Darby Dunn, the Vice President of operations at Commonwealth Fusion Systems.
Photo courtesy Commonwealth Fusion Systems
From March 2009 to December 2018, Darby Dunn held a handful of engineering and production roles at SpaceX.
“In one role in particular, my unofficial title was ‘Mother of Dragons,'” Dunn told CNBC in an interview in Devens, Massachusetts. “In that role, I was leading the build out of our new manufacturing facilities for the crew Dragon vehicle.”
While she was overseeing production of the Dragon spacecraft, SpaceX went from ramping up production to making its very first spacecraft, and then to sending cargo to the International Space Station on it regularly, Dunn says.
But so far, fusion at scale remains in the realm of science fiction.
Darby Dunn with the SpaceX Dragon rocket.
Photo courtesy Darby Dunn
Dunn says she made the switch from building rockets to working on making fusion energy a reality because she wants to see the impact of her efforts in her lifetime.
“I very much believe SpaceX will make life multiplanetary. I don’t know how much of that I’ll see in my lifetime,” Dunn, 37, told CNBC at the end of May.
But Dunn has spent large chunks of her life living in California, where SpaceX is based, and has very much seen the effects of climate change in the shape of wildfires and mudslides stemming from extreme rain.
“For me, it really came down to wanting to use my energy to clean up the planet instead of get off it. So that was the the huge shift for me to come to CFS,” Dunn told CNBC.
Joining Commonwealth Fusion Systems in the early stages, as its 10th employee, has allowed her to see a different stage on the journey of company growth, too.
“We’re a 5-year-old company with 500 employees,” Dunn told CNBC. “I joined SpaceX when it was 6 years old with about 500 employees. So I’ve actually been able to see the entire era that I didn’t get to experience at SpaceX and doing so at CFS.”
The Commonwealth Fusion Systems campus in Devens, Mass.
Photo courtesy Commonwealth Fusion Systems
A key difference between the two jobs is the maturity of the respective industries.
“The aerospace industry has been around for a long time. So building a rocket engine, the mechanics of it look really similar, or the structure itself, or the physics of how it works is all very, very well studied and very well understood,” Dunn told CNBC.
Fusion machines have been studied in academic settings and research labs since the early 1950s, but the entire industry is just at the very first stages of trying to prove that the science can have commercial applications. It’s being a part of that excitement that was a big draw for Dunn.
Of course, there are plenty of skeptics who say the industry is the equivalent of Don Quixote tilting at his windmills. But Dunn says her time at SpaceX prepared her to face the skeptics.
“When Elon said publicly that we were going to launch and land rockets back from space, everybody said, ‘That’s not possible! You can’t do it!'” Dunn said, referencing SpaceX CEO Elon Musk. SpaceX’s response was that the laws of physics say it is possible and so they were going to prove it, Dunn told CNBC.
“It took many attempts, a lot of learning, a lot of iterations on our software, many failed attempts off the boat — and then we did it. And then we did it again. And we did it again. And we did it again,” she said.
Darby Dunn, vice president of operations at Commonwealth Fusion Systems.
Photo courtesy Commonwealth Fusion Systems
“Now it’s gotten to the point where you’ve seen the aerospace industry shift to say, ‘Well, why aren’t these other companies also lending their rockets back from space?’ It’s completely changed the way that people are looking at it. They first said, ‘It wasn’t possible. Then, ‘OK, it is possible.’ And now it is saying, ‘Well, why isn’t everybody else jumping in?'”
Dunn is looking to be part of that kind of transition for the fusion industry at Commonwealth.
Speed is key
Dunn is the vice president of operations, which covers manufacturing, safety, quality and facilities. She’s helping Commonwealth make the transition from research and development-scale processes to manufacturing and full-scale production.
The company spun out of research at Massachusetts Institute of Technology and the company’s goal is to build 10,000 fusion power plants around the world by 2050, Dunn told CNBC.
First, however, Commonwealth has to prove that it can generate more energy in its fusion reactor than is necessary to get the reaction started, a key threshold for the fusion industry called “ignition.” To do that, the company is currently building its SPARC tokamak — a device that will help contain and control the fusion reaction. The company plans to turn it on in 2025 and demonstrate net energy shortly thereafter.
To build SPARC, Commonwealth needs to make a lot of magnets using high-temperature superconducting tape.
The advanced manufacturing facility located at the Commonwealth Fusion Systems campus in Devens, Massachusetts, where magnets are manufactured.
Photo courtesy Commonwealth Fusion Systems
“The cool part of this building is that the concept for it started out as a doodle that I made on a whiteboard three years ago,” Dunn told CNBC. “To see the steel beams going up, walls going up, concrete getting poured, it’s a whole vision coming to life, which is super exciting.”
