Helion’s Orion fusion plant is under construction in Malaga, Wash., with plans to start operating the facility in 2028. (Helion Photo)
Helion Energy, the Everett, Wash., startup racing to build the world’s first fusion plant, is expanding its semiconductor development and manufacturing efforts. The company today announced a letter of intent with the U.S. Department of Commerce for up to $175 million in funding for a three-year program to support R&D tied to semiconductor technology for commercial fusion energy.
The funds are available through the CHIPS Research and Development Office. Under the deal, which remains to be finalized, Commerce would receive a $175 million non-voting equity interest in Helion.
Helion is also putting $50 million of private investment toward the semiconductor effort.
The semiconductor initiative has two focal areas:
More than $100 million will support R&D and manufacturing in Everett, focused on next-generation, high-voltage semiconductors and advanced packaging, which integrates multiple semiconductor devices into modules for use in its systems.
About $80 million will support R&D for next-generation semiconductor development in partnership with GlobalFoundries, a chip manufacturer with operations in Vermont, New York and overseas.
Helion is working to build a power plant that produces energy from fusion — smashing together small atoms in reactions akin to those that create the sun’s energy. Dozens of companies globally are chasing fusion, but none so far have shown that their technology can make more energy than is required to produce fusion in the first place.
Helion’s system uses powerful electrical pulses to form and compress plasma — an electrically charged gas — to create fusion conditions. As the plasma expands against the machine’s magnetic field, it induces an electrical current in surrounding coils. The system is designed to recover electricity directly rather than using heat to drive a steam turbine.
An example of the semiconductors used in Helion’s fusion systems. (Helion Photo)
High-voltage semiconductors — which are designed to control electricity at high voltages without breaking down — play an essential role in the system and need to operate at optimal efficiency to capture as much energy from the system as possible.
“The CHIPS Act goal, but also specifically our component in it, builds out the high-voltage semiconductor supply chain here in the United States, both on the R&D as well as the manufacturing,” said David Kirtley, Helion’s CEO, in a GeekWire interview.
The work in Everett is expected to create more than 100 jobs. Helion’s workforce already includes a small team of semiconductor experts, and the company will be hiring for roles including materials scientists, semiconductor engineers, technicians and assemblers.
David Kirtley. (LinkedIn Photo)
“This investment expands domestic research, secures critical supply chains, and creates high-paying American jobs,” Secretary of Commerce Howard Lutnick said in a statement.
Congress passed the CHIPS and Science Act with leadership from Washington Sen. Maria Cantwell, and President Joe Biden signed it into law in August 2022. The law included $52.7 billion for semiconductor manufacturing, research and related activities.
Helion has raised more than $1.5 billion from investors. The $50 million for semiconductor work includes private funds already committed to the company and new cash; Kirtley did not specify how much additional funding it’s receiving, but said it includes new investors.
Helion’s expansion into semiconductor work comes as it continues fine-tuning its fusion technology at its Everett facility. At the same time, Helion is building Orion, its commercial-scale fusion plant in Malaga, Wash., near the Columbia River. It has an agreement to supply Microsoft with electricity from the facility and is targeting initial operations in 2028.
“So that’s still the plan,” Kirtley said. “We’re building Orion components and operating our other systems internally, and the work continues in parallel with all of this.”
The company has semiconductors available for use in Orion, primarily sourced from overseas vendors, he said. Kirtley expects some chips developed through the initiative to be used in Orion, potentially late in its construction.
The semiconductor effort adds another development track as Helion pursues the daunting goal of commercializing fusion energy.
“As soon as the award kicks off, we can build out the manufacturing capacity and the testing capacity, and in a parallel, do the research and development into the next generation of semiconductors as well,” Kirtley said.
Q3 2026 VC deal activity by U.S. metro area. Note: PitchBook’s map uses broader regional boundaries than the metro-area figures in this story (PitchBook-NVCA Graphic, click to enlarge.)
That’s more than triple the $1 billion raised in the region in the same quarter a year earlier, according to the PitchBook-NVCA Venture Monitor. It’s also more than $1 billion above the previous quarterly high of about $2.4 billion, reached in late 2018 and again in late 2022.
Most of the money went to a handful of companies building physical things: rockets, satellites, spacecraft and fusion power plants. Three space companies in the region raised $1.6 billion combined: Stoke, Redmond-based Starcloud and Seattle’s Hubble Network.
Nationally, the trend went the other way. U.S. venture funding fell 40% from the prior quarter, to $98.4 billion, as the giant rounds for frontier AI labs that drove the first half of the year tapered off.
Seattle ranked seventh among U.S. metro areas for venture dollars in the quarter. The Bay Area led with $40.7 billion, followed by Los Angeles, New York, Austin, Boston and Denver. Denver’s $4.2 billion came largely from a single $3.9 billion round for AI data center developer Crusoe.
