The Russell 2000’s 2% rebound after a 10% correction signals a tentative risk‑on turn in U.S. stocks, giving Bitcoin and altcoins fresh “permission to breathe.

Analysts frame Monday’s bounce as a classic “risk‑on” rotation after weeks of selling tied to Middle East tensions and surging oil, with West Texas Intermediate futures having spiked toward $100 per barrel and Brent above $113 in recent sessions. “What you’re seeing is positioning, not euphoria,” one equity strategist said, arguing that investors who were underweight small caps are now “grudgingly adding beta back into the book” as worst‑case scenarios get priced out.

For crypto traders, the Russell’s move matters less as a stock story and more as a liquidity signal. Research highlighted by CME Group shows that in 2025 and into 2026, on days when U.S. stocks rise, “crypto assets tend to rise, but not by as much, and on days when U.S. tech stocks are selling off, crypto assets tend to fall by even more.” A recent macro explainer on crypto bitcoin rotation makes the same point more bluntly: “Most big crypto moves don’t start with a whitepaper. They start with a change in the cost of money and the price of risk.”

Correlation data backs that up. The 30‑day correlation coefficient between Bitcoin and the S&P 500 has climbed to about 0.74, its highest level this year, meaning the two now trade in close step as “an extension of broader risk sentiment.” When breadth improves in equities — first in mega‑caps, then small caps like the Russell 2000 — crypto often responds with its own breadth shift: dominance falls, majors and then mid‑caps start to participate, and liquid altcoins outperform long‑tail names.

Recent coverage has already documented how macro swings drive spillovers into digital assets, from early‑2025 fragility that pushed traders into Bitcoin (BTC) as a macro hedge alternative, to later phases where easing conditions triggered broad rallies across altcoins and crypto‑linked stocks. As one macro‑focused fund manager told crypto.news in an earlier note on rotation, “When small caps catch a bid and the dollar stops ripping, crypto finally gets permission to breathe.”

TLDR

• DJT stock rose 6% and traded at $9.15 during Monday’s session.
• President Donald Trump said the United States held productive talks with Iran over two days.
• The Dow Jones Industrial Average gained 1,117 points, or 2.4%, after the announcement.
• The Nasdaq Composite advanced 2.4% as markets reacted to the headlines.
• The S&P 500 recorded a $3 trillion market value swing within one hour.

Trump Media & Technology Group Corp. shares climbed on Monday after President Donald Trump announced progress in talks with Iran. The rally followed a broader U.S. stock market surge that lifted major indexes. DJT stock gained 6% and traded at $9.15 during morning activity.

The advance tracked gains across Wall Street as traders responded to headlines from Washington. President Trump said the United States held productive discussions with Iran over two days. His comments triggered swift moves across equity markets and lifted risk sentiment.

DJT Stock Jumps as Markets React to Iran Developments

DJT stock rose 6% on March 23 and reached $9.15 in early trading. The Florida-based media company moved in line with major U.S. indexes. However, the stock remains down 30% year-to-date.

Trump Media & Technology Group Corp., DJT

The Dow Jones Industrial Average jumped 1,117 points, or 2.4%, during the session. At the same time, the Nasdaq Composite also advanced 2.4%. The rebound followed a week when both indexes fell about 2%.

President Trump addressed the situation on Truth Social early Monday.

He wrote that the United States and Iran held “very good and productive conversations” over two days. He added that the talks aimed at “a complete and total resolution of our hostilities in the Middle East.”

His statement lifted equity markets within minutes of publication. However, Iran later denied that officials held any contact with Washington. That denial led to rapid market swings during the same hour.

Trump Comments Trigger $3 Trillion S&P 500 Swing

The S&P 500 Index recorded a market capitalization swing of about $3 trillion within one hour. The move followed Iran’s response that rejected claims of direct talks. Markets reacted quickly to both the president’s statement and Tehran’s denial.

