AI screening example · run on October 14, 2026

Nuclear fusion stocks,
across all of Japan.

Fusion energy is expected to become a ¥130 trillion market in the 2040s. We looked for companies already selling parts and equipment for fusion today. Katana kept 35 companies whose annual reports use fusion terms, and AI read each one and supported 6.

Background

Fusion is now a race for a ¥130 trillion market.

On October 2, 2026, Nikkei reported that the Japanese government has made fusion energy one of the 17 strategic fields of Prime Minister Takaichi's growth strategy, and that a race for a "¥130 trillion market" has begun, driven by electricity demand in the AI era. The market is expected to grow to about ¥130 trillion in the 2040s, and the government plans ¥3.1 trillion in public and private investment through fiscal 2040. A September 25 paper from the education and science ministry states the government's goal as "power generation demonstration in the 2030s, ahead of the world."

Corporate investment is following. On August 24, East Japan Railway announced it had subscribed to new shares in Kyoto Fusioneering, a Kyoto University spinout. On October 1, Nagase & Co. said it had invested in the company indirectly through a fund. JGC Holdings and JX Advanced Metals also describe investments in fusion startups in their annual reports.

So, beyond investing, which Japanese companies sell products for fusion today? We searched annual reports with Katana.

01 / Input

The companies we wanted to find.

“Does the company currently sell products, materials, components, or services for nuclear fusion (fusion energy) research facilities or fusion reactor development (e.g., plasma-facing or first-wall materials, superconducting wires or magnets for fusion, power supplies for gyrotrons or plasma heating, vacuum pumps, fusion fuel or tritium handling equipment)? (Exclude cases where the company only invests in or partners with fusion startups, only mentions fusion as a national strategy or future possibility, or only lists fusion among general target markets.)”

We used a word condition to keep companies whose annual reports use fusion terms, turned this profile into one question entered in English, and had the AI read each report.

02 / Conditions

The conditions we applied across Japan.

Quantitative

Katana computes its metrics for every company.

Annual report mentions any of four fusion terms (nuclear fusion, fusion, tokamak, gyrotron)

Qualitative

AI reads each annual report and judges support and counterevidence.

Does the company currently sell products, materials, components, or services for nuclear fusion (fusion energy) research facilities or fusion reactor development (e.g., plasma-facing or first-wall materials, superconducting wires or magnets for fusion, power supplies for gyrotrons or plasma heating, vacuum pumps, fusion fuel or tritium handling equipment)? (Exclude cases where the company only invests in or partners with fusion startups, only mentions fusion as a national strategy or future possibility, or only lists fusion among general target markets.)

The question was entered in English.

~3,800listed companies

35match the numbers

6AI judged as supported

Katana

read the filings and supported 6.

03 / Results

6 supported. We dropped 1 still at the prototype stage and checked the other 5 against the source.

Of 35 companies, 6 were supported, 8 need review and 21 had counterevidence. Below are the 5, ordered by reactor materials and equipment, superconducting wire, and equipment for research institutes.

Toyo Tanso5310 · Glass and Ceramics Products

Its carbon/carbon composites are used in fields including first-wall materials for fusion reactors in Japan and abroad.Filing ↗A specialty graphite maker whose graphite and carbon/carbon composites line the walls of fusion reactors in Japan and abroad.
Nichicon6996 · Electric Appliances

Won an order for high-power supplies for gyrotrons, a key part of a prototype fusion reactor, and is designing and building them.Filing ↗A capacitor maker that won an order for high-power supplies for gyrotrons, which heat plasma with microwaves, for a prototype reactor.
Fujikura5803 · Nonferrous Metals

Its high-temperature superconducting wire is used in the magnets that confine fusion plasma, and customers who adopted it rate it highly.Filing ↗An optical fiber and cable maker that sells high-temperature superconducting wire for fusion magnets, and is spending about ¥5.6 billion to roughly double capacity.
Furukawa Electric5801 · Nonferrous Metals

Supplies high-temperature superconducting wire to a British customer developing fusion reactors, and has invested in it.Filing ↗A cable maker whose U.S. subsidiary SuperPower supplies superconducting wire to Tokamak Energy, a British fusion developer in which it has invested about £10 million.
Sukegawa Electric7711 · Precision Instruments

Energy sales rose 23.9% to ¥2.76 billion as nuclear and fusion products, including molten metal loops for research institutes, increased.Filing ↗A thermocouple and heater maker supplying molten metal loops and other equipment to fusion research institutes. Its energy business, covering nuclear and fusion, is about half of sales.

Note: we dropped Shimadzu, which was supported but has so far co-developed a prototype turbomolecular pump for fusion power plants with Kyoto Fusioneering, not sold one.

View detailed results

These results are from October 14, 2026. Qualitative judgments use the filings available at that time, while quantitative screening uses the latest financial data.

04 / Takeaway

Fusion is still a business of selling to research facilities. Only 5 companies say they sell.

The ¥130 trillion is a forecast for the 2040s, and power generation demonstration is a goal for the 2030s. Today's demand is for parts and equipment for prototype reactor development, research institutes and overseas startups' experimental reactors.

Annual reports show the same. Seventeen companies write "nuclear fusion" or "fusion energy." Of these, 5 say they have sold products or won orders. Of the rest, 6 are at the development or prototype stage (including Shimadzu, Sumitomo Electric and MORESCO), and 6 mention investments in startups or plans (including JGC Holdings and JX Advanced Metals).

None of the 5 discloses fusion sales figures. Fujikura and Furukawa Electric each have over ¥1 trillion in sales, and wire for fusion is one part of their business. The one where fusion-related business is a large share of sales is Sukegawa Electric, with ¥5.5 billion in sales, about half from its energy business covering nuclear and fusion.

Company	Sells for fusion	Net sales
Toyo Tanso	First-wall materials	¥46.2 billion
Nichicon	Gyrotron power supplies	¥169.7 billion
Fujikura	Superconducting wire	¥1,182.4 billion
Furukawa Electric	Superconducting wire	¥1,307.6 billion
Sukegawa Electric	Molten metal loops	¥5.5 billion

Many companies named in fusion stories turn out, in their annual reports, to be investing or developing rather than selling. It helps to separate companies selling today from those that hope to sell later.

Your stock-picking, handed straight to AI.

Complex theses, your own selection rules. Katana narrows companies with its own metrics, and AI reads annual reports to judge qualitative conditions. The selection you used to do one company at a time, AI now runs across the Japanese market.

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Nuclear fusion stocks,across all of Japan.