Fusion today carries a very high “idiot index”, which is the cost of a finished part divided by the cost of its raw materials. SpaceX famously used it to justify commercialising space transportation away from clunky NASA programs, challenging traditional aerospace economics, helping it surpass a $1 trillion valuation.
By that measure, the lithium needed to breed a gram of tritium costs under $10, yet tritium sells for about $30,000 a gram, an index of more than 3,000. Closing that gap is a fusion manufacturing problem, and it is the starting ground for Marathon Fusion to commercialise fusion manufacturing before leveraging its industrial machines for power. There are countless emerging isotope assets beyond tritium, including terbium-149, a promising cancer-therapy isotope made today in tiny amounts. We personally verified with the Paul Scherrer Institute (PSI) in Switzerland that supply restrictions are preventing further testing. Other alpha-therapy isotopes such as lead-212 and actinium-225 face the same supply shortage, and fusion neutron sources are the key to making them at scale.
We see a new wave of fusion manufacturing and industrial transmutation being led by CEO Kyle Schiller and his team. Their demonstration of producing gold from mercury at 10x CERN's rate highlights their technical ambition and ability to capture market mindshare.
As Marathon develops its physical infrastructure, nuclear engineering capabilities and regulatory expertise, it is building competitive barriers that are difficult to replicate. This makes Marathon both a defensive position against the current wave of AI disruption and a frontier technology positioned to benefit from AI's acceleration of scientific research.
We view the potential for gold production, as a by-product of future fusion electricity generation, as a “call option” on the company's valuation.
While extremely exciting, our investment thesis does not depend on it. Instead, our conviction rests on Marathon's opportunity to commercialise industrial fusion infrastructure through isotope production, generating economic value long before commercial fusion electricity becomes a reality.
“High barriers to entry keep the radiopharmaceutical field small, concentrating capital and valuations, which are often tied to isotope supply capabilities.”
Marathon Fusion SPV I pools capital from a small group of investors into one position in Marathon Fusion. Full terms, documents and allocation details are shared privately with qualified investors on request.
Managing member
Sam is the founder of North Way Operations, an advisory and venture-building firm. Since 2020 he has led go-to-market at the Fantom Foundation, taking it through its rebrand to Sonic Labs. He coordinated across VCs, market makers and infrastructure partners, and the network reached $1B in total value locked within 66 days of launch. He also co-led the $200m Flying Tulip fundraise for its capital formation with private investors.
Managing member
Paul co-founded Helus Pharma (NASDAQ: HELP) in 2019 and serves as a director. Helus develops novel serotonergic agonists for depression and anxiety, with its lead candidate HLP003 in Phase 3 trials after receiving FDA Breakthrough Therapy Designation. He is also Chairman of LongPoint ETFs, a Canadian ETF provider, and a member of the Milken Institute Young Leaders Circle. He has been named one of Canada's Top 20 Under 40 life sciences leaders, and is based in Nassau.
Partner
Erik is Managing Partner of Norwind Capital, a private investment company backing early-stage and established businesses, and of Auxo Management, a private firm that acquires and actively manages small and mid-sized companies. For 14 years he was President and Chief Revenue Officer of Stealth Monitoring, a Dallas-based video surveillance company, and led its sale to GardaWorld in late 2024. He is now Head of Corporate Development and SVP of Strategic Partnerships at ECAM, and a member of YPO.
For questions or to request materials, get in touch.
sam@northwayltd.com