Tech
Every fusion startup that has raised over $100M
Over the last several years, fusion power has gone from the butt of jokes — always a decade away! — to an increasingly tangible and tantalizing technology that has drawn investors off the sidelines.
The technology may be challenging to master and expensive to build today, but fusion promises to harness the nuclear reaction that powers the sun to generate nearly limitless energy here on Earth. If startups are able to complete commercially viable fusion power plants, then they have the potential to upend trillion-dollar markets.
The bullish wave buoying the fusion industry has been driven by three advances: more powerful computer chips, more sophisticated AI, and powerful high-temperature superconducting magnets. Together, they have helped deliver more sophisticated reactor designs, better simulations, and more complex control schemes.
It doesn’t hurt that, at the end of 2022, a U.S. Department of Energy lab announced that it had produced a controlled fusion reaction that produced more power than the lasers had imparted to the fuel pellet. The experiment had crossed what’s known as scientific breakeven, and while it’s still a long ways from commercial breakeven, where the reaction produces more than the entire facility consumes, it was a long-awaited step that proved the underlying science was sound.
Founders have built on that momentum in recent years, pushing the private fusion industry forward at a rapid pace.
Commonwealth Fusion Systems
Commonwealth Fusion Systems (CFS) has raised about a third of all private capital invested in fusion companies to date. Its latest round, which closed in August, added $863 million to its coffers, bringing its total raised near $3 billion.
CFS’s Series B2 came four years after its $1.8 billion Series B, which helped catapult the company into the pole position. Since then, the startup has been hard at work in Massachusetts building Sparc, its first-of-a-kind power plant intended to produce power at what it calls “commercially relevant” levels.
Sparc’s reactor is a tokamak design, which resembles a doughnut. The D-shaped cross section is wound with high-temperature superconducting tape, which, when energized, generates a powerful magnetic field that will contain and compress the superheated plasma. Heat generated from the reaction is converted to steam to power a turbine. CFS designed its magnets in collaboration with MIT, where co-founder and CEO Bob Mumgaard worked as a researcher on fusion reactor designs and high-temperature superconductors.
The Massachusetts-based CFS expects to have Sparc operational in late 2026 or early 2027. Later this decade, the company says it will begin construction on Arc, its commercial power plant that will produce 400 megawatts of electricity. The facility will be built near Richmond, Virginia, and Google has agreed to buy half its output.
CFS is backed by a long list of investors, including Breakthrough Energy Ventures, The Engine, Bill Gates, and others.
TAE Technologies
Founded in 1998, TAE Technologies (formerly known as Tri Alpha Energy) was spun out of the University of California, Irvine by Norman Rostoker. It uses a field-reversed configuration, but with a twist: after the two plasma shots collide in the middle of the reactor, the company bombards the plasma with particle beams to keep it spinning in a cigar shape. That improves the stability of the plasma, allowing more time for fusion to occur and for more heat to be extracted to spin a turbine.
In December 2025, TAE announced that it would merge with President Donald Trump’s social media company, Trump Media & Technology Group. The all-stock transaction would value the combined company at $6 billion. TAE would receive $200 million plus another $100 million upon filing paperwork with the Securities and Exchange Commission. TAE CEO Michl Binderbauer will serve as co-CEO of the combined company alongside Devin Nunes, who had been sole CEO of Trump Media.
The fusion startup had previously raised $150 million in June from existing investors, including Google, Chevron, and New Enterprise. Before the merger, TAE had raised a total of $1.79 billion, according to PitchBook.
Helion
Of all fusion startups, Helion has the most aggressive timeline. The company plans to produce electricity from its reactor in 2028. Its first customer? Microsoft.
Helion, based in Everett, Washington, uses a type of reactor called a field-reversed configuration, where magnets surround a reaction chamber that looks like an hourglass with a bulge at the point where the two sides come together. At each end of the hourglass, the reactor spins the plasma into doughnut shapes that are shot toward each other at more than 1 million mph. When they collide in the middle, additional magnets help induce fusion. When fusion occurs, it boosts the plasma’s own magnetic field, which induces an electrical current inside the reactor’s magnetic coils. That electricity is then harvested directly from the machine.
The company most recently raised $465 million in June in a Series G that valued the company at $15.5 billion. Its previous round, announced in January 2025, totaled $425 million. Altogether, Helion says it has raised $1.5 billion. Investors include Sam Altman, SoftBank Vision Fund 2, Reid Hoffman, KKR, BlackRock, Peter Thiel’s Mithril Capital Management, and Capricorn Investment Group.
Pacific Fusion
Pacific Fusion burst out of the gate with a Series A that topped $1 billion, the startup has told TechCrunch. That’s a whopping sum even among well-funded fusion startups. The company will use inertial confinement to achieve fusion, but instead of lasers compressing the fuel, it will use coordinated electromagnetic pulses. The trick is in the timing: All 156 impedance-matched Marx generators need to produce 2 terawatts for 100 nanoseconds, and those pulses need to simultaneously converge on the target.
