Google Fusion Bet Signals a New Energy Arms Race

Alphabet joined a €411 million funding round for German fusion startup Proxima Fusion, valuing it at €2.4 billion. This investment, combined with a previous 200-megawatt offtake agreement with Commonwealth Fusion Systems, signals that Google is treating energy supply as a strategic asset to support its massive AI infrastructure expansion. The move represents a geographic and technical hedge across two continents and different fusion designs, positioning Alphabet as the most diversified clean energy buyer among hyperscalers.