We apply a few simple first-principles equations to identify the parameter space in which controlled fusion might be possible. Fundamental physical parameters such as minimum size, energy, and power as well as cost are estimated. We explain why the fusion fuel density in inertial confinement fusion is more than 1011 times larger than the fuel density in magnetic confinement fusion. We introduce magnetized target fusion as one possible way of accessing a density regime that is intermediate between the two extremes of inertial confinement fusion and magnetic confinement fusion and is potentially lower cost than either of these two.

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