is Magnetized Target Fusion?
Products & Services
General Fusion's LM26: Built and Operating
Products & Services
General Fusion's LM26 achieves first plasma compression
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Core Cache Last Updated: 10/30/2026