Two of the oldest private fusion companies — General Fusion and TAE Technologies — are pursuing SPAC and reverse-merger exits before reaching scientific breakeven, a decision industry observers say is premature. General Fusion laid off 25% of its workforce last year and required a $22 million lifeline before negotiating a reverse merger that values the combined entity at $1 billion; TAE's Trump Media deal pegs it at $2 billion after nearly 30 years of operation. A second fault line is emerging over side businesses: Commonwealth Fusion Systems and Tokamak Energy sell magnets and nuclear medicine to generate near-term revenue, while newer entrants like Inertia Enterprises argue such detours slow the path to a working power plant.