The company is led by CEO Eric Lander, the scientist who led the Human Genome Project, and president Will Regan. Pacific Fusion’s funding might be massive, but the startup hasn’t gotten it all at once. Rather, its investors will pay out in tranches when the company achieves specified milestones, an approach that’s common in biotech.
Shine Technologies
Shine Technologies is taking a cautious — and possibly pragmatic — approach to generating fusion power. Selling electrons from a fusion power plant is years off, so instead, it’s starting by selling neutron testing and medical isotopes. More recently, it has been developing a way to recycle radioactive waste. Shine hasn’t picked an approach for a future fusion reactor, instead saying that it’s developing necessary skills for when that time comes.
The company has raised a total of $1 billion, according to PitchBook. Investors include Energy Ventures Group, Koch Disruptive Technologies, Nucleation Capital, and the Wisconsin Alumni Research Foundation. The company most recently raised a $240 million round in February led by NantWorks with participation from investors including Deerfield Management, Fidelity Management & Research Company, Oaktree Capital Management, Pelican Energy Partners, and the Sumitomo Corporation of Americas.
General Fusion
Now in its third decade, General Fusion has raised over $600 million. The Richmond, British Columbia-based company was founded in 2002 by physicist Michel Laberge, who wanted to prove a different approach to fusion known as magnetized target fusion (MTF). Investors include Jeff Bezos, Temasek, BDC Capital, and Chrysalix Venture Capital.
In a General Fusion’s reactor, a liquid metal wall surrounds a chamber in which plasma is injected. Pistons surrounding the wall push it inward, compressing the plasma inside and sparking a fusion reaction. The resulting neutrons heat the liquid metal, which can be circulated through a heat exchanger to generate steam to spin a turbine.
General Fusion hit a rough patch in spring 2025. The company ran short of cash as it was building LM26, its latest device that it hoped would hit breakeven in 2026. Just days after hitting a key milestone, it laid off 25% of its staff. CEO Greg Twinney penned an open letter pleading for funding from investors.
In August, they delivered somewhat, injecting $22 million in a pay-to-play round that one investor called “the least amount of capital possible” to keep General Fusion afloat. Then in November, securities filings in Canada revealed that the company had raised $51.1 million in SAFE notes from nearly 70 investors, the Globe and Mail reported. Altogether, it has raised $612 million, according to PitchBook.
In January, General Fusion said it would go public via a reverse merger with a special purpose acquisition company. Assuming the deal closes as planned, General Fusion could bring in an additional $335 million.
Inertia Enterprises
Only one fusion experiment, the National Ignition Facility (NIF), has surpassed scientific breakeven, and the chief scientist of that endeavor, Annie Kircher, is part of Inertia Enterprises founding team. She’s joined by Mike Dunne, a Stanford professor, and Jeff Lawson, who co-founded Twilio and currently owns The Onion. In April, the startup signed three agreements to commercialize the technology developed at the NIF.
Inertia plans to use lasers to bombard fusion fuel pellets, an inertial confinement design that echoes the one Kircher successfully used at the NIF. Inertia Enterprises emerged from stealth in February with $450 million in Series A funding in a round led by Bessemer Venture Partners with participation from GV, Modern Capital, Threshold Ventures, and others.
Focused Energy
Germany-based Focused Energy is another fusion startup that traces its lineage to the National Ignition Facility (NIF). In addition to using laser pulses to compress a fuel target, the company has hired Debbie Callahan as its chief strategy officer. Callahan helped design the fuel target at NIF. Her job at Focused Energy will be to figure out how to turn the NIF’s painstakingly crafted fuel target into something that can be mass manufactured at a rate of nearly 1 million per day.
Focused Energy raised an oversubscribed $240 million Series A in June, bringing its total private capital raised to $400 million. The company has also received $200 million in grants. Investors include the German Federal Agency for Breakthrough Innovation (SPRIND), Prime Movers Lab, and the utility RWE, which has granted Focused Energy access to a decommissioned nuclear fission power plant it operates.
Tokamak Energy
Tokamak Energy takes the usual tokamak design — the doughnut shape — and squishes it, reducing its aspect ratio to the point where the outer bounds start resembling a sphere. Like many other tokamak-based startups, the company uses high-temperature superconducting magnets (the rare earth barium copper oxide, or REBCO, variety). Since its design is more compact than a traditional tokamak, it requires less in the way of magnets, which should reduce costs.
The Oxfordshire, U.K.-based startup’s ST40 prototype, which looks like a large, steampunk Fabergé egg, generated an ultra-hot, 100-million degree Celsius plasma in 2022. Its next generation, Demo 4, is currently under construction and is intended to test the company’s magnets in “fusion power plant-relevant scenarios.” Tokamak Energy raised $125 million in November 2024 to continue its reactor design and expand its magnet business. In April, the startup said it would be supplying magnets for the U.K.’s STEP Fusion program, a government program that is working toward a spherical tokamak-based power plant.
