Seven dimensions, each with its own evidence

Where it stands, by unit and by dimension.

Helion Energy's planned first fusion power plant, intended to supply electricity to Microsoft under a 2023 agreement. Fusion watch: no Helion machine has yet been reported to produce electricity, let alone net electricity. Each dimension shows its latest sourced state for the scope you choose. A unit never inherits another unit’s progress, and nothing here adds up to a score.

Construction · Orion, whole project

Construction

Assembly and office building construction complete; initial earthwork for the generator building began spring 2026

Construction is not commissioning.

Company reported Helion Energy · Disclosed 16 June 2026

“Helion continues to build Orion in Malaga, with the assembly and office building construction complete. Now, the company can proceed with work on the generator building, for which initial earthwork began in the spring of 2026.”

Inspect primary source: Helion Energy ↗

Open question

What physical work is evidenced for this unit: site work, equipment, installation, mechanical completion?

Statements on record here (2)
  1. Construction: Assembly and office building construction complete; initial earthwork for the generator building began spring 2026 Company reported · Helion Energy · 16 June 2026 · Source ↗
  2. Site work: Work begun on the Orion site in Malaga Company reported · Helion Energy · 30 July 2025 · Source ↗

Open this dimension in the ledger →Watch construction

“Not established in reviewed sources” means the sources we reviewed do not say. It is not zero, a failure or a negative finding.

Quantities in context

Target power generation of 50 MW or greater after a one-year ramp-up (as stated in 2023)
50 MWTarget: planned rating, not measured output · target

MW is power and MWh is energy; thermal (MWth) is not electrical (MWe). A planned rating says nothing about electricity generated. No capacity factor, readiness percentage or return is calculated here.

Stated targets

  • Target: field demonstration reported, 2024, per Helion Energy, stated 10 May 2023. Source ↗
  • Target: field demonstration reported, Date not disclosed, per Helion Energy. Source ↗
  • Target: commissioning, 2028, per Helion Energy. Source ↗
  • Target: first power, 2028, per Helion Energy, stated 10 May 2023. Source ↗
  • Target: supply under contract started, 2028, per Helion Energy, stated 15 October 2025. Source ↗

A target is what a party said it aims for, kept with the date it said it. It never sets a state. When a target moves, both versions stay on record.

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Project history

Every statement on record, oldest first.

Quoted exactly and dated only as precisely as the source. Copies of one release count as one origin. A withdrawn statement stays visible and is labelled.

  1. 10 May 2023 · Customer / offtake · Whole project

    Agreement signed

    Agreement to supply Microsoft electricity from Helion's first fusion plant; Constellation as power marketer and transmission manager

    Company reported Helion Energy · Counterparty: Microsoft (Constellation as power marketer) · Bindingness not stated

    “Helion Energy (Helion) today announced an agreement to provide Microsoft electricity from its first fusion power plant. Constellation will serve as the power marketer and will manage transmission for the project.”

    Source: Helion Energy ↗ · Open in the ledger · What this does and does not establish · source read 11 November 2026

  2. Target stated 10 May 2023 · Technical milestones · Whole project

    Target: field demonstration reported, 2024

    Target (2023): seventh prototype (Polaris) to demonstrate the ability to produce electricity in 2024

    Company reported Helion Energy

    “The company is currently building its seventh prototype, which is expected to demonstrate the ability to produce electricity in 2024.”

    Source: Helion Energy ↗ · Open in the ledger · What this does and does not establish · source read 11 November 2026

  3. 30 July 2025 · Construction · Whole project

    Site work

    Work begun on the Orion site in Malaga

    Company reported Helion Energy

    “today announced that it has begun work on the site of its first fusion power plant, Orion, marking a major step in bringing fusion electricity to the grid.”

    Source: Helion Energy ↗ · Open in the ledger · What this does and does not establish · source read 11 November 2026

  4. 30 July 2025 · Permissions · Whole project

    Permission issued

    SEPA environmental determination (Mitigated Determination of Non-Significance) for the Malaga site; an environmental decision, not a construction or operating permit

    Company reported Helion Energy · Jurisdiction: United States: Washington State (SEPA), Chelan County

    “Helion began building in Malaga, Washington, on land it is leasing from the Chelan County Public Utilities District (PUD). This followed a Mitigated Determination of Non-Significance (MDNS) through Washington’s comprehensive environmental review process, SEPA.”

    Source: Helion Energy ↗ · Open in the ledger · What this does and does not establish · source read 11 November 2026

  5. 15 October 2025 · Permissions · Whole project

    Permission issued

    Conditional Use Permit for a High Impact Utility Facility (fusion power generation), decided by the Chelan County hearing examiner; clears the way for permitting and construction of the generator building

    Company reported Helion Energy · Authority: Chelan County hearing examiner · Jurisdiction: United States: Chelan County, Washington

    “Helion was granted a Conditional Use Permit for construction of a High Impact Utility Facility for the generation of power through fusion following a public notice, period of public comment, and a subsequent decision by the Chelan County hearing examiner.”