Art Hogan, chief market strategist at B. Riley Wealth Management, spoke with CNBC about the rally.

He said, “The market has been desperate for any good news.” He added that the update appeared to be “the best news we can expect.”

Equities had declined sharply in the prior week before Monday’s rebound. The Dow and Nasdaq both posted losses of roughly 2% during that period. Monday’s gains reversed part of those declines across major benchmarks.

Trump Media & Technology Group Corp., listed under the ticker DJT on Nasdaq, moved alongside the broader market. The company operates Truth Social, the platform where the president shared his statement. Shares traded at $9.15 at the time of reporting and reflected the 6% daily gain.

This release reports a shift in Bitcoin trading as macro momentum and evolving U.S. regulation intersect with market infrastructure updates. The price moved below $70,000 after a brief rally to about $76,000 last week, reflecting broader expectations for higher-for-longer interest rates and addressable inflation risks. At the same time, the issuing authorities outlined a framework that places major crypto assets under the Commodity Futures Trading Commission’s jurisdiction, while signaling the potential for faster spot ETF approvals. The document also notes licensing developments in DeFi and ongoing policy discussions that could shape near-term market activity and long-term confidence.

Key points

• Bitcoin traded below $70,000 after a peak of about $76,000 last week, with macro data and a hawkish Fed stance contributing to the move.
• A US regulatory framework designates major crypto assets as digital commodities under CFTC jurisdiction, alongside existing listing standards that may quicken spot ETF approvals.
• Advances on the CLARITY Act address stablecoin yield structures, signaling potential limits on passive yields while allowing returns tied to transactional activity.
• S&P Dow Jones Indices has licensed Trade[XYZ] to launch the first officially licensed S&P 500 perpetual derivative on the Hyperliquid blockchain, expanding access for non-US investors.

Why it matters

Taken together, the release frames near-term volatility as tied to macro conditions while underscoring how regulatory clarity could attract institutional participation over time. The digital-commodity designation and broader listing standards may speed spot ETF approvals, widening the pathway for mainstream exposure. Moves on the CLARITY Act and DeFi licensing signal potential shifts in how crypto markets are structured and accessed, particularly for non-US investors leveraging cross-market products. Investors and builders should watch regulatory updates, ETF timelines, and licensing milestones to gauge how policy progress may translate into market dynamics.

What to watch

• Regulatory: track progress and potential enactment of the CLARITY Act and its stablecoin yield framework.
• ETF timelines: monitor whether spot crypto ETF approvals accelerate in light of the new framework.
• Licensing milestones: observe developments around the S&P 500 perpetual derivative on Hyperliquid and related licensing deals.

Disclosure: The content below is a press release provided by the company or its PR representative. It is published for informational purposes.

Bitcoin Falls Below $70,000 Amid Macroeconomic Pressure; Regulatory Developments Signal Long-Term Growth Potential

Abu Dhabi, UAE – March 23, 2026: Bitcoin has retreated below the $70,000 mark following a recent peak of $76,000 last week, as macroeconomic headwinds weighed on investor sentiment. The decline was primarily driven by higher-than-expected US Producer Price Index (PPI) data, alongside a more hawkish tone from Federal Reserve Chair Jerome Powell, who highlighted rising oil prices as a potential inflationary risk.

Markets are now increasingly pricing in a prolonged period of elevated interest rates, with expectations that the Federal Reserve could hold rates steady through 2027. Continued geopolitical tensions in the Middle East and sustained high oil prices could further fuel inflation, potentially prompting additional rate hikes—historically a negative backdrop for cryptoasset performance due to tightening financial conditions.

Despite short-term volatility, regulatory developments in the United States are providing a more constructive long-term outlook for the crypto sector.

The US Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) have jointly introduced a comprehensive cryptoasset classification framework. Under this framework, major cryptoassets including Bitcoin, Ethereum, Solana, and XRP have been designated as digital commodities, placing them primarily under CFTC jurisdiction rather than the SEC.

