Matthew Chase Levy is founder of Blue Capital and the 1st American physicist Isaac Newton Fellow in the Royal Society in 362 years.
Fusion powers the sun and promises a star here on Earth—along with sustainable power that’s low cost and runs all day. The cities that facilitate fusion plants, as soon as we have them, have the potential to leapfrog ahead of their neighbors. In 2022, the U.S. achieved a historic breakthrough that brought star power closer to home. But since then, we have been losing the industrial initiative, day by day, to countries like China.
As the Royal Society’s first American Isaac Newton fellow in physics in more than 300 years, I worked on fusion at the University of Oxford, Stanford and other institutions. That’s why I know this all too well. And, as Paul Krugman often alludes, one part of technological drift to the back of the pack is always theft, and one part is self-inflicted. Whatever your political bias may be, the real question is—Is it too late to fix it?
Look no further than ITER, the international fusion project in France. In Latin “iter” means something like “the way,” but delays and cost overruns have encumbered it. At the same time, China’s efforts have gone viral. The Wall Street Journal’s Jennifer Hiller and Sha Hua recently revealed that the U.S. is now being dramatically out-spent in fusion research. To say that who builds the first plant wins is to dramatically understate the national security and innovation stakes.
The opportunity isn’t new. As I discussed with the New York Times’ John Markoff in May at the 2024 Stanford-SLAC Extreme Energy Workshop, an event I co-organized with Stanford professors Debbie G. Senesky and Siegfried H. Glenzer, our geopolitical competitors’ growing investment in fusion has been on our mind at home for some time. It’s later than you think, but it’s never too late.
We still can win. The solution lies not only in doubling down on existing approaches but also in embracing bold innovation. Magnetic fusion, the technology behind ITER, has its merits, though China’s dominance in the magnet supply chain poses a strategic risk.
The answer to how is inertial confinement fusion (ICF), a uniquely American technology. We pioneered it right here in California, in our extraordinary institutions like Livermore, Stanford and SLAC National Accelerator Laboratory. Not only is ICF home-grown, it has been developed and perfected across our Department of Energy’s 17 national laboratories, including at MIT, Stony Brook and Princeton. And, yes, international partnerships are key, with several allies exhibiting strengths.
Inertial fusion offers a path to break China’s growing fusion stranglehold. Magnets can be a part of it, but only so long as we have the right supply chain and the right partners. The White House calls this a strategic imperative. And it’s critical for industry—a recent study by Allied Market Research projects the global fusion market to reach over $840 billion by 2040.
Thanks to our country’s amazing people in science, technology and engineering, we can have a future with a fusion power plant in each city and state around the world, safely and securely delivering sustainable, 100% green power. Thousands or possibly tens of thousands of new jobs will be created—construction, operations, technicians—high-paying tech and tech-adjacent jobs. In this way, fusion is the picture of an economic boom the likes of which has not been seen in some time.
Fusion is also a real estate play for savvy individuals who care about community. Both power and prestige, fusion plants could be cultural centers, like Sphere in Las Vegas, offering art, film and dining for local communities. The machinery of fusion is 100% safe, is about the size of a football stadium and costs about the same amount of money to build. Stadiums like the Coliseum in Oakland could be transformed by fusion power. And like sporting arenas, these real, physical places can be enveloped by theaters, arcades, laser tag and more. Fusion offers the potential to delight our communities and help people come together with a 21st-century version of entertainment, all while putting green power on the grid.
Rather than cede this one to our competitors, it’s time for us to come together, unleash the power of America and secure our leadership in fusion energy.
The information provided here is not investment, tax or financial advice. You should consult with a licensed professional for advice concerning your specific situation.
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