Trump Media & Technology Group has agreed to a more than $6 billion merger with fusion company TAE Technologies.
A screen showing Trump Media's stock price in 2024.
By Declan Harty and Kelsey Tamborrino 12/18/2025 08:44 AM EST Updated:
President Donald Trump’s social media startup plans to merge with fusion company TAE Technologies in a deal valued at more than $6 billion.
The all-stock transaction marks the latest twist surrounding Trump Media & Technology Group, the publicly traded parent company of Truth Social that has become a new pillar in Trump’s business empire over the last two years. Trump, who is the largest owner with more than 114 million shares, saw the value of his stake jump by about $400 million to about $1.6 billion with the 35 percent rally in the stock by midday.
The deal represents a significant bet on a growing clean energy source that has not yet reached commercial viability — just as electricity demand skyrockets in part fueled by growing demand from artificial intelligence and data centers that the administration has promoted.
Shareholders in Trump Media and TAE Technologies will own about 50 percent of the combined company on a fully diluted equity basis, the companies said Thursday. Trump Media’s stock, which trades under the ticker “DJT”, popped on the news — rising more than 20 percent shortly after.
In merging with TAE Technologies, Trump Media is venturing into new territory once again. The company’s business has to date primarily revolved around advertising revenues generated through Truth Social, its prized asset. But Trump Media has recently branched out into other areas like the cryptocurrency markets and streaming. Still, the company has recorded several straight quarters of net losses, the latest of which came in at $54.8 million for the three months ended Sept. 30.
Trump Media and TAE Technologies said in a statement that their merger will create “one of the world’s first publicly traded fusion companies.” They plan to begin work on building “the world’s first utility-scale fusion power plant” in 2026, according to the statement.
“Trump Media & Technology Group built uncancellable infrastructure to secure free expression online for Americans, and now we’re taking a big step forward toward a revolutionary technology that will cement America’s global energy dominance for generations,” Trump Media CEO Devin Nunes said.
“Fusion power will be the most dramatic energy breakthrough since the onset of commercial nuclear energy in the 1950s — an innovation that will lower energy prices, boost supply, ensure America’s A.I.-supremacy, revive our manufacturing base and bolster national defense.”
The Trump administration has frequently emphasized the role of nuclear power to help reach its goal of winning the global AI race. The Trump Energy Department recently reorganized its structure to create an Office of Fusion, and it has been meeting with industry officials who are seeking more federal support.
Wedbush Securities analyst Dan Ives called the deal a “major play on creating the first public nuclear fusion company in the U.S.” in an industry note Thursday, noting that fusion power could have a relatively shorter permitting pathway than other types of nuclear power with no meltdown risk.
TAE will “clearly have major political support from President Trump in our view and this importantly will create a major nuclear fusion US energy domestic bet over the coming years,” the note said.
The deal raised the eyebrows of some on Capitol Hill, however. Democratic Rep. Don Beyer of Virginia, co-chair of the Congressional Fusion Caucus, said the merger “raises significant concerns” about conflicts of interest and potential corruption.
“The President has consistently used both government powers and taxpayer money to benefit his own financial interests and those of his family and political allies,” Beyer said in a statement. “This merger will necessitate congressional oversight to ensure that the U.S. government and public funds are properly directed towards fusion research and development in ways that benefit the American people, as opposed to the Trump family and their corporate holdings.”
Trump recently signed an executive order to launch DOE’s Genesis Mission, which seeks to accelerate fusion development with help from AI, advanced computing and the department’s sprawling national labs.
Fusion, once a far-off ambition, has gained growing interest after it reached significant milestones earlier this decade. But substantial hurdles remain, including making significant technological advances and cost reductions.
Founded in 1998, TAE has developed its next-generation fusion technology over the past two decades. The company said it has built and safely operated five fusion reactors and raised more than $1.3 billion in private capital to date from entities including Google, Chevron Technology Ventures and Goldman Sachs.
Daniel Newman, CEO of global technology advisory firm Futurum Group, which advised on the merger deal, said in a statement the group sees the effort “as one of the most promising paths to achieving abundant clean fusion energy while powering America’s AI boom and supporting America’s critical path to energy independence.”
Nunes will lead the joint company alongside TAE CEO Michl Binderbauer as co-CEOs, though the former Republican congressmember will still “lead all Trump Media brand operations,” the companies said. Nunes and Donald Trump Jr., who sits on Trump Media’s board and oversees the trust that holds his father’s shares in the company, will serve on the combined company’s board.
The companies expect the deal to close in 2026, pending the necessary shareholder and regulatory approvals.