In total, the company has raised $336 million from investors, including Future Planet Capital, In-Q-Tel, Midven, and Capri-Sun founder Hans-Peter Wild, according to PitchBook.
Zap Energy
Zap Energy isn’t using high-temperature superconducting magnets or super-powerful lasers to keep its plasma confined. Rather, it zaps the plasma (get it?) with an electric current, which then generates its own magnetic field. The magnetic field compresses the plasma to about 1 millimeter, at which point ignition occurs. The neutrons released by the fusion reaction bombard a liquid metal blanket that surrounds the reactor, heating it up. The liquid metal is then cycled through a heat exchanger, where it produces steam to drive a turbine.
The startup announced a partial pivot in April, saying it will pursue a hybrid power plant that employs both nuclear fusion and fission. It also hired a new CEO, Zabrina Johal, who has expertise in the fission industry. Zap claims the move will help it bring in revenue earlier than fusion alone.
The Everett, Washington-based company has raised $327 million, according to PitchBook. Backers include Bill Gates’ Breakthrough Energy Ventures, DCVC, Lowercarbon, Energy Impact Partners, Chevron Technology Ventures, and Bill Gates as an angel.
Type One Energy
Stellarator startup Type One Energy is planning to build a fusion reactor on the site of a retired Tennessee Valley Authority (TVA) coal power plant. The magnetic confinement device is expected to generate 350 megawatts of electricity, and the company hopes to bring it online by the mid-2030s.
Unlike other fusion startups, Type One plans to sell key technology to organizations like the TVA, allowing them to build, own, and operate the equipment, similar to how many fossil fuel power plants are developed today. Type One has raised $269 million to date, including an $87 million equity round in advance of a $250 million Series B that the company is currently raising.
Proxima Fusion
Most investors have favored large startups that are pursuing tokamak designs or some flavor of inertial confinement. But stellarators have shown great promise in scientific experiments, including the Wendelstein 7-X reactor in Germany.
Proxima Fusion is bucking the trend, though, having attracted a €130 million Series A that brings its total raised to more than €185 million. Investors include Balderton Capital and Cherry Ventures.
Stellarators are similar to tokamaks in that they confine plasma in a ring-like shape using powerful magnets. But they do it with a twist — literally. Rather than force plasma into a human-designed ring, stellarators twist and bulge to accommodate the plasma’s quirks. The result should be a plasma that remains stable for longer, increasing the chances of fusion reactions.
Kyoto Fusioneering
With all the startups pursuing fusion power, it was perhaps inevitable that another would pop up to develop components that round out a power plant. The so-called balance of plant, or the parts that sit outside the reactor, range from gyrotrons that heat plasma to heat extraction systems to harvest power from fusion reactions to turn it into electricity.
Kyoto Fusioneering has made an early bet that if even one fusion startup succeeds in generating enough power to sell to the grid, that the industry will need a supplier for the balance of plant and the expertise to integrate it into whichever fusion technologies win out.
Venture capitalists appear to agree, having invested $191 million in Kyoto Fusioneering. Investors include 31Ventures, In-Q-Tel, JIC Venture Growth Investments, Mitsubishi, and Sumitomo Mitsui Trust Investment.
Marvel Fusion
Marvel Fusion follows the inertial confinement approach, the same basic technique that the National Ignition Facility used to prove that controlled nuclear fusion reactions could produce more power than was needed to kick them off. Marvel fires powerful lasers at a target embedded with silicon nanostructures that cascade under the bombardment, compressing the fuel to the point of ignition. Because the target is made using silicon, it should be relatively simple to manufacture, leaning on the semiconductor manufacturing industry’s decades of experience.
The inertial confinement fusion startup is building a demonstration facility in collaboration with Colorado State University, which it expects to have operational by 2027. Munich-based Marvel has raised a total of $162 million from investors including b2venture, Deutsche Telekom, Earlybird, and HV Capital with Taavet Hinrikus and Albert Wenger as angels.
Thea Energy
Thea Energy is betting its pixel-inspired magnets will help it build a stellarator for less money. Stellarators can keep plasmas burning for long periods of time — a boon when it comes to running a commercial power plant — but to do so, they require twisty magnetic fields. Most stellarators build magnets that mimic that complex shape, but Thea Energy thinks that by wreathing its doughnut-shaped reactor in dozens of smaller magnets, it can use control software to create the necessary kinks.
In May, Thea raised $100 million in a Series B led by the U.S. Innovative Technology Fund, just over two years after a $20 million Series A. Across all rounds, the startup has raised $130 million in private capital. Other investors include Prelude Ventures, Lowercarbon Capital, Hitachi Ventures, and Emerald Technology Ventures.
First Light Fusion
Unlike many other fusion startups, First Light Fusion doesn’t use magnets to generate the conditions necessary for fusion. Instead, it follows an approach known as inertial confinement, in which fusion fuel pellets are compressed until they ignite.