This classification, alongside previously approved generic listing standards, is expected to accelerate the approval timeline for spot crypto ETFs. Such developments could unlock significant institutional inflows and support long-term price appreciation across the sector.

In parallel, progress is being made on the proposed CLARITY Act, with reports indicating that US lawmakers and the White House have reached a tentative agreement on stablecoin yield structures. The proposed framework would restrict passive yield generation while allowing returns tied to transactional activities such as payments and trading. If enacted, the legislation could represent a major milestone in establishing regulatory clarity and fostering growth within the crypto market.

In the decentralised finance (DeFi) space, S&P Dow Jones Indices has announced a landmark licensing agreement with Trade[XYZ], enabling the launch of the first officially licensed S&P 500 perpetual derivative contract on the Hyperliquid blockchain. This innovation allows non-US investors to gain 24/7 leveraged exposure to the S&P 500 via a decentralised platform, supported by real-time index data.

Following the announcement, Hyperliquid’s native token, $HYPE, rose 6% and is now up over 55% year-to-date, significantly outperforming major cryptoassets such as Bitcoin and Ethereum, which remain down over the same period. The performance reflects growing demand for decentralised infrastructure offering continuous access to both crypto and traditional financial markets.

Meanwhile, higher-risk assets such as memecoins—including $TRUMP, $PEPE, and $PENGU—were among the hardest hit during the recent market downturn, with declines of up to 20%, highlighting their elevated sensitivity to broader market movements.

Simon Peters, Crypto Analyst at eToro, commented: “While macroeconomic pressures have driven short-term volatility in crypto markets, the evolving regulatory landscape in the US represents a significant step forward. Greater clarity around asset classification and market structure could pave the way for increased institutional participation and long-term growth in the sector.”

Decentralized perpetuals exchange edgeX has confirmed that the token generation event (TGE) and listing for its native EDGE token will take place on March 31.

EDGE has a total supply of 1 billion tokens. At TGE, 25% of the supply will be airdropped, with up to an additional 5% for participants in the Pre-TGE Season points program. The remaining 70% is allocated to Ecosystem & Community, Core Contributors, and Foundation.

The token is already changing hands ahead of the official launch, with pre-market trading opening on Binance on March 19. EDGE is trading around $0.70, implying a fully diluted valuation of roughly $700 million.

The airdrop claim window also opened on March 19, according to an announcement from edgeX.

edgeX, which is incubated by Amber Group, has grown rapidly since launching in November 2024. The exchange processed roughly $4.4 billion in 24-hour trading volume across 176 trading pairs, with nearly $1.1 billion in open interest, according to CoinGecko, making it the third-largest perpetual DEX after Hyperliquid and Aster.

The TGE coincides with the platform’s transition from a single-product perp DEX to what it calls EDGE Chain, a purpose-built Ethereum Layer 2 for high-throughput financial applications.

In February, edgeX received a strategic investment from Circle Ventures alongside native USDC integration.

MoonPay on Monday released the Open Wallet Standard (OWS), an MIT-licensed, open-source specification that defines how AI agents interact with crypto wallets, including key storage, transaction signing, and cross-chain account derivation, without ever exposing a private key to the agent process or the large language model driving it.

The standard launched with contributions from over 15 organizations spanning payments, exchanges, and blockchain infrastructure, including PayPal, OKX, Ripple, Tron, TON Foundation, Solana Foundation, Ethereum Foundation, Base, Polygon, Sui, Filecoin Foundation, LayerZero, and Circle.

“The agent economy has payment rails. It didn’t have a wallet standard,” MoonPay CEO Ivan Soto-Wright said in a statement.

The release arrives as the infrastructure for agentic payments is rapidly developing, yet remains fragmented across competing protocols, each assuming agents already have a wallet without specifying how that wallet should work.

