Abstract A three-fluid equilibrium plasma with bulk plasma and energetic electrons has been observed on the Xuanlong-50 (EXL-50) spherical torus, where the energetic electrons play a crucial role in sustaining the plasma current and pressure. In this study, the equilibrium of a multi-fluid plasma was investigated by analyzing the relationship between the external vertical magnetic field (B<sub>V</sub >), plasma current (Ip), the poloidal ratio (βp) and the Shafranov formula. Remarkably, our research demonstrates some validity of the Shafranov formula in the presence of multi-fluid plasma in EXL-50 spherical torus. This finding holds significant importance for future reactors as it allows for differentiation between alpha particles and background plasma. The study of multi-fluid plasma provides a significant reference value for the equilibrium reconstruction of burning plasma involving alpha particles.