By number of deals, Seattle ranked eighth, with 94.
The total includes Helion’s $500 million round, which the company announced in June but PitchBook counts in the third quarter. Even without it, the quarter would still be the region’s biggest on record.
Companies building software for the AI boom and advanced machinery for space, energy and defense are remaking the Pacific Northwest’s tech economy, and both trends are showing up in full force on the GeekWire 200, our ranking of the region’s top privately held tech startups.
The Fall 2026 update, released Wednesday morning, features a new No. 1: Temporal, the Bellevue, Wash., company whose software keeps AI agents running reliably. It raised $550 million this month at a $12.55 billion valuation, more than double its value earlier this year. Its annualized revenue has passed $250 million, up more than 200% in a year, with customers including OpenAI, Nvidia and Netflix.
Temporal replaces fusion company Helion, now No. 2. Helion grew its Series G round to $500 million and opened a Seattle office as its headcount topped 800, but questions have emerged about its timeline for delivering fusion power to Microsoft by 2028.
Six of the top 10 companies build advanced machinery: fusion reactors, rockets, drones, radar, military vehicles and weed-zapping robots. Several of them spent the quarter scaling up production.
Stoke Space (No. 3), which is developing a fully reusable rocket, jumped three spots after it raised about $1 billion. It’s expanding its rocket test site in Moses Lake.
Brinc (No. 6), which makes drones that police and fire departments send to 911 calls, is moving into a new headquarters and factory in Seattle’s Queen Anne neighborhood with three times the production space of its current plant.
Echodyne (No. 9), which makes compact radar used to detect and track drones, jumped 33 spots into the top 10 after it opened a $40 million factory in Woodinville to meet growing demand for drone detection.
The GeekWire 200 combines objective data, editorial insight and AI analysis of our coverage to provide a broad view of the region’s startup landscape. Dating to 2013, it has long served as a resource for investors, job seekers, service providers and others tracking the regional tech scene.
See the updated GeekWire 200, and continue reading for highlights. Here’s the new top 10.
Durable-execution infrastructure for the agentic-AI stack, valued at $12.55B after a $550M Series E led by Lightspeed, with OpenAI, Nvidia and Snap among its customers.
Kent, Washington • Defense and Space Manufacturing
Building the fully reusable Nova rocket, with roughly $1B raised and its Moses Lake test site expanding to 550 acres ahead of a first flight in early 2027.
Health-data platform built with a consortium of health systems; its co-founders are serving as interim co-CEOs as Terry Myerson retires at the end of September.
Kirkland, Washington • Appliances, Electrical, and Electronics Manufacturing
Radar maker that opened a $40M, 86,000-square-foot factory in Woodinville built for about 30,000 radars a year, and is adding 100 to 200 people on top of 260.
Overland AI (No. 7, up 2): The military autonomy startup landed a Marine Corps contract worth nearly $20 million, which it says makes it the first ground-autonomy company to serve as prime contractor on a military production deal. It also opened a Bay Area office to recruit AI and robotics talent.
Carbon Robotics (No. 8): The laser-weeding company added Plant Profiles, letting farmers tailor its AI model to their own crops and fields.
Dropzone (No. 10, up 3): The maker of autonomous AI agents for security operations enters the top 10 after more than doubling its headcount over the past year, the fastest growth of any company in the top 20.
Starcloud (No. 52, up 23): The Redmond company building data centers in orbit raised $250 million at a $2.3 billion valuation, with Nvidia joining as an investor.
Levanta (No. 72, up 5): The creator-marketing platform raised $22 million and says revenue is up 80% this year.
AIM Intelligent Machines (No. 100, up 10): The autonomous construction startup laid out its vision for self-driving bulldozers on Earth and, eventually, Mars.
Digs (No. 120, up 13): The Vancouver, Wash., homebuilding AI startup raised $25.3 million led by Builders FirstSource, which will offer its platform to 140,000 builder clients.
Augmodo (No. 122, up 23): The maker of AI camera badges for retail workers raised $21 million at a $350 million valuation and is expanding into warehouses, factories and other workplaces.
Nuance Labs (No. 163, up 20): The AI lab founded by former Apple researchers raised a $50 million Series A led by Lightspeed.
NewDays (No. 172, up 14): The dementia-care startup expanded its seed round to $16 million and expanded to Nevada.
New to the list
Entire (debut, No. 101): Former GitHub CEO Thomas Dohmke’s startup launched a distributed Git network built for the load of AI coding agents. It’s the highest debut this quarter.
BrainChild Bio (debut, No. 117): The Seattle Children’s spinout raised $116 million to advance a CAR T therapy for a deadly childhood brain cancer.
BuyWander (debut, No. 124): The retail-returns marketplace moved its headquarters from Spokane to Kent and raised $21 million led by Madrona and Inspired Capital.
