Trump Media & Technology Group (NASDAQ:DJT) shares surged in premarket trading on Thursday, climbing about 27% to roughly $13.30 after the company announced plans to merge with privately held fusion energy developer TAE Technologies.
The transaction, structured as an all-stock merger, places a valuation of more than $6 billion on the combined group. Under the terms, shareholders of Trump Media and TAE Technologies are expected to each hold around 50% of the merged company on a fully diluted basis. The deal has already been approved by the boards of both companies and is targeted to close in mid-2026, subject to shareholder votes and regulatory clearances.
As part of the agreement, Trump Media will commit up to $200 million in cash to TAE at the time of signing. A further $100 million may be provided once the initial Form S-4 registration statement is filed.
Following completion of the merger, the new entity plans to begin construction in 2026 on what it says would be the world’s first utility-scale fusion power facility, designed to generate 50 megawatts of electricity, pending necessary approvals. The companies also outlined longer-term plans for larger plants with capacities ranging from 350 to 500 megawatts.
Leadership of the combined business will be shared, with Trump Media chairman and CEO Devin Nunes and TAE chief executive Dr. Michl Binderbauer serving as co-CEOs. Michael B. Schwab, founder and managing director of Big Sky Partners, is expected to become chairman of a proposed nine-member board.
Founded in 1998, TAE Technologies has raised more than $1.3 billion in private funding from a roster of high-profile investors, including Google, Chevron Technology Ventures, Goldman Sachs and Sumitomo Corporation of Americas. The company has built and operated five fusion reactors and holds a portfolio of more than 1,600 patents.