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Reg CFTRL21.42.9Tier IOpen

Halcyon Aneutronic

Proton-boron-11 fusion at a $50 minimum. The most speculative thing on this platform, and we would rather say so.

Proton-boron-11 produces three helium nuclei and essentially no neutrons, which would mean no activated structure, no tritium handling and no neutron shielding. It is also the hardest fusion reaction anyone is seriously attempting, requiring roughly ten times the temperature of deuterium-tritium against much stronger radiative losses. Halcyon has demonstrated the ion beam and nothing beyond it.

Rio Grande Research Park · Los Alamos, NMNot applicableEscrow: Cadence Escrow Services
TRL 2 of 9, band 1.4 to 2.9, signed by Dr. Ingrid Halvorsen, PhD Plasma Physics; fusion program technical reviewer, on Jul 1, 2026.See the evidence it rests on

$742,000 committed of $3,000,000

$111,300 released · 25% subscribed

Released to the issuerCommitted, held in escrowRemaining
Minimum
$50

$50 per unit

Instrument
SAFE
Term
None
Investors
1,684

Closes January 31, 2027 · 140 days remaining

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2

Technology readiness level, 1 to 9

Confidence band 1.42.9

An ion beam has been produced and characterized at the intended energy. That is a component result and the concept has been formulated in the literature, which is level 2 and nothing more. Proton-boron-11 requires roughly an order of magnitude higher temperature than deuterium-tritium while radiating energy away faster, and a substantial body of published analysis argues net energy may be unreachable by any known confinement method. The band is the widest the methodology produces.

At TRL 2, the ladder permits SAFE or Convertible note and releases up to 15% of committed capital. This offering is structured as a safe, which is consistent with that band.

Signed and published

Reviewer
Dr. Ingrid Halvorsen
Credential
PhD Plasma Physics; fusion program technical reviewer
Signed
July 1, 2026
Published
July 2, 2026
Methodology
v1.4
Model
ci-trl-2026.06
Generated
Jun 26, 2026

Evidence

Every score cites the documents it was derived from, with the weight each carried. An assessment without evidence is an opinion.

SourceDocumentDateWeight
Peer-reviewed publication

Ion beam energy and current characterization

Peer-reviewed applied physics literature

Beam parameters measured; fusion yield below detection threshold as expected at this stage.

May 19, 202642%
Peer-reviewed publication

Aneutronic ignition feasibility analysis

Peer-reviewed literature, including dissenting analyses

Published analyses disagree on whether the required conditions are achievable. Both views are in the record.

Oct 8, 202533%
Patent

Target and beam injection configuration

One granted patent, two pending

Novelty established. TRL implication minimal.

Feb 11, 202625%

Score history

A score changes on the day a reviewer signs a new assessment, which is why this is a step line rather than a curve.

13579May 2025Jul 2026