Even as Commonwealth is figuring out how to make one magnet, Dunn is leading her team to develop manufacturing processes that can eventually scale to a process that looks like an automotive assembly line, she told CNBC.
Moving fast is a priority for Dunn, and the rest of the team. After building the demonstration fusion machine, SPARC, the company aims to build a bigger version called ARC, which it says is going to deliver electricity to the grid. The aim is to have ARC online in the 2030s.
“The biggest thing I think about a lot is time, about how fast can we go,” Dunn told CNBC. “The sooner we can get the magnets built, the sooner we can build SPARC, the sooner we can turn it on, the sooner we can get in net energy, the sooner we get to our first ARC. So I think that’s probably the element that I think about the most.”
Darby Dunn in the Commonwealth Fusion Systems advanced manufacturing facility.
Photo courtesy Commonwealth Fusion Systems
Speed matters because critics argue that it will take too long to get fusion to work as an energy source to meaningfully contribute to the very urgent need to reduce greenhouse gas emissions.
Top climate scientists at the United Nations Intergovernmental Panel on Climate Change have said that to have “no or limited” overshoot of the 1.5 degrees Celsius warming above preindustrial levels will require a 45% reduction in carbon dioxide emissions by 2030 compared to 2010 levels and hitting net zero around 2050.
“I have asked myself, ‘Why am I doing fusion as opposed to something that is going to be deployed next year?'” she told CNBC. “For me, it comes down to the fact that fusion is the most energy dense reaction in our solar system.”
But she does not believe fusion should be the only solution.
“I very much believe in in solar power and wind and a lot of other renewables — that we absolutely need those. We need those deployed now. We need those deployed all over the world,” Dunn told CNBC. “But I don’t think they will be enough to get us to 2050 and beyond.”
Electric cars, heat pumps, green steel and green cement all depend on having large quantities of clean electricity. Its Dunn’s focus to build the energy sources that the world will need in the decades and centuries to come.
If Commonwealth is going to deliver that solution, though, Dunn first has to make a whole lot of very high-powered magnets.
“My own personal opinion is I’m going to keep on keeping on — keep on building. And we have a poster in the back stairwell that says, ‘Keep calm and fuse on,” Dunn told CNBC. “Regardless of what the outside world is saying, we are working every day towards our mission of getting net-positive energy from fusion. And I look forward to proving that to the world in a couple of years.”
It’s been a brutal year for Tesla shareholders so far, and a hugely profitable one for short sellers, who bet on a decline in the company’s stock price.
Tesla shorts have generated $11.5 billion in mark-to-market profits in 2025, according to data from S3 Partners. The data reflected Monday’s closing price of $227.50, at which point Tesla shares were down 44% for the year.
The stock rallied about 4% on Tuesday, along with gains in the broader market, heading into Tesla’s first-quarter earnings report after the close of trading. Tesla didn’t immediately respond to a request for comment.
The electric vehicle maker is expected to report a slight decline in year-over-year revenue weeks after announcing a 13% drop in vehicle deliveries for the quarter. With CEO Elon Musk playing a central role in President Donald Trump’s administration, responsible for dramatically cutting the size and capacity of the federal government, Tesla has faced widespread protests in the U.S. and Europe, where Musk has actively supported Germany’s far-right AfD party.
Tesla shares plummeted 36% in the first quarter, their worst performance for any period since 2022, and have continued to drop in April, largely on concerns that President Trump’s sweeping tariffs on top trade partners will increase the cost of parts and materials crucial for EV production, including manufacturing equipment,automotive glass, printed circuit boards and battery cells.
The company is also struggling to keep pace with lower-cost competitors in China, and is a laggard in the robotaxi market, which is currently dominated in the U.S. by Alphabet’s Waymo. Tesla has promised to launch its first driverless ride-hailing offering in Austin, Texas, in June.
Tesla has been the biggest stock decliner among tech megacaps this year, followed by Nvidia, which was down about 28% as of Monday’s close. The chipmaker has been the second-best profit generator for short sellers, generating returns of $9.4 billion, according to S3.
Nvidia is currently the most-shorted stock in terms of value, with $24.6 billion worth sold short, S3 said. Apple is second at $22.2 billion, and Tesla is third at $17.6 billion.
Musk has a long and antagonistic history with short sellers, who have made plenty of money at times during Tesla’s 15 years on the stock market, but have also been burned badly for extended stretches.
In 2020, Tesla publicly mocked short sellers, promoting red satin shorts for sale.
“Limited edition shorts now available at Tesla.com/shortshorts” Musk wrote in a social media post in July of that year, as the stock was in the midst of a steep rally.
