Fusion energy has been "20 years away" for decades, but has the science finally caught up? Private investment in fusion companies surged from $10 billion to $15 billion in just months, and the money is coming from places you wouldn't expect.

On this episode of TechCrunch's Equity podcast, Rebecca Bellan and guest host Tim De Chant sit down with Rachel Slaybaugh, general partner at DCVC, to break down why serious investors are finally treating fusion as a real asset class, and what the return thesis actually looks like when no one expects a power plant in their fund lifetime.

Listen to the full episode to hear about:

Why the investment thesis for fusion looks less like traditional VC and more like biotech or SpaceX, and what "fusion euphoria" has to do with it

What the Q value milestone actually means, and how close leading startups are to hitting the number that could trigger a public market opening

How superconducting tape and AI-assisted plasma physics are quietly doing as much work as the big headline science breakthroughs

Why one fusion company merging with Trump Media and Technology Group had Tim doing a double-take at his inbox

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Fusion doesn't have a normal startup timeline, and investors are fine with that