Fusion startups are giving the government shares in exchange for awards. Is it worth it?

The US government has awarded $260 million to Helion and Commonwealth Fusion Systems (CFS) under the CHIPS and Science Act, but in return, the companies must give the government non-voting shares. This is a departure from the typical non-dilutive capital model, where the government provides funding without taking a direct stake in the companies. The awards are seen as a signal that the US government is re-engaging with the fusion industry, but the terms of the deal may affect the companies' valuations and ownership structures.