Good afternoon. Welcome back to The Europe Pitch, PitchBook’s newsletter for the EMEA region.

⚛️ Google and XTX Markets just backed German fusion startup Proxima Fusion at a €2.4 billion valuation, the search giant’s first bet on a European reactor. No private company has proven fusion can generate more power than it consumes, but that’s not stopping hyperscalers from spreading their chips across the table. More below