Trump Media to Merge with TAE in $6 Billion Stock Deal
The all-stock combination is set to create a publicly traded fusion company that plans to site a 50 MWe plant in 2026.
Trump Media & Technology Group Corp. (DJT) and TAE Technologies, Inc. (TAE) signed a definitive merger agreement to combine in an all-stock transaction valued at more than $6 billion.
Upon closing, shareholders of each company will own approximately 50% of the combined company on a fully diluted equity basis. Based on TMTG’s trailing 30-day VWAP share price as of market close on December 17, 2025, the transaction values each share of TAE common stock (on a fully diluted basis) at $53.89 per share.
The combination is intended to pair TMTG’s balance sheet with TAE’s applied research and advantaged technologies, developed over nearly 30 years, and is consistent with TMTG’s mission of diversifying into new, critically important sectors through transformative technology investments with the potential to create significant long-term value. “With TAE, we see a differentiated, balanced risk profile with attractive growth opportunities,” said Kevin McGurn, Interim Chief Executive Officer of TMTG.
The deal is expected to create one of the world’s first publicly traded fusion companies. In 2026, the combined company plans to site and begin construction on the world’s first utility-scale fusion power plant (50 MWe), subject to required approvals. Additional fusion power plants are planned and expected to be 350–500 MWe. Fusion power plants are expected to provide economic, abundant, and dependable electricity that would help America win the AI revolution and maintain its global economic dominance.
As part of the transaction, TMTG has agreed to provide up to $200 million of cash to TAE at signing, and an additional $100 million is available upon initial filing of the Form S-4. TAE has built and safely operated five fusion reactors and raised more than $1.3 billion in private capital to date from Google, Chevron Technology Ventures, Goldman Sachs, Sumitomo Corporation of Americas, NEA, and others. The TAE team consists of more than 400 employees, including 62 Ph.D. holders, and the company holds over 1,600 patents.
Upon closing, Trump Media & Technology Group will be the holding company for Truth Social, Truth+, Truth.Fi, TAE, TAE Power Solutions, and TAE Life Sciences, among others. TAE Power Solutions provides technology for energy storage and power delivery systems for batteries and electric vehicles; TAE Life Sciences develops technologies and drugs for treating cancer patients.
Devin Nunes, TMTG Chairman and CEO, and Dr. Michl Binderbauer, TAE CEO and Director, plan to serve as Co-CEOs of the combined company; Michael B. Schwab, Founder and Managing Director of Big Sky Partners, is expected to be named Chairman of a planned nine-member board of directors. Nunes said, “Trump Media & Technology Group built uncancellable infrastructure to secure free expression online for Americans, and now we’re taking a big step forward toward a revolutionary technology that will cement America’s global energy dominance for generations.”
The transaction, which was approved by the boards of directors of both companies, is expected to close in mid-2026, subject to customary closing conditions, including shareholder and regulatory approvals.