Trump Media & Technology Group and TAE Technologies announced an all-stock merger in December 2025 valued above $6 billion, positioning the combined entity as an early publicly traded fusion energy company with roughly equal ownership for each side’s shareholders on a fully diluted basis. The deal was initially targeted for mid-2026 closure but shifted to a Q4 2026 goal after the companies abandoned a related media-asset spin-off plan. A Form S-4 registration statement filed with the SEC on September 30, 2026, marked progress yet remains ineffective, leaving multiple conditions—including SEC effectiveness, shareholder approvals, antitrust clearance, and exchange listing—still outstanding. As of mid-October 2026, no closing has occurred, and the process continues to hinge on regulatory and investor steps that could extend timelines.