Helion Energy will deliver the world's first commercial fusion electricity — the 50 MW Orion plant in Malaga, Washington — to Microsoft by 2028 under the industry's first fusion power-purchase agreement.

Helion Energy will deliver the world's first commercial fusion electricity — the 50 MW Orion plant in Malaga, Washington — to Microsoft by 2028 under the industry's first fusion power-purchase agreement. | Helion scientific breakeven announcement

Key catalyst: Helion scientific breakeven announcement

Watch events: Polaris Q-factor disclosures; Orion groundbreaking; Helion first grid electricity

Helion Polaris 7th-gen prototype achieved 150M °C Feb 2026; Microsoft 2023 PPA publicly binding; Malaga, WA site under development. 2028 timeline considered aggressive by most fusion researchers.

Beneficiaries (22)

{
  "nia": false,
  "qty": "50 MW",
  "mode": "FORECAST",
  "role": "Cited-CEO",
  "context": "Altman has personally invested $375M in Helion. Pulsed magneto-inertial (non-ignition) architecture; deuterium-helium-3 fuel. Timeline drawing intense skepticism from ITER-tradition physicists, but Polaris prototype reached 150 million °C plasma Feb 2026.",
  "to_year": 2028,
  "conv_cues": "named plant; specific customer; explicit year",
  "direction": "NUMERIC_TARGET",
  "from_year": 2028,
  "timeframe": "by 2028",
  "conv_level": "HIGH",
  "milestones": [
    {
      "kind": "llm_pre_event",
      "label": "Helion secures land and breaks ground on Orion fusion plant in Malaga WA",
      "notes": "HIT - Helion publicly broke ground at the Malaga WA site in July 2025.",
      "source": "S&P Global - Helion Energy breaks ground on fusion power plant slated to be online in 2028",
      "status": "hit",
      "weight": 0.4,
      "ordinal": -8,
      "source_id": null,
      "confidence": 0.99,
      "source_url": "https://www.spglobal.com/energy/en/news-research/latest-news/electric-power/073025-helion-energy-breaks-ground-on-fusion-power-plant-slated-to-be-online-in-2028",
      "expected_date": "2025-07-30",
      "observed_date": "2025-07-30",
      "research_origin": "deep_research",
      "measurement_criterion": "Helion publicly announces start of construction at the Malaga WA Orion site"
    },
    {
      "kind": "llm_pre_event",
      "label": "Helion granted Conditional Use Permit for High Impact Utility Facility",
      "source": "Helion Energy - Approvals for next phase of construction announcement",
      "status": "hit",
      "weight": 0.4,
      "ordinal": -7,
      "source_id": null,
      "confidence": 0.99,
      "source_url": "https://www.helionenergy.com/articles/helion-receives-approvals-for-next-phase-of-construction-of-worlds-first-commercial-fusion-power-plant/",
      "expected_date": "2025-10-31",
      "observed_date": "2025-10-31",
      "research_origin": "deep_research",
      "measurement_criterion": "Chelan County issues Conditional Use Permit allowing fusion power generation at Orion site"
    },
    {
      "kind": "llm_pre_event",
      "label": "Helion Polaris test reactor demonstrates first electricity generation",
      "notes": "Helion stated it remains on track for electricity generation from Polaris in 2025 - has slipped, now an open near-term test.",
      "source": "Helion Energy public statements / Datacenter Dynamics",
      "status": "overdue",
      "weight": 0.4,
      "ordinal": -6,
      "source_id": null,
      "confidence": 0.55,
      "source_url": "https://www.datacenterdynamics.com/en/news/helion-begins-work-at-fusion-plant-expects-to-deliver-power-to-microsoft-by-2028/",
      "expected_date": "2026-04-01",
      "miss_emitted_at": "2026-05-02T22:07:21.384228+00:00",
      "miss_emitted_by": "metadata_milestone_sweep",
      "research_origin": "deep_research",
      "expected_date_range": {
        "to": "2026-09-30",
        "from": "2025-10-01"
      },
      "measurement_criterion": "Helion publicly demonstrates net or gross electricity production from its Polaris test reactor"
    },
    {
      "kind": "llm_pre_event",
      "label": "Helion completes follow-on funding round to scale Orion construction",
      "source": "Helion Energy - 425M USD Series F announcement",
      "status": "pending",
      "weight": 0.4,
      "ordinal": -5,
      "source_id": null,
      "confidence": 0.65,
      "source_url": "https://www.helionenergy.com/articles/helion-announces-425m-series-f-investment-to-scale-commercialized-fusion-power/",
      "expected_date": "2026-09-30",
      "research_origin": "deep_research",
      "expected_date_range": {
        "to": "2027-06-30",
        "from": "2026-01-01"
      },
      "measurement_criterion": "Helion announces 300M USD or larger follow-on raise to fund Orion build-out through 2028 commissioning"
    },
    {
      "kind": "quartile_checkp
... (truncated)