But even then, First Light doesn’t hew to orthodoxy. Most attempts at inertial confinement use lasers to do the dirty work, following the lead of the National Ignition Facility, which produced a groundbreaking experiment in 2022. Rather, First Light fires a projectile at a target using a two-stage gun; the first stage uses gunpowder to fire a plastic piston that compresses hydrogen to 145,000 psi, which then launches the projectile. The target is designed to amplify the force of the impact so it compresses the fuel to the point of ignition.
In March 2025, First Light announced that it would not pursue building its own power plant, instead offering its core technologies to other companies to build one. A spokesperson for First Light said that it is planning to build “pulsed power capability that would act as our demonstrator plant but would have other science and defense applications.” In other words, the company was dropping its plans for a power plan in a quest for revenue.
Based in Oxfordshire, U.K., First Light has raised $108 million from investors including Invesco, IP Group, and Tencent, according to PitchBook.
Xcimer
Though nothing about fusion can be described as simple, Xcimer takes a relatively straightforward approach: follow the basic science that’s behind the National Ignition Facility’s breakthrough net-positive experiment and redesign the technology that underpins it from the ground up. The Colorado-based startup is planning to build a 10-megajoule laser system, 5x more powerful than the NIF setup that made history. Molten salt walls surround the reaction chamber, absorbing heat and protecting the first solid wall from damage. In June, Xcimer turned on Phoenix, a prototype system that it says is the most powerful privately owned laser in the world.
Founded in July 2022, Xcimer has raised $100 million from investors, including Hedosophia, Breakthrough Energy Ventures, Emerson Collective, Gigascale Capital, and Lowercarbon Capital.
This story was originally published in September 2024 and will be continually updated.
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Deductive AI, a startup that uses AI to catch and resolve bugs in software, has agreed to be sold to enterprise software company Elastic for up to $85 million, according to a person with knowledge of the deal.
Deductive, which was founded in 2023, came out stealth last November when it announced a $7.5 million seed round led by CRV with participation from Databricks Ventures, Thomvest Ventures, and PrimeSet. The investment valued the startup at $33 million, according to PitchBook.
Elastic and Deductive did not respond to multiple requests for comment. TechCrunch will update this article if either company responds.
The sale marks a speedy exit for Deductive, which is operating in a fast-growing sector known as AI site reliability engineering (AI SRE). Building AI-powered SRE tools has become an important area, driven by the massive influx of AI-written code. Replacing manual debugging with AI enables human SREs to shift focus from constantly fixing outages and other problems to spending more time on helping with product development.
The acquisition reflects a broader trend in which established tech incumbents are looking to buy AI-native startups to integrate agentic technologies into their existing product suites, the source told TechCrunch.
Elastic, which went public in 2018, is best known for Elasticsearch, the search and analytics engine that helps organizations store, search, analyze, and monitor large amounts of data in near real time.
The company’s observability software — essentially tools that let engineers monitor software systems and detect security threats — could benefit from Deductive’s tech. According to the source, integrating Deductive’s AI technology into Elastic will enhance its observability platform by giving customers tools to automatically monitor performance and resolve system failures in real time.
Deductive was co-founded by Rakesh Kothari, who was previously VP of engineering at Lightspeed-backed business analytics startup ThoughtSpot, and Sameer Agarwal, who formerly worked at Apache Software Foundation and Meta. Agrawal was one of the founding engineers at Databricks.
While Deductive reached roughly $1 million in annual recurring revenue (ARR,) according to the source, the startup’s growth lagged behind Resolve AI, one of the sectors’ perceived early winners. The two-year-old Resolve was co-founded by former Splunk executive Spiros Xanthos and Mayank Agarwal. The Greylock and Lightspeed-backed startup was last valued at $1.5 billion when it raised a $40 million Series A extension in April.
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Apple TV will stream an entire Formula 1 race weekend free to U.S. viewers for the first time, opening every Austrian Grand Prix session to fans without a subscription.
Viewers in the United States will be able to watch all Formula 1 Austrian Grand Prix sessions live through Apple TV at no cost. The free access runs from June 26 through June 28 and includes every on-track session, from practice and qualifying to Sunday’s Grand Prix.
The schedule begins with Practice 1 at 7:30 a.m. Eastern on June 26, followed by Practice 2 at 11 a.m. Practice 3 starts at 6:30 a.m. on June 27, with qualifying at 10 a.m. The Austrian Grand Prix is scheduled to begin at 9 a.m. Eastern on June 28.
Apple said the Austrian Grand Prix marks the first time it has made an entire Formula 1 race weekend available free to viewers in the United States. The company has offered free sports programming before, but this promotion includes every Formula 1 session across a race weekend rather than a single event.
Opening every Formula 1 session to non-subscribers gives fans a chance to follow the entire race weekend, not just Sunday’s Grand Prix. Practice sessions shape car setups and race strategy, while qualifying determines the starting grid.
Why Apple is opening a Formula 1 weekend for free
The promotion arrives as Formula 1 continues to draw a larger audience in the United States. Following a full race weekend typically requires access to paid television or streaming services.
