Trump Media and Technology Group said Thursday it has agreed to merge with TAE Technologies, a privately held fusion power company, in an all-stock transaction valued at more than $6 billion, a move that sent the company’s shares sharply higher.
The companies said the deal, expected to close in mid-2026, would result in shareholders of Trump Media and TAE each owning about half of the combined entity. Shares of Trump Media stock rose 33% after the opening bell, despite having fallen more than 75% from their January peak.
The merger represents a major strategic pivot for Trump Media, which operates President Donald Trump’s social media platform, Truth Social, as surging demand for artificial intelligence has intensified the need for large-scale energy infrastructure in the United States.
There are currently no commercial facilities producing electricity through nuclear fusion, a technology long viewed as experimental but potentially capable of delivering abundant energy without the risks associated with traditional nuclear power.
The companies said the transaction would create “one of the world’s first publicly traded fusion companies.”
Under the terms of the agreement, Trump Media “has agreed to provide up to $200 million of cash to TAE at signing and an additional $100 million is available” upon the filing of a Form S-4 registration statement. Trump Media Chairman Devin Nunes and TAE CEO Dr. Michl Binderbauer are expected to serve as co-chief executives of the combined company.
Speaking on a brief conference call Thursday morning, Nunes said the merger aligns with Trump Media’s “America-first principles” and its strategy of pursuing “combinations that bring transformative technology the potential for significant, long-term value creation and dramatic societal impact.” The call lasted about eight minutes and did not include a question-and-answer session.
Nunes said Trump Media held more than $3 billion in assets as of November, much of it derived from bitcoin accumulated as the company expanded into crypto and financial services. Despite that, the company continues to report limited revenue, generating less than $2.7 million in the first nine months of 2025, primarily from advertising on Truth Social.
Truth Social, while frequently used by the president, has struggled to compete with larger platforms such as Elon Musk’s X.
Following the merger, the companies said the combined entity will operate as a holding company for “Truth Social, Truth+, Truth.Fi, TAE, TAE Power Solutions and TAE Life Sciences, among others.”
President Trump indirectly owns more than 114 million shares of Trump Media. Before taking office in January, he transferred his majority stake to a revocable trust controlled by his eldest son, Donald Trump Jr.
The companies said the merged firm plans to pursue construction of “the world’s first utility-scale fusion power plant … subject to required approvals.”
“Fusion power plants are expected to provide economic, abundant, and dependable electricity that would help America win the A.I. revolution and maintain its global economic dominance,” the companies said.
TAE Technologies said it holds approximately 1,600 patents and has raised more than $1.3 billion from investors, including Google, Chevron and Goldman Sachs.
