Ge Weidong has also invested in nuclear fusion

Ge Weidong has made his move.

Recently, Hefei Stellar Fusion Energy Technology Co., Ltd. (referred to as "Stellar Fusion") announced the completion of its Series A financing of 830 million yuan, setting a new record for the largest known Series A financing in China's private commercial fusion sector, with a valuation of nearly 3 billion yuan.

A closer look at the investor list reveals an unexpected presence — Chaos Investment, under the private equity tycoon Ge Weidong. Reviewing public information, this marks Ge Weidong's first investment in the fusion field.

Ge Weidong is no stranger to the investment circle. He started his career in futures trading, earning the nickname "Eccentric East" among peers, then dominated the secondary market, with his Chaos Investment frequently appearing on the shareholder rosters of numerous high-performing stocks, and recently making frequent appearances in the primary market. This time, he has entered the currently booming yet highly uncertain fusion track.

Subtly, a wave of fusion IPOs is on the horizon.

The Largest Series A in Fusion Born, Ge Weidong's Figure Emerges

Stellar Fusion, which Ge Weidong has taken a fancy to, was established less than a year ago.

Its leader behind the scenes, Dong Wei, born in 1981, graduated from the Department of Electronic Engineering of Fudan University with a bachelor's degree, and has 20 years of in-depth experience in the semiconductor industry. During this period, he identified an industry inflection point: many countries around the world have opened up financing for commercial fusion, and Hefei has formed a complete fusion industrial cluster relying on large facilities such as EAST and Kuafu, but there are almost no domestic enterprises focusing on the stellarator route, leaving a huge gap in the track.

Thus, in November 2025, Stellar Fusion was registered and established in the University of Science and Technology of China Silicon Valley in Hefei High-tech Zone, focusing on the "high-temperature superconductor + advanced quasi-isodynamic (QI)" stellarator technology route, heading towards the future sea of stars for humanity.

"Stellar Fusion has laid out its technology around the steady-state operation potential of advanced stellarator fusion experimental devices. Relying on the construction of large facilities or verification platforms such as the International Thermonuclear Experimental Reactor (ITER) and the Compact Fusion Energy Experimental Device (BEST), China's advanced stellarator fusion experimental devices are ushering in an important window period for engineering development," Dong Wei, CEO of Stellar Fusion, introduced.

Focusing on the "high-temperature superconductor + advanced quasi-isodynamic (QI)" stellarator technology route, only about half a year later, Stellar Fusion completed its 830 million yuan Series A financing, setting a record for the largest Series A financing in China's commercial fusion sector.

This round has assembled a long list of investors:

Leading institutions including SAIC Financial Holdings, Hengxu Capital, Shenzhen Venture Capital, and CAS Star co-led the investment, with 21 institutions such as Chaos Investment, Puhua Capital, Dacheng Capital, Lenovo Star, Loongson Venture Capital, Huakong Fund, Zhongding Capital, Feitu Venture Capital, Huagao High-Tech, Zijin Mining, Guoke Venture Capital, Zhongding Co., Ltd., Yueke Venture Capital, Nanshan Strategic Emerging Investment, Jingkai Capital, Yunze Capital, Yihua Capital, Zero2IPO Holdings, and Fenghe Capital participating as follow-on investors. Local state-owned funds such as Hefei Innovation Investment and Hefei High-Tech Investment also participated in the financing.

Among them, Ge Weidong's Chaos Investment came as a surprise. This private equity tycoon has appeared in the primary market and started investing in fusion.

The Past of the "Eccentric East"

Ge Weidong is no stranger to the investment circle.

Born in an ordinary family in Guizhou in 1970, he was the first college student in his village. After graduating from the Department of Economics of Sichuan University, he worked as a foreign trade clerk in a grain and oil import and export company, where he was exposed to commodity futures. In 2000, he invested all his assets and devoted himself entirely to futures trading.

At that time, China's futures market was in a stage of wild growth, filled with natural arbitrage opportunities. During this period, Ge Weidong, with exceptional skills and courage, turned his 100,000 yuan principal into hundreds of millions of yuan in just a few years, quickly gaining fame in the futures circle.

In 2005, Ge Weidong founded Chaos Investment, which initially focused on futures and stocks, easily making billions of yuan from several classic investment battles. Foreign media once called him "the Eastern wolf hunting on Wall Street", and the nickname "Eccentric East" spread widely in China.

The turning point came in 2015. After going through a low period, Ge Weidong began to focus on long-term technology stocks, repeatedly appearing on the shareholder rosters of listed companies such as iFlytek, Sugon, Yonyou, GigaDevice, and Quectel Wireless. During the core asset market rally in those years, most of Ge Weidong's heavyweight positions generated huge profits.