The Austrian Grand Prix gives casual viewers a chance to watch every session without paying for access.
The free weekend also gives Apple a chance to put Apple TV in front of viewers who may not regularly use the platform. Fans can follow the weekend from practice through qualifying and the Grand Prix itself.
Apple hasn’t said whether similar free Formula 1 weekends will follow. For now, the Austrian Grand Prix is Apple’s first effort to make an entire Formula 1 race weekend available free to U.S. viewers.
An anonymous reader shared this report from the Associated Press:
Officials in Kansas City, Missouri, are preparing to equip cameras on some public buses with facial recognition software capable of identifying passengers who appear on a list of banned riders or missing persons. Supporters and opponents alike view the effort as a major litmus test for tapping the AI-powered software on a U.S. public transportation system, positioning Kansas City as the latest epicenter of a fierce debate over whether the safety benefits of artificial intelligence are worth the privacy costs.
“The idea of running face recognition on a camera that is pointed on live spaces in public is a line that until recently has never really been crossed in the last 25 years,” said Jay Stanley, senior policy analyst for the Project on Speech, Privacy and Technology at the American Civil Liberties Union. The state of Missouri declined to help fund the project as expected due to concerns with the facial recognition component. Still, the city is pushing ahead with local and federal money, said Tyler Means, chief mobility and strategy officer at the Kansas City Transportation Authority. “Privacy is always a tricky thing,” Means said. “We’ve always had cameras on our buses. It’s just new technology. I think in time it’ll smooth over and people will realize, ‘Well, it didn’t really feel any different’….”
Images captured by cameras aboard the buses would immediately be checked against any active alerts, generated when a missing person, banned rider or someone on a law enforcement watch list designated by the transportation authority is identified… After the buses return to the depot, the transportation authority would archive the regular video footage on a local server for up to five years.
The company partnering with Kansas City to run the cameras “started using live facial recognition years ago to alert nursing homes when residents left the building,” according to the article, and then “brought the technology to correctional institutions and schools.” But this is its first attempt at bringing its cameras onto public transportation.
The article also includes this quote from Will Owen, communications director for the Surveillance Technology Oversight Project. “City residents should not be guinea pigs for transit systems to test Silicon Valley’s latest unproven, biased surveillance tech.”
On June 11, Kalshi released a buzzy ad featuring noted New York Knicks fan Timothée Chalamet. It was a zeitgeist-capturing moment for prediction markets, akin to the 2022 Super Bowl, when seemingly every commercial featured a celebrity shilling crypto.
Yet when I brought Chalamet’s spot up with attendees at Manifest, a recent festival for prediction markets, I was mostly met with blank stares. These conference goers—a mix of academics, startup founders, job seekers, and players in the markets—hadn’t even heard about it. They were too busy thinking about the bigger picture and the risks facing markets.
Their confusion was the perfect encapsulation of a battle that I observed again and again that weekend: The way forecasting philosophers see the markets (tools for the greater good) is very different from how the vast majority of the world sees them (a way to bet on sports).
“We were all waiting for so long to be in the world we’re in now,” Dan Schwarz, the cofounder and chief executive officer of FutureSearch, an artificial intelligence research and prediction startup, tells me. But the platforms have run into problems, from insider trading to sports contracts that, Schwarz worries, are fueling addiction. To outweigh these harms, “prediction markets would have to deliver a lot more value than they are now.”
The prognosticators, it turns out, are concerned that the very thing that’s made prediction markets a global phenomenon could be their undoing.
This year’s iteration of Manifest took place at Lighthaven, an idyllic compound in Berkeley, California. The campus, which takes up about half a city block, also functions as the epicenter of the rationalist movement, which, among other things, prioritizes the safe development of AI and effective altruism.
The vibe skewed heavily male but was still eclectic. Clusters of twenty- and thirty-somethings huddled over laptops in the Tudor-style main house, and someone told me I looked like a guy who would have a stick of gum. Talks about markets jostled for attention alongside sessions about the odds that AI will kill us all and lessons on how to optimize your sex life. There was a furry meetup and watch parties for the first US World Cup match and game 5 of the NBA Finals. (I couldn’t find anyone who had put money on either event, though a few attendees told me they knew of folks who had made bank.) There were markets on play-money platform Manifold about the festival itself, like whether someone would break a bone (still unresolved) and whether Caroline Ellison would show up (yes).
Still, the broader background conditions were wildly different from previous years. Though Kalshi and Polymarket had sponsored the event in past years, they were AWOL this year. Both companies declined to comment on the change. Last year, Kalshi held a session on sports markets, which it had launched just six months earlier. This year, the companies are facilitating billions of dollars in sports trades during an especially friendly political era at the national level.
Sports were also conspicuously absent during a session on strategies for mastering markets around world events and politics. I caught up with David Bensoussan, the session’s organizer, who has made $1.6 million in profits on the platform, under the boughs of one of Lighthaven’s trees.
