Washington DC - Trump Media & Technology Group, the struggling company that owns the US president's Truth Social platform, announced Thursday a $6 billion merger with fusion power company TAE Technologies, in an unexpected pivot into energy technology.

The all-stock transaction will see shareholders of each company hold approximately 50% of the combined entity, which plans to begin construction of what it calls the world's first utility-scale fusion power plant in 2026.

Trump Media's share price has slumped by about 70% in the past year, but was up nearly 25% after the announcement.

Trump Media CEO Devin Nunes, a former Republican congressman, said the deal represents "a big step forward toward a revolutionary technology that will cement America's global energy dominance for generations."

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Fusion power plants would generate electricity through the same process that powers the Sun, a goal long pursued by researchers, though no commercially viable project has yet been built despite decades of research.

The unusual tie-up comes as the Trump administration pushes power-hungry AI technology that will require a massive build-out of energy sources.

AI data centers are posing an increasing burden on US power grids, and the White House is encouraging the fast-tracking of energy projects to meet demand.

TAE Technologies, founded in 1998, says its fusion technology could provide abundant electricity to power AI infrastructure.

The California-based company has built five fusion reactors and employs over 400 people, including 62 Ph.D. holders, a statement said.

The company has raised more than $1.3 billion from investors, including Google, Chevron, and Goldman Sachs. Trump Media has agreed to provide up to $300 million in cash to TAE.

Trump Media has launched several projects in recent months, including cryptocurrency-related financial products and a video streaming platform, but generated only $1.7 million in revenue in the first half of 2025.

Nunes and TAE CEO Michl Binderbauer will serve as co-CEOs of the combined company, while Michael Schwab of Big Sky Partners is expected to chair a nine-member board that will include Donald Trump Jr., the president's son.

The transaction requires shareholder and regulatory approval and is expected to close by mid-2026.