General Fusion began Nasdaq trading with about $150m in reported cash. The money can finance experiments and disclosure. A power plant remains a much larger undertaking.
The new federal roadmap is most useful when read not as a promise of power by a date, but as a specification for the facilities, components and evidence America must buy.
America is favourite to build the first credible commercial-style pilot. China is better placed to build the second, tenth and fiftieth plants. The latter is the race that matters.
Fusion will be won or lost by the industrial platform surrounding the machine: materials, drivers, magnets, diagnostics, fuel, manufacturing, regulation and talent.