Endurance (debut, No. 128): Former SpaceX engineer Andrew Redd’s startup is tapping undersea volcanoes for geothermal power.
General Robotics (debut, No. 130): The Redmond startup led by Microsoft veterans says its AI has cut robot setup from a month to hours.
Thira (debut, No. 140): Apptio co-founders Sunny Gupta and Kurt Shintaffer reunited to launch the enterprise AI startup with $21 million led by Madrona.
Golden Analytics (debut, No. 152): The Bellevue startup led by Francois Ajenstat, Tableau’s longtime chief product officer, is using AI to take on traditional business intelligence tools. It launched with $7 million from NEA and Madrona in April, then added a $14 million extension led by Insight Partners in June, bringing its seed funding to $21 million.
Resect AI (debut, No. 158): The Washougal, Wash., startup launched out of stealth with $25 million to catch AI hallucinations before they happen.
Harell Data (debut, No. 176): Adaptive Biotechnologies co-founder Harlan Robins raised $15 million to connect AI developers with proprietary scientific data.
Noösphere Labs (debut, No. 180): Former Meta AI research director Kevin Carlberg raised $10.25 million from Trilogy and Madrona for the stealth physical AI startup.
Leaving the list
Agility Robotics (previously No. 5): The Salem, Ore., humanoid robot maker left the list as it prepares to go public in a $2.5 billion SPAC merger expected to close in the fourth quarter. It unveiled Digit 5, which lifts 50 pounds and is designed to work alongside people without safety barriers.
Common Room (previously No. 80): The sales-intelligence startup left the list after agreeing to be acquired by Zoom.
Auger (previously No. 31): The supply chain startup led by former Amazon operations chief Dave Clark moved its headquarters to Dallas. Auger still has a major engineering hub in Bellevue, which we’ve added to our list of engineering centers established in the region by companies headquartered elsewhere.
XBOW (previously No. 35): The AI hacking startup left the list because it doesn’t meet our standard that a company’s headquarters and leadership be based in the region. Its CEO is based in Malta, and its Seattle headquarters is a mailbox at a coworking space.
Notes on the GeekWire 200
Our list is not scientific, by any means, and the specific rankings should be taken with a grain of salt. But it has proven to be a valuable tool for many years. We hear regularly from readers who use the GeekWire 200 to look for jobs, prospect for customers, scout potential investments and get a high-level view of the region’s tech community.
Companies on the list must be privately held, founded within roughly the past 15 years and headquartered in the Pacific Northwest with their leadership based in the region. Companies generally leave the list when they agree to be acquired by another company or to go public.
To make sure your Pacific Northwest technology startup is eligible for the GeekWire 200, first confirm it’s included in the broader GeekWire Startup List. If so, there’s no need to submit it separately. If your startup isn’t among the companies on that larger list, you can submit it for inclusion here, and we’ll crunch the numbers to see if it makes the next GeekWire 200 update.
An aerial view of Orion, Helion Energy’s planned fusion plant being built in Malaga, Wash. (Helion Photo)
Helion Energy on Tuesday said that it added $35 million to a funding round initially announced in June. The Everett, Wash.-based fusion company originally shared news of a $465 million Series G round.
“After initially closing the round earlier this summer, we are excited to bring on several new investors and to have a round that includes crossover, pension, and sovereign wealth investors,” said David Kirtley, Helion’s co-founder and CEO, in a post on LinkedIn. Kirtley said the investment now totals $500 million.
The company aims to be the first in the world to commercialize fusion, replicating the reactions that power the sun and stars to produce nearly limitless clean energy. It has raised more than $1.5 billion to date.
The company is racing to hit an ambitious timeline, having signed a deal with Microsoft three years ago to supply energy to a Central Washington data center by 2028. The company broke ground on the 50-megawatt plant, dubbed Orion, in July 2025.
But Helion’s timing for hitting that energy target remains uncertain. When it announced the agreement with Microsoft, the company stated that Orion was “expected to be online by 2028 and will target power generation of 50 MW or greater after a 1-year ramp up period.”
Axios recently reported that full capacity might not be hit until 2030, according to a Helion executive. The news site also cited two scientific publications by plasma physicists questioning the company’s ability to produce a sufficient amount of energy from its fusion devices to power the grid, though Helion has responded to concerns raised by both on its FAQ site.
That said, Helion is hustling to resolve technical challenges. GeekWire in May reported on Tiny Merge, a small-scale testbed device the company is building at its R&D facility to answer questions its larger, more expensive prototypes haven’t — questions that need answers before final power plant designs are locked in.
Kirtley, however, remains bullish on the company’s trajectory and the vote of support from investors.
“Technical milestones remain the most important to me and the company,” he said, “but this new funding demonstrates the growing demand for, and confidence in, fusion energy and Helion’s ability to deliver fusion energy to the grid.”
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