Long dismissed as a reality decades away, 2026 could be the year we learn of the successes of the first tests of commercial nuclear fusion plants. Helion’s Polaris prototype, already in testing, aims to deliver net electricity by the end of 2025, a major milestone for commercial fusion. Meanwhile, Orion, which broke ground in July 2025, is slated for integrated tests in 2027 and commercial ramp-up by 2028.[1]
These developments - alongside progress by Commonwealth Fusion Systems, another well-funded start-up - signal a major shift. With work advancing towards large-scale Tokamak plants expected online in the early 2030s, fusion, long hailed as the ‘holy grail’ of clean and abundant energy, is moving from theory to reality.[2]
And it can’t come soon enough. We live in an energy-hungry world, in large part driven by the relentless demand from data centres, and fusion promises abundant, safe and sustainable power, and long-term energy security.
Yet the path isn’t risk-free. Construction, technology, environmental liability, and performance challenges are just the start. This is where insurance steps in, acting as a catalyst for innovation and the energy transition, enabling projects to scale and giving businesses the confidence to invest in the future.
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Denis Bensoussan
Head of Space
[1] https://www.spglobal.com/energy/en/news-research/latest-news/electric-power/073025-helion-energy-breaks-ground-on-fusion-power-plant-slated-to-be-online-in-2028
[2] https://tokamakenergy.com/2025/11/19/tokamak-energy-announces-fusion-power-plant-magnet-technology-breakthrough/