Shortly after the laser was invented in 1960, scientists sought to use it for thermonuclear fusion. By 1963, Livermore had a classified laser inertial confinement fusion (ICF) program and leaders predicted scientific breakeven by 1973. In 1974, KMS Fusion, Inc. announced thermonuclear neutrons from a laser target and promised grid electricity within 10 years. Private capital was attracted, but the data fell far short of the optimistic simulations. Magnetic fusion energy has had civilian funding (DOE), while ICF has primarily received military funding (DOE Defense Programs and now NNSA). As bigger lasers have been built and better simulations performed, optimism about ICF breakeven has waxed and waned. The achievement of ignition and gain on NIF has validated ICF's scientific basis, and the DOE and venture capital funded private companies are again interested in inertial fusion energy (IFE). The new DOE Milestone-Based Fusion Development Program is creating public–private partnerships to accelerate progress toward fusion pilot plants. ARPA-E, DOE INFUSE, and DOE IFE STAR are also building a U.S. IFE program within DOE. The U.S. leads in ICF, but developing IFE is an international competition. Private companies are leading the way. HB11 Energy Pty Ltd. is pursuing the aneutronic proton–boron fuel cycle. Xcimer Energy is developing a disruptive IFE technology to achieve high laser energies at dramatically lower costs. This 50-year perspective discusses where the U.S. IFE program is headed and promising strategies for progress in establishing an effective U.S. IFE program from both public and private perspectives.