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yesterday

Fervo Energy Jumps After $1.9 Billion Nasdaq Debut, Valued Above $10 Billion

The listing signals investor demand for 24/7 clean power from technologies that promise near-term delivery.

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Fervo is developing the Cape Station geothermal power project in Beaver County, Utah.
Jack Norbeck, co-founder and chief technology officer of Fervo Energy Co., center left, and Tim Latimer, co-founder and chief executive officer of Fervo Energy Co., center, ring the opening bell during the company's initial public offering (IPO) at the Nasdaq MarketSite in New York, US, on Wednesday, May 13, 2026. Fervo Energy Co., a geothermal energy developer, raised $1.89 billion in a US initial public offering that priced above the marketed range, after upsizing the deal earlier this week. Photographer: Michael Nagle/Bloomberg
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Overview

  • Fervo Energy, which priced 70 million shares at $27, saw its FRVO shares surge about 33% Wednesday to a market value above $10 billion.
  • The $1.89 billion raise is the largest U.S. energy and utilities IPO since 2013, according to Renaissance Capital.
  • The company plans to use the cash to speed its Cape Station project in Utah, which targets roughly 500 megawatts in phase one and initial power by the end of 2026.
  • Fervo develops enhanced geothermal by drilling horizontally and hydraulically stimulating hot rock, and it is trying to cut build costs from about $7,000 to $3,000 per kilowatt.
  • Early finances remain thin—filings show $138,000 in 2025 revenue and about a $70 million net loss—but Fervo reports $7.2 billion in potential contracted sales tied to customers like Google and Southern California Edison.