Trump Media & Technology Group and TAE Technologies announced an all-stock merger in December 2025 that would create one of the first publicly traded fusion energy companies, with each side owning roughly 50% of the combined entity on a fully diluted basis. The deal includes TMTG providing up to $300 million in convertible financing to TAE and requires SEC effectiveness of the S-4 registration statement filed on September 30, 2026, plus shareholder and other customary approvals. Original expectations targeted mid-2026 closing, but updates shifted focus to the fourth quarter of 2026. The July 31 deadline has passed without completion, leaving the outcome dependent on the pace of remaining regulatory and corporate steps. Trader consensus reflects these procedural milestones and the absence of new delays since the S-4 filing.