Trump Media announces $6 billion merger with TAE

Trump Media & Technology Group shares surged 27% to about $13.30 in premarket trading Thursday after announcing a merger with privately held fusion energy developer TAE Technologies.

The all-stock transaction values the combined business at more than $6 billion, with shareholders of each company set to own approximately 50% of the merged entity on a fully diluted equity basis. The deal has received approval from both companies’ boards of directors and is expected to close in mid-2026, pending shareholder and regulatory approvals.

As part of the agreement, Trump Media will provide up to $200 million in cash to TAE at signing, with an additional $100 million available upon initial filing of the Form S-4 registration statement.

The combined company plans to begin construction on what it describes as the world’s first utility-scale fusion power plant in 2026, with a capacity of 50 megawatts electric, subject to required approvals. Additional plants of 350 to 500 megawatts are also planned.

Devin Nunes, Trump Media’s chairman and CEO, and Dr. Michl Binderbauer, TAE’s CEO, will 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.