Turning his attention to the primary market, Ge Weidong's investments are equally impressive.

The most representative case is undoubtedly Haiguang Information. In 2020, Chaos Investment subscribed for 44.59 million shares of Haiguang Information for 499 million yuan. After the IPO, it reduced its holdings of Haiguang Information by more than 26 million shares in total in 2023 and 2024, reaping considerable profits.

There is also Muxi, a rising star in domestic GPUs. As early as 2022, Chaos Investment led the Pre-B round financing of Muxi, and later Ge Weidong himself increased his capital and shares twice in 2025.

Counting them, Ge Weidong's figure can be found behind a large number of star enterprises such as Leapmotor, Galactic Space, Wize Pharma, Qianxun Intelligence, and Hite Biological, covering multiple fields including semiconductors, robots, and intelligent manufacturing.

In essence, the philosophy of "identifying major tracks", investing heavily during low periods or in the early stages, accompanying enterprises through the complete industrial cycle, and using time to create value, has long been deeply embedded in Ge Weidong's investment style.

"Investment requires the personality of a lion — being good at enduring and learning to wait," Ge Weidong once said in a public interview. He also advocates the "Chaos Investment Method", emphasizing the need to respect the market and acknowledge its randomness and unpredictability. Either do not act, or strike with precision; either remain silent, or make a stunning impact.

The End of AI is Energy, and Fusion is Discussing IPOs

Looking at Ge Weidong's previous investment portfolio, fusion is a new addition.

This move carries obvious indicative significance. After all, in the current venture capital circle, everyone is competing to grab the last ticket to board the fusion train.

Even CATL has entered the field of controlled fusion for the first time, recently leading a multi-hundred-million-yuan seed round financing for Beta Fusion. Established in December 2025, Beta Fusion focuses on the pulsed field-reversed configuration (FRC) magnetic inertial confinement route, aiming to achieve 50-100 MW of grid-connected power generation within 6 to 8 years.

More industrial capital is entering the market one after another: In 2025, Alibaba invested in the angel round of Nova Fusion, and later continued to invest heavily in the angel+ round, with Meituan Dragon also participating; miHoYo invested in Energy Singularity. From this perspective, financing in the fusion field has never been so enthusiastic —

Earlier, Stellar Loop Energy completed a 500 million yuan A+ round financing, with total financing exceeding 2 billion yuan, officially becoming a unicorn. Its leaders behind the scenes are two Tsinghua classmates, Chen Rui and Tan Yi, who led their team to enter the controlled fusion track in 2021, and have since risen to become a phenomenal project in the venture capital circle.

There is also Dongsheng Fusion, which relies on Fudan University and completed a new round of financing of 100 million US dollars; Hefei-based Fusion Energy secured a multi-hundred-million-yuan angel round just two months after its establishment; Yixi Technology, whose core members are from the high-temperature superconductor team of Shanghai Jiao Tong University, has completed three consecutive rounds of financing... the team of fusion enterprises is endless.

How powerful is fusion? A vivid example can illustrate it: the energy generated by a cup of D2O (heavy water) through fusion can produce 9 million kWh of clean electricity, which can power a household for 865 years.

To put it metaphorically, fusion is essentially recreating a "sun" on Earth, which is why it is widely regarded as the ultimate solution to humanity's energy problems.

In the AI era, the energy crisis has become more urgent. NVIDIA presented a clear energy consumption trend at the 2025 GTC conference: in traditional data centers, a single rack consumes about 15-50 kW of power; in the era of AI factories, the power consumption of a single rack will exceed 500 kW.

There used to be a joke in the scientific community: whenever you ask a scientist when controlled fusion will be realized, the answer is always "in another 50 years".

But now things are starting to change. AI has accelerated fusion research and development, shortening the originally long waiting period to 5 or 10 years. According to a report from the International Atomic Energy Agency, there are at least 45 enterprises around the world pursuing fusion commercialization, with more than 160 fusion facilities in operation, under construction, or in the planning stage.

"Global fusion power generation will jump from 2 TWh in 2035 to 375 TWh in 2050, and is expected to approach 25,000 TWh by 2100," predicts the Massachusetts Institute of Technology. With the surge in demand for clean power, fusion could add trillions of US dollars to global GDP. Quietly, the road to the ultimate energy source is no longer far away.

At least, it is getting closer and closer to the IPO bell-ringing stage.

This article is from the WeChat official account "Investment Circle" (ID: pedaily2012), written by Yu Mengying, and published with authorization from 36Kr.