As The Defiant reported last week, two protocols are racing to become the foundation of AI payments: x402, backed by Coinbase, and the Machine Payments Protocol (MPP), launched by Stripe and Tempo. Tempo’s payments-focused Layer 1, which went live on mainnet on March 18, shipped with MPP’s “sessions” primitive, allowing agents to set a spending limit upfront and stream micropayments continuously without an on-chain transaction per interaction.

On the same day, Coinbase dropped a significant upgrade to x402, adding support for virtually any ERC-20 token via Uniswap’s Permit2 and new gas sponsorship extensions.

Meanwhile, Visa entered the arena with its own approach. Visa Crypto Labs launched Visa CLI, a command-line interface payment tool targeting AI agent payments, currently in closed beta. And Circle launched Nanopayments on testnet, built on the x402 standard and designed for sub-cent, gas-free USDC transactions for AI agents paying for pay-per-call APIs.

But as MoonPay frames it, all of these systems share a common assumption: the agent already has a wallet. None defines where the wallet lives, how keys are stored, or how one agent discovers a wallet created by another.

In practice, MoonPay says, this means a user running three different AI tools today could have their funds scattered across three separate wallets with no way to access a unified balance.

How It Works

The Open Wallet Standard is structured as seven sub-specifications covering storage, signing, policies, agent access, key isolation, wallet lifecycle, and supported chains. Each module can be adopted independently.

The core design principle is zero key exposure. Keys are encrypted, decrypted only to produce a signature, held in protected memory that cannot be swapped to disk, and wiped immediately after signing. The private key is never accessible to the agent, the LLM context, or any parent application.

A single seed phrase derives accounts across eight chain families — EVM, Solana, Bitcoin, Cosmos, Tron, TON, Spark, Filecoin, and XRP Ledger — with a unified signing interface and CAIP-2 chain identifiers.

There’s also a pre-signing policy engine that evaluates every transaction before any key material is touched. Operators can set spending limits, contract allowlists, chain restrictions, and time-bound authorizations. The standard ships with native SDK bindings for Node.js and Python, a CLI, and an MCP server interface compatible with frameworks including Claude, ChatGPT, and LangChain.

The launch positions OWS not as a competitor to x402 or MPP but as a complementary layer. When x402 returns a payment request, OWS produces the signed authorization. When MPP opens a session and streams micropayments, OWS signs each payment within the agent’s authorized limits.

Whether MoonPay’s open standard gains traction will depend on whether competing agent frameworks adopt a shared wallet layer or continue building proprietary key management.

This article was written with the assistance of AI workflows. All our stories are curated, edited and fact-checked by a human.

TLDR

• Polymarket updated its market integrity rules to address manipulation and insider trading risks.
• The company introduced stricter market design standards and clearer resolution criteria for contract outcomes.
• Polymarket enhanced surveillance systems to detect suspicious trading activity across its platforms.
• The platform banned and reported users who pressured a journalist over a $17 million prediction market.
• Reports showed that six newly created accounts earned about $1 million from bets on US strikes on Iran.

Polymarket updated its market integrity rules to address manipulation and insider trading risks. The company announced stricter standards for market design and resolution criteria on Monday. It also expanded surveillance controls as regulators increase scrutiny of event-based contracts.

Polymarket Updates Market Standards and Compliance Framework

Polymarket said it aligned its global platform rules with regulatory standards, and it strengthened oversight on its US exchange. The US platform operates under Commodity Futures Trading Commission compliance, and the company confirmed tighter monitoring systems. It stated that clearer resolution criteria and defined data sources will govern contract outcomes.

The company said it will limit markets that it considers easily manipulated or ethically sensitive, and it will restrict certain event contracts. It confirmed enhanced surveillance tools to detect suspicious trading patterns and insider activity. Polymarket said, “We are enhancing monitoring and surveillance measures to detect suspicious trading activity.”