“The truth-seeking mechanism that prediction markets can have in terms of predicting things and making the population more informed—what on Earth does that have to do with sports?” he asks, wrapped in a blanket to ward off the chill of Bay Area shade.
An average visitor is expected to spend around $5,400 in the US—far above the $720-$2,500 visitors to Qatar spent in 2022.
Transport at this year’s tournament is fundamentally different from that of the one-city tournament in Qatar, or in Russia in 2018, which provided free public transportation and an additional 500 trains to help people get around.
This year, because of the vast distances, the only option for fans and teams is flights, which airlines have been adding to accommodate potential World Cup travelers.
“Teams and fans now must factor in flights, not metro rides, and the carbon and cost implications are real,” Anagnostopoulos says.
The need to book flights, not trains or taxis, may also be decreasing demand for hotels simply because the travel costs are too high for some people. “US hotels are already reporting bookings below expectations,” Anagnostopoulos says. “Scale doesn’t guarantee the crowds will show up.”
Security
For organizers and host cities, the scale of the tournament demands a massive investment in security, including against threats that would have barely crossed the minds of previous hosts.
The US federal government has issued $625 million in grants for host cities to address security issues. On top of that, the Department of Homeland Security has made over $200 million worth of grants available to states to buy anti-drone technology, with the US State Department highlighting hostile actors’ increasing access to drones and other technology.
In Canada, federal authorities have issued around $104 million worth of grants to host cities Vancouver and Toronto. That brings total public grants in Canada and the US alone to nearly $1 billion—likely just a fraction of the real costs of securing the tournament.
The size of the tournament, and the fact that it crosses borders, has pushed the price tag higher.
“Qatar 2022 benefited from a highly compact geography, with venues operating within a relatively unified environment. The 2026 World Cup will involve multiple cities, jurisdictions, agencies, and technology ecosystems across the United States, Canada, and Mexico,” says Leo Levit, chair of Onvif, a membership body focused on standardization of physical security products.
“The challenge is not simply the number of systems involved, but whether those systems can exchange information efficiently,” he adds.
The Future of the World Cup
The numbers tell a story of a tournament straining under its own ambition. It’s not yet clear whether these investments will pay off in terms of tickets bought and advertising slots sold. Why, then, is FIFA pursuing growth at all costs?
According to Simon Chadwick, professor of sport and geopolitical economy at the international SKEMA Business School, the reason may be growing competition from other sports.
“What [FIFA president Gianni] Infantino is trying to do is to ensure that football remains robust, relevant, prominent and that it doesn’t begin losing market share—to the NBA, which is in China, India, Africa, and the Gulf region; to the NFL, which is making moves on Europe; and to Formula One, which has grown hugely in popularity, particularly in North America,” Chadwick says.
Rumor mill: According to a source familiar with the matter and proposed legislative language reviewed by Reuters, Meta has lobbied Congress to include a provision in the Kids Online Safety Act (KOSA) that would limit companies’ exposure to child safety and privacy lawsuits. The proposal would grant platforms immunity from state-level child-harm claims involving users under 18, a change that could undercut thousands of lawsuits already filed.
The proposal comes as lawmakers and courts increasingly scrutinize how social media platforms are designed and used by minors. Features such as infinite scrolling, activity notifications, and appearance-altering photo filters – key tools for driving user engagement – have become central to legal and regulatory battles over youth safety. Critics argue these features can encourage compulsive use, particularly among younger users.
KOSA directly targets those design choices. The bill would require companies to take reasonable steps to reduce risks associated with minors’ use of their platforms, including design elements that encourage prolonged engagement. In other words, the legislation focuses not only on the content users see, but also on the systems designed to keep them online.
At the same time, Meta’s liability proposal could reshape how families and schools pursue lawsuits over those features. The proposed language would make companies “immune from suit or liability under state law with respect to all claims for loss caused by, arising out of, relating to, or resulting from the safety or privacy of individuals under the age of eighteen online or otherwise related to the provisions” of KOSA. It would also override certain state laws governing children’s online protections.
Meta has framed the proposal as a way to establish consistent national standards rather than avoid accountability. Company spokesperson Stephanie Otway said the provision “does not extinguish existing lawsuits, nor does it represent blanket immunity.”
Instead, she said, it is intended to create “uniform national standards for online youth safety, ensuring these critical issues are governed by comprehensive federal legislation, not plaintiffs’ lawyers or patchwork state legislation.”
That interpretation is disputed by legal advocates. Julia Duncan of the American Association for Justice told Reuters that the language, as written, could have sweeping consequences for ongoing litigation. “The language is pretty clear-cut immunity against every parent, every school district, that is seeking to hold any AI or social media company accountable for harm” to children, Duncan said. “There is no other way to read this language.”
The legal stakes are not theoretical. Meta and Google’s YouTube are already facing thousands of lawsuits over alleged harms to minors. Earlier this year, the companies lost the first case to go to trial, resulting in a combined $6 million in damages. Both have said they plan to appeal.
