BlueStar Fusion

BlueStar Fusion (合肥蔚蓝恒星科技有限公司) is a Hefei-based controllable nuclear fusion startup focused on the stellarator approach, founded in August 2025. Per reporting carried by Oasis Capital (an angel investor), the company raised three rounds in its first eleven months — culminating in a multi-hundred-million-yuan angel+ round in August 2026 — reaching a post-money valuation above RMB 3 billion, with proceeds earmarked for building what it calls the world's first high-temperature superconducting stellarator . In that stretch it grew from a five-person physics design team to a cross-disciplinary staff of nearly 100 covering the full fusion-device R&D chain, and its model coil hit a 10.3T field under real operating conditions, a domestic record for its class .

The shareholder list mixes institutional and private-fund money: Gaorong Ventures (which joined the angel round and over-allocated in the follow-on ), Boyu Capital, Oasis Capital, Weihe Investment, Huilong Ventures, and Minyin International, plus AI industry player Xi Wang and notable hedge fund founders Liang Hong (Xiwa Asset) and Wang Yiping (Evolution Asset) . The founder is a post-2000 Oxford physics graduate who left a Princeton PhD on stellarators to start the company — NeoFusion chairman Yan Jianwen, quoted in Gaorong's piece, described him as bringing "cutting-edge stellarator theory and research experience back to China" . The company's stated thesis is using AI as a lever to push high-temperature superconducting stellarators from physics design into device manufacturing and system verification .