Enforcement Actions and Regulatory Scrutiny Intensify

Polymarket said it banned and reported users who pressured an Israeli journalist over coverage of an Iranian missile strike. The disputed article related to a $17 million prediction market tied to the strike. The company confirmed it acted after users issued death threats to influence reporting tied to contract outcomes.

Bloomberg reported that six newly created accounts generated about $1 million in profits from bets on US strikes on Iran. All six accounts opened in February and placed wagers only on whether the strikes would occur. The trading activity raised questions about insider trading and market fairness.

Several US states have taken action against prediction platforms, and they allege unlicensed gambling operations. Regulators have increased oversight as prediction markets expand across political and global events. Polymarket operates its US exchange under CFTC oversight, and it said it supports integrity protections.

Growth Strategy and Partnership Agreements

Polymarket raised $200 million in July, and reports said it seeks a valuation of up to $10 billion. Prediction markets have attracted active traders who wager on political and economic outcomes. The company continues to expand its regulated presence while adjusting its compliance framework.

Major League Baseball signed a partnership agreement with Polymarket, and the league confirmed the arrangement last week. The deal includes integrity protections, and it aligns with a separate agreement involving the CFTC. The agreements outline cooperation on monitoring and compliance standards for event-based contracts.

Polymarket said the updated framework will apply to both its decentralized platform and its US exchange. The company confirmed that it will implement stricter data standards and clearer outcome definitions. Monday’s announcement detailed the new rules as the latest step in its compliance roadmap.

Two early Kalshi employees are raising up to $35 million for what may be the first venture fund dedicated to prediction market startups, according to a pitch document seen by Fortune.

The fund, called 5c(c) Capital, is led by Adhi Rajaprabhakaran, the second trader hired at Kalshi’s affiliated market maker, and Noah Zingler-Sternig, Kalshi’s former head of operations, Fortune reported. The fund’s name references Section 5c(c) of the Commodity Exchange Act, the clause that grants the CFTC oversight of event contracts offered by Designated Contract Markets.

Notably, Kalshi CEO Tarek Mansour and Polymarket CEO Shayne Coplan, whose companies are locked in a multibillion-dollar valuation war and have a well-documented public rivalry, have both invested in the fund.

Other backers include Marc Andreessen through Moneta Luna, Ribbit Capital founder Micky Malka, and former Multicoin Capital managing partner Kyle Samani. Bloomberg reported that the fund has more than 20 investors.

The fund plans to back roughly 20 companies over the next two years, targeting market makers, prediction market index providers, and other infrastructure-layer businesses, per Fortune.

The launch comes as prediction market valuations have surged. Kalshi raised $1 billion at a $22 billion valuation in a round led by Coatue Management, roughly doubling its $11 billion November mark, as The Defiant reported. Polymarket is eyeing a similar valuation of around $20 billion, according to the Wall Street Journal.

This article was written with the assistance of AI workflows. All our stories are curated, edited and fact-checked by a human.

Polymarket has rolled out a refreshed set of market integrity rules for its prediction platforms, tightening standards to align with regulatory expectations and bolster its status as a regulated trading venue. The update covers both its global decentralized finance platform and its US exchange, which operates under oversight by the Commodity Futures Trading Commission (CFTC). The move comes as regulators and lawmakers intensify scrutiny over risks linked to insider trading, market manipulation, and the use of event-based contracts.

Polymarket described the overhaul as a comprehensive upgrade to market design, settlement criteria, and data sourcing, while expanding its monitoring and surveillance to detect suspicious activity. The company also signaled a pragmatic stance by curbing certain market types that it views as easier to manipulate or ethically fraught. The changes underscore an industry-wide push to improve integrity as prediction markets gain broader attention from regulators and the public.

In a separate note, Polymarket highlighted a recent internal action in which it banned and reported users who pressured an Israeli journalist to amend a news article about an Iranian missile strike, a case that drew significant attention to how trading platforms may be used to influence reporting or profit from real-world events. More on that episode is discussed below as part of the broader context for the policy shift.