Behind the scenes, the liability proposal appears tied to broader negotiations over KOSA’s future. The bill, sponsored by Senators Marsha Blackburn and Richard Blumenthal, passed the Senate in 2024 with strong bipartisan support but stalled in the House. It has since been reintroduced and is now part of discussions involving the White House, as well as other measures related to artificial intelligence and federal preemption of state laws.
A spokesperson for Blackburn said the office had not seen the specific liability language and would not support it.
According to the source, Meta has offered to drop its opposition to KOSA if the provision is included – a signal of how high the stakes have become for companies whose core products rely on engagement-driven design. For engineers and product teams, the result could reshape how they design recommendation algorithms, notifications, and interface features for users under 18.
For now, the issue remains unsettled. Lawmakers are trying to impose guardrails on the very technologies that define modern social platforms, while companies are seeking clearer – and potentially narrower – rules on how those systems can be challenged. It is not yet clear how Congress will reconcile these competing aims.
As India searches for a homegrown contender in the global artificial intelligence race, billionaire Mukesh Ambani is positioning Reliance Industries as a national champion, rolling out AI services for phone calls, mobile apps, and connected homes.
At its annual shareholder meeting on Friday, the Mumbai-based conglomerate announced Jio Call Agent, an AI assistant that can join phone calls to transcribe conversations, generate summaries, and perform tasks such as booking cabs, ordering food, and making reservations. The service, which can be activated by saying “Hey Jio,” is expected to launch later this year for Jio’s more than 500 million users.
By embedding the service directly into its telecom network rather than offering it as a stand-alone app, Jio is betting AI assistance can become a native feature of phone calls. The approach could reduce consumers’ reliance on third-party call-assistant apps and give Reliance a powerful distribution advantage in an increasingly crowded AI market.
Reliance also unveiled an AI-powered version of its MyJio app that can perform tasks on behalf of users, from activating eSIMs to selecting roaming plans, through natural-language requests. The company further introduced TeleFrame, a home display that uses AI agents to proactively surface information and recommendations, such as weather alerts, schedules, and household reminders. The product appears to echo a broader industry push toward ambient AI assistants for the home, an area being explored by companies such as Amazon and Google.
The announcements mark the next phase of Reliance’s AI ambitions as India seeks to build domestic capabilities in a field largely dominated by U.S. and Chinese technology companies. The push follows the launch of Reliance Intelligence last year, through which the conglomerate aims to develop AI infrastructure and services for consumers, businesses, and governments, including applications that support 22 Indian languages.
“India should not be a mere consumer of AI created elsewhere. It must become a creator, adopter, and a global leader in AI,” Ambani, age 69, said.
Reliance has been ramping up its AI ambitions through partnerships with Google, Meta, and Nvidia. Earlier this year, the company announced plans to invest $110 billion in AI infrastructure as it seeks to establish itself as a major player in India’s emerging AI ecosystem.
At the shareholder meeting, Reliance also unveiled a suite of AI services for healthcare, education, agriculture, and small businesses. The products, branded JioHealthIQ, JioLearnIQ, JioKrishiIQ, and AI Vyapar, are designed to operate across multiple Indian languages and cater to local needs, the company said.
The shareholder meeting also brought a major development for investors awaiting Jio’s stock market debut. Ambani said Jio Platforms’ board had approved a draft prospectus for an initial public offering that would include a fresh issue of up to 270 million shares, according to a stock exchange filing.
The announcements also raise questions about how Reliance will handle user data as it expands AI services across phone calls, mobile apps, and connected homes. While the company said the services would operate with user consent, it did not answer questions about whether data generated through the products could be used to train AI models or shared with technology partners.
Reliance’s AI ambitions come as Indian companies remain heavily reliant on foreign AI models and cloud providers. Recent restrictions on access to some of Anthropic’s latest models have underscored that dependency, showing how decisions made overseas can affect startups and businesses building AI products in India — the kind of supply-chain risk that’s pushing Indian conglomerates toward building their own stack rather than renting someone else’s.
Last week, Reliance announced a collaboration with Meta to establish an AI data center in the western state of Gujarat, building on Meta’s earlier investment in Jio Platforms and a joint venture launched last year to develop AI solutions for enterprise customers in India and overseas markets.
Reliance is not alone in pursuing AI opportunities. Tata Consultancy Services, Infosys, and rival Adani Group have also expanded their AI initiatives and partnerships with global players, including Anthropic, Google, and OpenAI, as India’s largest corporations race to secure a leading role in the country’s AI future.
Nonetheless, for Reliance, the stakes are particularly high; it’s preparing Jio for a long-awaited stock market debut and needs new growth drivers, with the conglomerate’s shares down about 17% this year.
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Seattle startup Gradial continued its hot funding streak, raising another $65 million for its agentic AI platform that automates enterprise marketing.
The Series C round was led by Insight Partners alongside existing investors VMG, Madrona, and PruVen Capital.
Gradial raised $35 million in December and said in a blog post this week that it’s raised over $110 million in the past 16 months, calling it “a testament to the rapid growth” Gradial has seen across its business.
