Fusion heating startup Megawave raises $45M Series A
What's the deal? Megawave FusionDealroom has a profile for this one. Try Dealroom →, a Chinese supplier of auxiliary heating systems for nuclear fusion, has raised 300,000,000 CNY (about $45 million) in a Series A round. Changjiang Capital-Changjiang SecuritiesDealroom has a profile for this one. Try Dealroom → and the CRRC Transformation and Upgrading Fund co-led the round, announced in September 2026.
Who else backed it? The Shanghai Semiconductor Industry Fund, CMB InternationalDealroom has a profile for this one. Try Dealroom →, and TCL CapitalDealroom has a profile for this one. Try Dealroom → also participated. The investor group spans state-linked funds, a bank's international arm, and a corporate venture unit.
What's the endgame? The company develops radio-frequency technology and system-level integration to provide complete heating equipment for controllable nuclear fusion. It positions itself as a full-solution supplier for fusion's heating layer.
Beyond fusion: Megawave's work in high-stability high-voltage power supplies and RF power extends past fusion. It says the technology is also used in accelerators and semiconductor equipment.
The signal: The backer list — pairing a state rail giant's fund and a semiconductor industry vehicle with financial investors — reflects how China is channelling strategic capital into the fusion supply chain and its adjacent hardware markets.
Image credit: Generated with Gemini