Key takeaways

• Polymarket updates its market integrity rules for both its DeFi platform and US exchange, with CFTC oversight reaffirmed as a central feature.
• New measures include stricter market design, clearer outcome-resolution criteria, better-defined data sources, and enhanced surveillance to flag suspicious activity.
• The platform will limit certain markets that are deemed highly manipulable or ethically sensitive, signaling a targeted risk-management approach.
• The move arrives amid ongoing regulatory scrutiny and a series of partnerships aimed at legitimizing prediction markets, including a high-profile MLB deal and an explicit integrity framework with the CFTC.

Polymarket’s rule overhaul and regulatory alignment

Polymarket’s leadership framed the rule updates as a necessary step toward stronger compliance and greater transparency for participants. By detailing resolution criteria—how and when outcomes are settled—and tying those outcomes to verifiable data sources, the platform aims to reduce disputes and ambiguity that have historically plagued event-based markets. The enhanced monitoring and surveillance functions are designed to detect patterns indicative of manipulation or insider trading, a concern repeatedly raised by policymakers as prediction markets expand.

Crucially, the update frames Polymarket’s operations in the context of its CFTC oversight for its US-facing exchange. While the global DeFi platform operates with broader jurisdictional considerations, the company emphasizes that its compliance program is built to meet regulatory expectations across its product spectrum. The policy shift is portrayed not merely as a cosmetic update but as a foundational change intended to support sustainable growth in a space that regulators are still learning to evaluate.

In the same vein, Polymarket has signaled limits on markets that could invite manipulation or raise ethical red flags. While the specifics of restricted categories were not disclosed in comprehensive detail, the stance aligns with broader regulatory caution around high-stakes bets tied to real-world events and public interest.

Regulatory push, partnerships, and the market backdrop

The timing of Polymarket’s policy refresh sits within a broader pattern of regulatory scrutiny and industry responses. Prediction markets have surged in popularity, attracting large communities of traders betting on real-world developments. That momentum has attracted investment, with reports suggesting Polymarket raised hundreds of millions and eyed a multi-billion-dollar valuation in a recent fundraising phase. Still, the regulatory environment remains unsettled in many jurisdictions, with several US states taking action against prediction platforms accused of functioning as unlicensed gambling services.

Publicly, Polymarket has pointed to partnerships as a pathway to legitimacy. Notably, Major League Baseball (MLB) announced a deal with Polymarket, paired with a separate CFTC-focused agreement aimed at “integrity protections.” The collaboration signals regulators’ interest in embedding guardrails and oversight into prediction-market ecosystems while enabling mainstream adoption through established institutions. In parallel, coverage of the broader market has included attention to how these platforms handle ethics and fairness, especially as they scale and attract mainstream users.

As a backdrop, Polymarket also faced controversy tied to its markets. A widely reported incident involved a small cluster of accounts that reportedly generated substantial profits by timing bets related to U.S. strikes on Iran. Bloomberg’s coverage noted that the six accounts were newly created in February and had limited prior betting activity, sparking concerns about possible insider information advantages and the fairness of rapid-fire conclusions. While not a formal verdict on manipulation, the episode has intensified calls for stronger guardrails and clearer compliance standards across prediction markets. For readers tracking this thread, the Bloomberg report provides a contemporary data point illustrating the tensions between high profitability and the need for robust market integrity tools.

Last week, Polymarket also disclosed that it had banned and reported users who pressured a journalist to alter coverage about the Iran-related event that became the subject of a $17 million market.

These developments occur alongside a broader debate about the accountability of platform operators in DeFi and hybrid models. Critics argue that even well-intentioned systems can be exploited to shape outcomes or reward certain information asymmetries, while proponents contend that regulated, transparent marketplaces can outperform opaque or unregulated alternatives. The latest Polymarket update is a tangible effort to tilt the balance toward the former, with concrete reforms designed to reduce manipulation vectors and improve user confidence.

