Trump Media to Merge With Nuclear Fusion Company in Deal Worth Over $6 Billion

Trump Media & Technology Group, the parent company of Truth Social, announced a merger agreement with nuclear fusion company TAE Technologies in an all-stock deal valued at more than $6 billion.

Upon closing, shareholders of each company will own approximately 50% of the combined company on a fully diluted equity basis. President Donald Trump indirectly owns more than 114 million shares of TMTG, representing a majority stake. Before taking office in January 2025, he transferred those shares to a revocable trust whose sole trustee is his son Donald Trump Jr., according to CNBC.

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TMTG and TAE Technologies said the merger has been approved by their boards of directors and is expected to close “in mid-2026,” subject to customary closing conditions, including shareholder and regulatory approvals. Upon closing, Trump Media & Technology Group will be the holding company for Truth Social — which is the U.S. president’s primary social-media outlet — Truth+, Truth.Fi, TAE, TAE Power Solutions and TAE Life Sciences, among other businesses.

In 2026, the combined company plans to site and begin construction on the world’s first utility-scale fusion power plant with a 50-megawatt capacity, subject to required approvals. “Additional fusion power plants are planned and expected to be 350–500 MWe,” the companies said. “Fusion power plants are expected to provide economic, abundant, and dependable electricity that would help America win the AI revolution and maintain its global economic dominance.”

As part of the transaction, TMTG has agreed to provide up to $200 million of cash to TAE at signing and an additional $100 million is available upon initial filing of the Form S-4 with the SEC.

According to TAE, it has built and safely operated five fusion reactors and raised more than $1.3 billion in private capital to date from Google, Chevron Technology Ventures, Goldman Sachs, Sumitomo Corporation of Americas, NEA, the family offices of Addison Fischer, the Samberg Family, Charles Schwab, and others. Based in Foothill Ranch, California, TAE says it has more than 400 employees, including “62 PhD holders.”

The combined company’s board of directors will comprise two directors from TMTG (Nunes and Donald J. Trump Jr.), two directors from TAE (Binderbauer and Schwab), and five other independent directors to be selected and named later.

TMTG, which went public in March 2024 in a merger with a special purpose acquisition company (SPAC), had total financial assets of $3.1 billion as of the end of the third quarter of 2025, including cash, restricted cash, short-term investments, trading securities and digital assets.

In Q3 2025, TMTG reported net sales of $972,900 and a $54.8 million net loss in the third quarter, including $54.1 million in non-cash losses from changes in the fair value of digital assets, non-cash interest expenses, non-cash stock-based compensation, unrealized losses on trading securities and unexpired option contracts, and depreciation and amortization, according to the company’s quarterly statement with the SEC.

Trump Media said in reporting Q3 results that it is “earning significant income from its unique bitcoin strategy.” The company said it generated $15.3 million of realized income during the third quarter from option premiums associated with its bitcoin-related securities as well as $13.4 million of interest income from other financial holdings. According to TMTG, this resulted in $61.1 million in combined realized income from both sources year to date through Sept. 30, 2025.