Stellarator fusion company YanChao Fusion (Shanghai) Technology Co., Ltd. disclosed on October 13 that it completed a Pre-A funding round of several hundred million yuan in Q3, with joint investment from industrial and financial investors including Yanshan Technology, Hongyuan Investment Group, Wanlian Guangsheng, and Hongshan Capital. A larger A round has been launched, with 50% of the lead investor quota already secured. Funds will be used for stellarator prototype verification, expansion of a 3D superconducting magnet production line, and core technology iteration. The company plans to build three generations of stellarator devices: YF-1/2/3. Among them, the small YF-1 device is the world's first stellarator to simultaneously integrate three new technologies: all-high-temperature superconducting (HTS) magnets, metal 3D printing, and AI digital twins. Design has been completed, with construction planned for completion by the end of 2027. Shanghai Superconductor has been selected as the core HTS material supplier. The company also independently developed additive manufacturing technology for 3D coil boxes and established a fully self-controllable patent and process system. YanChao Fusion has achieved the world's first engineering breakthrough in high-strength stainless steel-jacketed CICC 3D superconducting coils, with its self-developed stainless steel jacket achieving a low-temperature yield strength exceeding 700 MPa, and has built China's first dedicated stellarator 3D superconducting magnet production line. Goals for the next 12 to 18 months include completing YF-1 and achieving long-pulse steady-state operation, completing the development and testing of prototype 3D coils using three superconducting materials for YF-2, and completing R&D of the first semiconductor-grade MCZ superconducting magnet and entering scalable commercial deployment. Value for powder buyers: ① The stellarator device integrates metal 3D printing for key components such as 3D coil boxes, opening a new fusion energy scenario for additive manufacturing of structural materials such as copper alloys and stainless steel; ② Fusion devices often use special materials such as high-purity oxygen-free copper and low-temperature steel, and their additive forming will generate demand for specialty metal powders; ③ Pay attention to component printing orders and material selection during the YF-1 construction period, and position early in the fusion additive manufacturing supply chain.