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According to Reuters, Trump Media & Technology Group, the parent company of the Truth Social platform, said it has agreed to an all-stock merger with TAE Technologies in a transaction valued at about $6 billion, a pivot that would fold the social-media business into a broader holding company betting on nuclear fusion and power demand tied to AI data centers. The announcement lands as Trump Media remains deeply unprofitable: the company has posted continuing losses and reported a $54.8 million net loss in the third quarter ended September, while generating revenue of roughly $972,900 for that quarter, largely from advertising. The stock has also been under heavy pressure in 2025, with Reuters reporting it was down nearly 70% for the year before the merger news lifted shares in early trading.
The proposed merger stands out as highly unusual, marking an abrupt and unconventional pivot for a company best known for operating a politically aligned social media platform into one of the most speculative and capital-intensive corners of the global energy sector. By seeking to merge with a nuclear fusion firm, Trump Media appears to be positioning itself to ride what many in Silicon Valley and Washington increasingly view as the next strategic bottleneck of the A.I. boom: electricity. If completed, the transaction would create one of the world's first publicly traded nuclear fusion companies, with the combined group planning to develop what it describes as a “utility-scale fusion power plant” and aiming to bring first power online in the early 2030s, a timeline that reflects both the ambition and uncertainty surrounding commercial fusion. The move suggests a bet that soaring demand from A.I. data centers will make access to vast, stable and carbon-free energy sources a defining advantage, even as fusion remains an unproven technology at scale. Framing the deal as a transformational leap rather than a financial turnaround, Devin Nunes, the chief executive of Trump Media, said: « Fusion power will be the most dramatic energy breakthrough since the onset of commercial nuclear energy in the 1950s ».
Global electricity demand
The logic behind the Trump Media–TAE bet taps into a broader, fast-intensifying constraint: power. In the U.S., data centers already account for roughly 4% of total electricity use, and multiple forecasts expect demand to climb sharply as AI workloads expand, pushing utilities to rethink generation and grid capacity on timelines that often lag permitting and construction realities. That looming squeeze is also showing up in the political debate, with lawmakers warning that rapid data-center buildouts could translate into higher household bills and contentious cost-sharing arrangements between tech firms and local utilities. In that context, Bill Gates has argued that the AI rush is fundamentally a power story as much as a software story, saying: « The AI people are chasing some mind-blowing profit streams », while warning the surge could lift global electricity demand by as much as 10% and create supply-chain and permitting bottlenecks. The bridge to this merger is straightforward: fusion is being sold as the kind of always-on, utility-scale energy source that could feed data centers at a scale renewables and grids may struggle to match quickly, even though the underlying technology remains experimental and the timelines extend well beyond today's AI boom.
Trump Media and TAE Technologies are presenting the transaction as a near-equal merger rather than an acquisition, a structure that underscores how far Trump Media is stretching beyond its original business. According to Reuters and the Associated Press, shareholders of Trump Media & Technology Group and shareholders of TAE are each expected to own roughly 50 percent of the combined company once the all-stock deal is completed, effectively placing the Truth Social parent and the nuclear fusion firm on the same footing. The arrangement would fold Trump Media's social media, streaming and crypto activities into a much broader group centered on energy and advanced technology, while allowing existing Trump Media investors to retain a direct stake in the future of TAE's fusion ambitions. The structure also reflects the balance of risk embedded in the deal, pairing a publicly traded but loss-making media company with a privately held fusion developer whose commercial prospects remain uncertain and long term.
