And we already know (roughly) how to build that, it's just that the version we know how to build is so ridiculously, impractically huge that you could fit a small city in its blast chamber... because it runs on actual, non-miniature, thermonuclear bombs. The difficulty is scaling that down to something that doesn't have a upfront cost measured in multiples of the world GDP before it starts generating power (in quantities measured in multiples of current global electrical consumption, and likely multiples of global energy consumption period).
Also, just to add to your point there are (basically) continuously fueled fission reactors, see e.g. CANDU as well as some more exotic actually continuously fueled designs that use liquid fuels. Continuously fueled designs would probably be more desirable if they weren't such a proliferation concern but that's a different story.
And I'm only half joking. The energy yield of fusion is there and the basic physics are pretty well understood. Progress has been agonizingly slow but steady. We generally understand what needs to be done to get there, but it's a slow and complicated process that will take a long time and several more expensive, large-scale tests like ITER to push it along. The payoff is still a ways away and the up front costs are high, so barring investment on the scale of the Manhattan project it is something we will have to continue slowly grinding away at. The upside is fusion research is truly pushing the bounds of engineering, which will continue to yield benefits in other areas along the way.
Edit: I'll also add that we have already built fusion reactors, we just haven't gotten them efficient enough that they generate enough energy to sustain themselves.
The Manhattan project cost about $30 billion in today's dollars, I believe.
We have IPOs that raise close to that amount of money these days (e.g. Alibaba).
It's half a percent of federal spending in 2020 (admittedly not a normal year).
GameStop has lost over $30 billion from its peak valuation.
Your matter of fact claim that there's not enough capital in today's world for fusion power development really makes me wonder.
Once upon a time, I read a comment by someone somewhere that "everyone" (who is "in the know") knows fusion break-even is infeasible, but the research is relevant to maintaining nuclear weapons stockpiles.
Besides, if fusion power was possible...wouldn't Elon Musk be working on it?
I will add that I'm not sure it would be worth committing this amount of resources solely to fusion. Obviously I think it's worth pursuing long term, but not necessarily at that scale given the costs it would have in terms of other scientific research. I never claimed the amount of capital isn't there nor meant to imply it; it probably is possible (by 2040-2050, 2030 seems impossible to me) but not realistic barring some dramatic changes in the world.
Regarding why wouldn't Elon Musk be working on it... let's ignore that several other prominent billionaires have invested in fusion. But currently fusion is not an appealing private investment outside of philanthropy. There are a lot of up front costs and uncertainty for a payoff that is way down the road. Whether it's worth investing in is up to him, but "whether or not Elon Musk is doing it" is not a good measure of viability.
Regarding the comment that everybody in the know thinks breakeven is infeasible, that's certainly not the prevailing nor even a common view with the people I know working on fusion. Opinions are mixed on how far we are from breakeven and how far we are in terms of the technology required to achieve it, but as I noted previously the basic energy yield of fusion is there and the route to get there is mostly clear, if long. ITER has little cross-application with nuclear weapons, that would be facilities like NIF which aren't the main focus of research towards power production.
I'll add that I have no skin in this game, my research is unrelated to fusion I just happen to talk with those guys a lot and took some classes in grad school. I see none of those sweet gubbment fusion research bucks.
That's what I was doing...
>currently fusion is not an appealing private investment outside of philanthropy. There are a lot of up front costs and uncertainty for a payoff that is way down the road
As opposed to the Mars rocket business? As opposed to money-losing biotech? Bitcoin, now representing around $1 trillion in total? Is the disinterest in long term investments why the US government is thinking about issuing 50 and 100 year bonds, as well as the 30 year that already exist?
In 2021, saying that significant capital is only available to non-speculative investments with short term payoffs sounds like something from another dimension. One without the GameStop hearings.
Elon Musk isn't literally the sole litmus test of whether fusion is feasible; he just represents the general zeitgeist. If a few billion dollars would make it happen in the near future, how could it be that everyone is disinterested? Especially now that taking climate change seriously seems to be snowballing.
SpaceX talks a lot about Mars, but so far they've mostly stuck to Earth orbit, because that's where the money is. They are starting to do some Moon-related stuff – because both NASA and space tourists will pay to go there. Even Starship, which was designed as a vehicle to get to Mars, most of its actual use is going to be Earth orbit or lunar, it is going to be very many years before its Martian use cases outnumber its Earth/Moon ones.
SpaceX will probably fund a few unmanned trips to Mars out of their own pocket – land a couple of Starships containing supplies that might be useful to future colonists. But I'm sure straight after doing that they'll be knocking on NASA's door suggesting that NASA pay them for some Mars missions... imagine how many (and how big) rovers you could fit on a Starship.
Musk has said he wants SpaceX to develop the necessary transport technologies to support colonisation of Mars – and they'll try to use non-Mars-related revenue sources to pay for that development. But he's also said the role of actually setting up a Martian colony (as opposed to just providing transportation to get there) won't fall to SpaceX.
I have a theory – which could just be wild speculation on my part – at some point Musk is going to set up something like a "Mars Colonisation Foundation" as a non-profit tasked with colonising Mars. And when he dies he's going to leave it the vast bulk of his assets to it (I'm sure he'll leave his family enough to live comfortably, but they don't need billions to do that). And the "Foundation" will end up owning a big chunk of SpaceX, and will be a major customer of SpaceX, but will remain separate from it. It will actually try to pay for the colonisation of Mars, not SpaceX themselves. And it will stick at it as long as it takes (even if it takes a few lifetimes to pull it all off.)
I expect private investment will pick up eventually, when the technology is a little closer to market. I'm not at all disagreeing that we should be investing more in it and that it's looking increasingly urgent, it's still a relatively small effort compared to other things.
This isn't how market cap works.