  We identify potential early markets for fusion energy and their projected
cost targets, based on analysis and synthesis of many relevant, recent studies
and reports. Because private fusion companies aspire to start commercial
deployment before 2040, we examine cost requirements for fusion-generated
electricity, process heat, and hydrogen production based on today's market
prices but with various adjustments relating to possible scenarios in 2035,
such as "business-as-usual," high renewables penetration, and carbon pricing up
to 100 \$/tCO$_2$. Key findings are that fusion developers should consider
focusing initially on high-priced global electricity markets and including
integrated thermal storage in order to maximize revenue and compete in markets
with high renewables penetration. Process heat and hydrogen production will be
tough early markets for fusion, but may open up to fusion as markets evolve and
if fusion's levelized cost of electricity falls below 50 \$/MWh$_\mathrm{e}$.
Finally, we discuss potential ways for a fusion plant to increase revenue via
cogeneration (e.g., desalination, direct air capture, or district heating) and
to lower capital costs (e.g., by minimizing construction times and interest or
by retrofitting coal plants).
