How close is commercial fusion?

In this episode of Valley of Depth, we sit down with Xcimer Energy’s cofounders, Conner Galloway and Alexander Valys, to unpack one of the boldest bets in fusion: resurrecting a Cold War-era laser technology to build the fastest, most scalable path to commercial fusion power.

Xcimer has raised over $100 million to bring its inertial confinement fusion system to life, starting with LPK, a high-powered prototype laser built in just four months, and progressing toward Vulcan, a full-scale, ignition-class reactor designed for the grid.

We also discuss:

• Why excimer lasers are making a comeback
• What Xcimer learned from building LPK in just four months
• The Phoenix-to-Vulcan roadmap for commercial fusion
• Lessons from NIF’s ignition milestone and its limits
• The case for fusion as infrastructure, not just science
• How Xcimer is positioning itself in a crowded fusion landscape

…and much, more.

• Chapters •

00:00 – Intro

01:24 – Payload Pro

02:06 – Recent changes in fusion

03:29 – Commercial fusion and perceptions on the tech

05:18 – Founding story of Xcimer

06:51 – Common approaches to fusion today

08:48 – Was the National Ignition Facility (NIF) the catalyst to start Xcimer?

12:22 – Convincing investors to invest $100m into Xcimer

13:34 – What is NIF's goal right now and can it produce electricity?

18:04 – Why hasn't the private sector solved the fusion problem?

20:25 – Xcimer progress report

23:07 – Xcimer's roadmap for the next bigger machine

24:41 – Coming up with Athena

25:33 – Addressing neutron damage

29:54 – The biggest unknown for Xcimer

32:29 – Who are Xcimer's first customers

35:03 – Cost per megawatt per hour to be competitive

37:23 – How much of Xcimer's supply chain is being verticalized

38:48 – Vaporizing a missile with a laser

41:27 – Other fusion companies Alex and Connor admire

44:28 – What inspires a founder or engineer to pursue less proven fusion methods?

47:28 – What drives Alex and Connor to keep on going?

49:02 – First commercial Xcimer fusion plant

• Show notes •

Xcimer’s website — https://xcimer.energy/

Mo's socials — https://twitter.com/itsmoislam

Payload’s socials — https://twitter.com/payloadspace / https://www.linkedin.com/company/payloadspace

Ignition’s socials — https://twitter.com/ignitionnuclear /  

https://www.linkedin.com/company/ignition-nuclear/

Tectonic’s socials  — https://twitter.com/tectonicdefense / https://www.linkedin.com/company/tectonicdefense/

Valley of Depth archive — Listen: https://pod.payloadspace.com/

• About us •

Valley of Depth is a podcast about the technologies that matter — and the people building them. Brought to you by Arkaea Media, the team behind Payload (space), Ignition (nuclear energy), and Tectonic (defense tech), this show goes beyond headlines and hype. We talk to founders, investors, government officials, and military leaders shaping the future of national security and deep tech. From breakthrough science to strategic policy, we dive into the high-stakes decisions behind the world’s hardest technologies.

• Payload: www.payloadspace.com
• Ignition: www.ignition-news.com
• Tectonic: www.tectonicdefense.com