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Trump Media & Technology Group (TMTG) and fusion developer TAE Technologies announced an all-stock merger agreement on December 18, 2025, valuing the proposed combination at more than $6 billion. It has not been established as completed: the latest identified milestone is TAE’s September 30, 2026 announcement that TMTG had filed a Form S-4 registration statement, which TAE said was not yet effective.
What the $6 billion figure means
The more-than-$6-billion amount is the parties’ announced value for an all-stock combination, not a cash purchase price or a guarantee of what TAE shareholders will receive. The companies said that, at closing, each side would own approximately 50% of the combined company on a fully diluted basis. Those are announced terms conditional on the transaction closing. The companies’ December 18, 2025 announcement calculated a reference value of $53.89 per TAE common share on a fully diluted basis, using TMTG’s trailing 30-day volume-weighted average share price at the December 17, 2025 market close. That historical calculation is neither a cash-payment promise nor a current share value.
The legal structure in TMTG’s SEC filing is for T Media Sub, Inc., a wholly owned TMTG subsidiary, to merge into TAE. TAE would survive as a wholly owned TMTG subsidiary. The December 18, 2025 Form 8-K sets out the structure and transaction terms.
Has Trump Media merged with TAE?
No completion is established in the latest identified update. On September 30, 2026, TAE announced that TMTG had filed a Form S-4 registration statement with the SEC and stated that the filing had not yet become effective. A filing is a step in the process; it is not SEC approval, satisfaction of the other closing conditions, or proof the merger closed. TAE’s September 30, 2026 update also warns that the transaction may not be completed on the anticipated timeline or at all.
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What still has to happen
The SEC filing lists multiple conditions, including specified approvals from TAE holders, TMTG stockholder approval of a charter amendment and share issuance, expiration or termination of the Hart-Scott-Rodino antitrust waiting period, an effective Form S-4, listing approval, and the absence of legal prohibitions. The parties’ agreement therefore does not by itself establish that shareholders or regulators have approved the deal or that closing is imminent.
Separate from the deal value: a convertible note commitment
TMTG’s December 18, 2025 Form 8-K says it agreed to fund $200 million to TAE within five business days through a convertible promissory note, with up to another $100 million available upon TAE’s request when TMTG initially filed the registration statement. These are separate financing terms, not part of the announced more-than-$6-billion merger valuation. The filing describes a commitment and conditions; it does not establish that the full amounts were drawn.
What TAE’s proposed fusion project involves
The companies said the combined company planned to site and begin construction in 2026 on an initial 50-megawatt-electric (MWe) fusion power plant, subject to required approvals. They also described later plants in a 350–500 MWe range. These are company-stated plans and targets, not evidence that construction began, a reactor generated electricity, or the technology is commercially viable. The joint announcement describes the intended schedule and capacity; TAE’s later update says fusion development and commercialization require significant capital and that a viable reactor may not be developed or commercialized on the expected timeline, or at all.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What businesses and leadership the companies proposed
The announced combined holding company would include TMTG’s Truth Social, Truth+, and Truth.Fi businesses alongside TAE, TAE Power Solutions, and TAE Life Sciences, among other businesses. The companies described TAE Power Solutions as developing energy storage and power delivery systems, and TAE Life Sciences as having developed biologically targeted radiotherapy; those are company descriptions, not independent evaluations of the products or their commercial performance.
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The December 2025 announcement proposed Devin Nunes and TAE CEO Michl Binderbauer as co-CEOs, with Michael B. Schwab as chair of a planned nine-member board. The proposed board was to include two TMTG-designated directors, including Donald Trump Jr., two TAE-designated directors, and five independent directors to be selected. These are announced plans, not confirmed final governance arrangements; the effective registration statement and subsequent filings would control the final details.
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