Axios reported that the new round values Gradial at $675 million.
Gradial works by plugging agents into the marketing tools enterprises already use — Adobe, Salesforce, Sitecore — and handling the operational work of getting content live: authoring, QA, brand compliance and routing updates through existing approval chains.
The company also watches for gaps in AI-generated search results, with agents that can draft and publish fixes automatically — without a human queuing up an agency ticket.
Customers include AWS, Prudential, T-Mobile, Vanguard, Kaiser Permanente, and US Bank.
The company was launched in 2023 by four co-founders who met at Dartmouth College: CEO Doug Tallmadge previously worked at SpaceX as a software engineering manager; chief growth officer Anish Chadalavada is a former AI strategy manager at Microsoft and investor at Point72 Ventures; CTO Deip Kumar also worked at SpaceX and Microsoft; and COO Anup Chamrajnagar worked at Point72.
The funding will help Gradial grow its 100-person company across engineering, sales and marketing, according to Axios.
Just as last week was ending, the US government forced Anthropic to pull its two newest models, Fable 5 and Mythos 5, citing national security concerns after Amazon researchers allegedly found a way to bypass Fable 5’s guardrails.
Cybersecurity researchers have since signed an open letter calling the move dangerous, and Anthropic itself noted the same jailbreaks exist in other models. So is this a genuine security concern, or just the latest chapter in a messy relationship between Anthropic and the Trump administration?
On this episode of TechCrunch’s Equity podcast, hosts Anthony Ha, Sean O’Kane, and Rebecca Bellan unpack what the ban means for developers building on Anthropic’s platform and for anyone watching the IPO, why it might accidentally be good for the company, and more of the week’s headlines.
Subscribe to Equity on YouTube, Apple Podcasts, Overcast, Spotify and all the casts. You also can follow Equity on X and Threads, at @EquityPod.
Tech
Former NASA Engineer Mark Rober Built His Own Car Theft Device From a Baby Monitor to Expose a Growing Problem
Professional car thieves have leaned on a quiet radio trick for years to slip past keyless entry systems. Mark Rober, the former NASA engineer known for his glitter bomb videos and hands-on builds, wanted to see exactly how that trick works and whether regular people could defend against it. His latest experiment delivers a clear answer on both fronts.
Rober started by buying a customized relay attack device from a dark net seller accessed through Tor for $12,000 in Bitcoin. Rober believed the risk was worthwhile and put the expensive gadget through a series of preliminary tests after the source provided him with detailed instructions and a warning about self-destruct capabilities in case anyone became too inquisitive. This worked since it could unlock and even start a car, but it took some time and required periodic signal frequency modifications.
When you deconstruct the technology behind these devices, it becomes pretty straightforward. The majority of modern cars transmit a low-pitched radio signal every few seconds to determine whether the accompanying key fob is nearby. When the fob receives the signal and answers with the right code, the car recognizes that the owner is close enough to start the engine or unlock the doors. This is exploited by thieves who creep up on the vehicle and send a louder signal in the direction of the fob, which might be anywhere, such as inside a home or an office. The fob replies as if it is right next to the vehicle.
Rober was determined to make the same car-unlocking device faster and less expensive. He went to a local store, bought a cheap, basic baby monitor for only $12, and tore it up right away. The wireless components of the monitor are ideal for handling that kind of signal, so he tinkered with them to get them to pick up the car’s signal and then rebroadcast it at full blast just next to the fob. He spent less than $200 on his do-it-yourself version, which was a fraction of the price of a real one.
After that, Rober began testing his creation. He would move the antenna around and adjust the power levels in suburban areas until he could consistently unlock the car in ten seconds. After that, he advanced to real-world trials in a controlled setting. Additionally, he was able to obtain a CT scan of the original device without activating its self-destruct features, which greatly aided him in determining which components are truly essential and which may be replaced with less expensive baby monitor technology.
The clincher came when he took the device for a ride in a brand new 2026 Hyundai Sonata, courtesy of streamer JasonTheWeen. Rober got into the car and hotwired it during a Twitch live stream while Jason was busy gaming; since the entire process was being seen by a live audience, it was a slam dunk proof of concept. Later, as promised, Rober presented Jason with a spanking new Rivian.
Then Rober became a little more mischevious, stashing a Sonata with a dozen GPS trackers buried inside in a dangerous neighborhood with a reputation of snatch-and-grab auto thefts. He left it there for five days to see what would happen if someone decided to try their luck – and sure enough, they did. The tracker data revealed that after receiving a parking penalty, the automobile wound up in an impound yard, where a high-definition camera filmed a youngster driving it away.
Rober was first interested in seeing the hack in action, but he soon began to consider how to prevent it from happening again. He discovered that you can effectively stop a relay by simply placing the fob in a metal tin or wrapping it in aluminum foil; bam, the signal is blocked. Problem fixed. Although Rober discovered a few additional solutions to the problem, he also learned that some car manufacturers, such as Kia, are willing to send out free software updates to close the gap.
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