Two years earlier, hedge fund manager David Einhorn of Greenlight Capital posted a tweet that he received the pairs of short shorts that Musk had promised him.
“I want to thank @elonmusk for the shorts. He is a man of his word!” Einhorn wrote. Einhorn had previously disclosed that his firm’s bet against Tesla “was our second biggest loser” in the most recent quarter.
In February 2022, after reports surfaced that the Department of Justice was investigating two investors who had shorted Tesla’s stock, Musk told CNBC that he was “greatly encouraged” by the action and said “hedge funds have used short selling and complex derivatives to take advantage of small investors.”
PlainSite founder Aaron Greenspan, a former Tesla short seller and outspoken critic of Musk, sued the Tesla CEO alleging he engaged in stock price manipulation for years through a variety of schemes.
The case was removed to federal court last year. In 2023, Musk’s social network X banned Greenspan and PlainSite, which publishes legal and other public and company records, from the platform.
Instagram on Tuesday launched its standalone Edits video creation app that offers features similar to those already available from TikTok parent Bytedance.
The new app allows creators to organize project ideas, shoot and edit video, and access insights about content. Edits includes background replacement, automatic captioning and artificial intelligence tools that can turn images into video.
“There’s a lot going on in the world right now and no matter what happens, we think it’s our job to create the most compelling creative tools for those of you who make videos for not just Instagram but for platforms out there,” said Adam Mosseri, the head of Instagram, in a Reel posted in January announcing the app.
Edits appears to be Meta‘s answer to CapCut, TikTok’s sister app that is also owned by China-based parent company ByteDance, which allows users to create and edit video on their phone or computer.
Instagram Edits app.
Courtesy: Instagram
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With TikTok’s future uncertain, Instagram’s move to launch Edits could be seen as a step to gain ground in the next era of short video creation in the creator economy.
Earlier this month, President Donald Trump for a second time extended the deadline for ByteDance to divest TikTok’s U.S. operations or face an effective ban. The deadline is now mid-June.
Tesla CEO Elon Musk wears a ‘Trump Was Right About Everything!’ hat, as he, U.S. Trade Representative Jamieson Greer and Central Intelligence Agency Director John Ratcliffe attend a cabinet meeting at the White House, in Washington, D.C., U.S., March 24, 2025.
Carlos Barria | Reuters
Tesla is set to report first-quarter earnings on Tuesday after market close.
Here’s what Wall Street is expecting, based on a survey of analysts by LSEG:
Earnings per share: 39 cents
Revenue: $21.11 billion
Tesla is expected to report a slight revenue decline from $21.3 billion in the same quarter a year earlier. However, investors are going to be more focused on what the future holds after concerns about tariffs and CEO Elon Musk’s close ties to the White House pushed the stock price down 44% so far this year as of Monday’s close.
Earlier this month, Tesla reported a 13% decline in deliveries to 336,681. Tesla blamed the lower deliveries, in part, on the need to suspend production temporarily at its factories while it upgraded lines to start manufacturing a refreshed version of its popular Model Y electric SUVs.
Deliveries are the closest approximation of vehicle sales reported by Tesla but are not precisely defined in the company’s shareholder communications.
At an all-hands meeting with employees last month, Musk tried to reassure staffers that they were still in good hands, and to “hang onto your stock.” He pointed to the popularity of the Model Y, and Tesla’s potential in robotics, artificial intelligence and autonomous vehicle technology.
At the meeting, Musk also made light of the backlash against Tesla elicited by his work for President Donald Trump to reduce the size of the federal government, and his endorsements of Germany’s anti-immigrant AfD party, along with other political rhetoric and antics.
“If you read the news it feels like, you know, Armageddon,” Musk said on a livestream of the employees meeting. “It’s like, I can’t walk past the TV without seeing a Tesla on fire.” He followed up saying, “This is psycho, stop being psycho!”
That was before Trump’s announcement earlier this month of widespread tariffs, the one area where Musk has publicly broken with the Trump administration. On X, he called Peter Navarro, Trump’s top trade advisor and tariff proponent, a “moron” and “dumber than a sack of bricks.”
Tesla stands to take a significant hit from the president’s proposed tariffs, assuming they don’t get rolled back. Tesla manufactures cars in the U.S. for domestic sales so it’s not subject to the 25% tariff on imported autos, but the hefty levies on other components and materials could be severe.
Tesla relies on suppliers in Mexico and China for items like automotive glass, printed circuit boards and battery cells, among other parts essential for the production of its cars. The company has sought an exemption from the U.S. trade representative for equipment imported from China that it uses in its factories.