Fusion startup SHINE raises $240M, crosses $1B total
What's the deal? SHINE Technologies has raised $240M in equity funding, with Dr. Patrick Soon-ShiongDealroom has a profile for this one. Try Dealroom →'s NantWorks Holding Group leading the round with a $150M investment. The nuclear fusion company, based in Janesville, Wisconsin, has now raised over $1B total.
Fidelity Management & Research Company, Sumitomo Corporation of AmericasDealroom has a profile for this one. Try Dealroom →, Pelican Energy PartnersDealroom has a profile for this one. Try Dealroom →, Deerfield ManagementDealroom has a profile for this one. Try Dealroom →, and Oaktree CapitalDealroom has a profile for this one. Try Dealroom → also participated.
Soon-Shiong, founder of NantWorks and executive chairman of ImmunityBio, joins SHINE's board. The investment includes a strategic partnership giving NantWorks priority access to SHINE's Lu-177 supply — a radioisotope used in targeted cancer therapies.
The funds will advance SHINE's commercial fusion technology across neutron testing for defence and aerospace, medical isotope production, nuclear waste recycling, and its long-term goal: commercial fusion energy.
Why now? SHINE operates one of North America's largest Lu-177 production facilities, with capacity for 100,000 doses annually and the ability to scale to 200,000. Lu-177-based therapies are gaining traction in oncology, delivering targeted radiation to cancer cells.
The US Department of EnergyDealroom has a profile for this one. Try Dealroom →recently selected SHINE among five companies to share $19M for nuclear fuel recycling research — part of a federal push to reduce nuclear waste and end reliance on foreign enriched uranium.
What could go wrong? Fusion energy remains commercially unproven at scale. SHINE's approach — commercialising near-term applications while building toward fusion power — bets that revenue from isotopes and testing can fund the longer journey.
The Lu-177 market is competitive. SHINE must maintain its 95% on-time delivery rate while scaling production.
The signal: This deal reflects two converging trends: growing investor appetite for fusion-adjacent revenue streams and the rising importance of medical isotopes in cancer treatment. SHINE's commercially driven model — generating revenue now while pursuing fusion later — may prove a template for an industry often criticised for being perpetually 20 years away.
Sources:
Pulse 2.0
PR Newswire
SHINE Technologies
US Department of Energy
B.S.