What readers should watch next

Polymarket’s integrity refresh offers a clearer blueprint for what investors and users should expect from regulated prediction markets: stronger governance around how bets are structured, settled, and monitored; explicit data provenance; and a deliberate stance on market types that pose outsized manipulation risk. The company’s ongoing partnerships with sports leagues and regulators will be critical to watch, as they may set a precedent for how other platforms negotiate the line between innovation and compliance.

Equally important is the evolving regulatory landscape in the United States and abroad. As enforcement actions and legislative proposals continue to shape the permissible scope of prediction markets, continued transparency from operators and a demonstrated commitment to preventing abuse will determine whether these platforms can sustain momentum and broader participation.

In the near term, observers will be looking for concrete outcomes from Polymarket’s enhanced compliance framework: measurable reductions in manipulation indicators, clearer settlement standards, and more robust disclosures around data sources. The next wave of updates could also reveal how the company balances market openness with risk controls—a balance that will influence investor confidence, user participation, and the overall trajectory of event-based prediction markets.

As the market evolves, readers should keep an eye on regulatory announcements, enforcement actions by state authorities, and any clarifications from the CFTC or other regulators regarding the treatment of prediction markets. The convergence of corporate partnerships, formal integrity protocols, and regulatory oversight marks a pivotal moment for the sector—one that could shape how these platforms exist within the broader crypto and financial ecosystem.

TLDR

• OpenAI is in advanced talks to purchase electricity from Helion Energy under a long-term supply framework.
• The proposed agreement would grant OpenAI 12.5% of Helion’s projected power output.
• The allocation could reach 5 gigawatts by 2030 and expand to 50 gigawatts by 2035.
• Helion raised $425 million in January 2025, bringing its valuation to $5.425 billion post-money.
• Sam Altman stepped down as Helion’s board chair and recused himself from the OpenAI discussions.

OpenAI is negotiating a large electricity purchase from Helion Energy to secure a long-term power supply. The proposed framework would allocate 12.5% of Helion’s projected output to OpenAI. The talks reflect a direct move toward energy procurement as computing demand accelerates.

OpenAI and Helion outline multi-gigawatt power framework

OpenAI is in advanced discussions to purchase electricity from Helion Energy, according to Axios. The proposed structure would grant OpenAI 12.5% of Helion’s future output. That share would equal 5 gigawatts by 2030 under current projections.

Axios reported that the allocation could increase to 50 gigawatts by 2035. A 5 gigawatt commitment would rank among the largest for a single customer. Meanwhile, 50 gigawatts would align with infrastructure planning at a national scale.

Sources told Axios that both parties continue to negotiate key terms. The agreement remains conditional, and several issues remain unresolved. These issues include the location of future power production sites.

Sam Altman previously invested heavily in Helion Energy. However, Axios reported that Altman stepped down as Helion’s board chair. He also recused himself from OpenAI’s deal discussions to address conflict concerns.

Helion believes it is nearing scientific breakeven in fusion development. Breakeven marks the point where fusion generates more energy than it consumes. Yet no private fusion company has achieved that milestone to date.

Funding history and prior fusion agreements shape talks

Helion Energy raised $425 million in a Series F round in January 2025. The funding valued the company at $5.425 billion post-money. Total funding has now surpassed $1 billion.

SoftBank Vision Fund 2, Mithril Capital, and Good Ventures Foundation backed the round. Sam Altman previously led Helion’s $500 million Series E round in 2021. These investments positioned Helion among the most capitalized private fusion firms.

In 2023, Helion signed the world’s first fusion power purchase agreement with Microsoft. The agreement targets delivery of at least 50 megawatts by 2028. In July 2025, Helion secured land and began building its first fusion plant.

Google has pursued a separate path through Commonwealth Fusion Systems. In June 2025, Google agreed to purchase 200 megawatts from CFS’s ARC plant in Virginia. Both companies described the transaction as a major fusion milestone.