    Source: Helion Energy ↗ · Open in the ledger · What this does and does not establish · source read 11 November 2026

  6. 17 October 2025 · Permissions · Whole project

    Permission issued

    Conditional use permit approved by a Chelan County hearing examiner (independent press report)

    Secondary report The Everett Herald (HeraldNet) · Authority: Chelan County hearing examiner · Jurisdiction: United States: Chelan County, Washington

    “A Chelan County hearing examiner approved a conditional use permit on Tuesday, allowing Everett-based Helion Energy to construct what could become the world’s first fusion power plant in the town of Malaga near the Columbia River.”

    Source: The Everett Herald (HeraldNet) ↗ · Open in the ledger · What this does and does not establish · source read 11 November 2026

  7. 13 February 2026 · Technical milestones · Whole project

    Testing reported

    Polaris prototype: measurable deuterium-tritium fusion and 150 million °C plasma temperature, as claimed by Helion; a plasma result, not electricity

    Company reported Helion Energy

    “its Polaris prototype has set new fusion industry benchmarks, becoming the first privately developed fusion energy machine to demonstrate measurable deuterium-tritium (D-T) fusion and achieve plasma temperatures of 150 million degrees Celsius (MºC).”

    Source: Helion Energy ↗ · Open in the ledger · What this does and does not establish · source read 11 November 2026

  8. 16 June 2026 · Construction · Whole project

    Construction

    Assembly and office building construction complete; initial earthwork for the generator building began spring 2026

    Company reported Helion Energy

    “Helion continues to build Orion in Malaga, with the assembly and office building construction complete. Now, the company can proceed with work on the generator building, for which initial earthwork began in the spring of 2026.”

    Source: Helion Energy ↗ · Open in the ledger · What this does and does not establish · source read 11 November 2026

  9. 16 June 2026 · Permissions · Whole project

    Permission issued

    Radioactive Materials License and Radioactive Air Emissions License for the Orion facility (state radiation licences; Helion's claim that these are the licences needed for plant operations is its own)

    Company reported Helion Energy · Authority: Washington State Department of Health · Jurisdiction: United States: Washington State

    “The licenses – Radioactive Materials License (RML) and Radioactive Air Emissions License (RAEL) – mark a major milestone for the company, confirming Helion has the facilities, trained personnel, and safety programs in place at its Orion facility in Malaga, WA”

    Source: Helion Energy ↗ · Open in the ledger · What this does and does not establish · source read 11 November 2026

  10. Target stated Date stated not shown on the source · Technical milestones · Whole project

    Target: field demonstration reported, Date not disclosed

    Polaris goal restated as 'electricity from fusion' (part of the fusion energy recovered onto its capacitor bank), no longer 'net electricity'; no date given; as claimed by Helion

    Company reported Helion Energy

    “Today, we prefer to direct focus to the more concrete goal of Polaris: to demonstrate electricity from fusion, where we show we made fusion energy and converted a portion of it to electricity on the capacitor bank.”

    Source: Helion Energy ↗ · Open in the ledger · What this does and does not establish · source read 11 November 2026

  11. Target stated Date stated not shown on the source · Commissioning · Whole project

    Target: commissioning, 2028

    Current wording on Helion's Orion page: 'initial operations' beginning in 2028 (term not defined by Helion)

    Company reported Helion Energy

    “In 2023, Helion signed the world's first fusion power purchase agreement (PPA) with Microsoft for 50 megawatts of clean electricity. Orion is designed to meet that commitment, with initial operations beginning in 2028.”

    Source: Helion Energy ↗ · Open in the ledger · What this does and does not establish · source read 11 November 2026

  12. Target stated 10 May 2023 · Commissioning · Whole project

    Target: first power, 2028

    Original target (2023): plant online by 2028, 50 MW or greater after a one-year ramp-up

    Company reported Helion Energy

    “The plant is expected to be online by 2028 and will target power generation of 50 MW or greater after a 1-year ramp up period.”

    Source: Helion Energy ↗ · Open in the ledger · What this does and does not establish · source read 11 November 2026

  13. Target stated 15 October 2025 · Customer / offtake · Whole project

    Target: supply under contract started, 2028

    Target restated October 2025: electricity to Microsoft by the end of 2028; Helion says it remains on track

    Company reported Helion Energy · Counterparty: Microsoft

    “to provide electricity from the plant to Microsoft by the end of 2028, with Constellation Energy serving as power marketer. Having now secured the Conditional Use Permit for the site, Helion remains on track to meet that goal.”

    Source: Helion Energy ↗ · Open in the ledger · What this does and does not establish · source read 11 November 2026

Revisions and corrections

  1. Revision 1, Nov 11, 2026, 21:14 UTC: First published.

Earlier versions stay identifiable; nothing is silently rewritten. Spotted an error? Report a correction and we re-check the sources. Power Inflection Research is our automated research desk; the methodology explains how it works and where it stops.

Companies involved

  • Helion Energy, developer (private company)
  • Microsoft: Customer: power purchase agreement announced May 2023 for electricity from Helion's first fusion plant
  • Constellation Energy: Power marketer and transmission manager for the Microsoft agreement
  • Chelan County PUD: Site lessor (Helion leases the Malaga land from Chelan County PUD)

Linked names are companies we follow. A listed partner is not a way to own the developer; investment access is shown per company, with its source.

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