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Fervo Energy Raises $1.89 Billion in US IPO
The Houston-based company raised about $1.9 billion as investor demand grows for around-the-clock power and AI data center electricity needs.
- On Wednesday, May 13, 2026, Fervo Energy raised $1.89 billion in its initial public offering, debuting on the Nasdaq under the symbol FRVO as the first next-generation geothermal firm to go public.
- Founded in 2017, Fervo utilizes enhanced geothermal systems to harness the Earth's heat, applying horizontal drilling techniques adapted from the oil and gas industry to make geothermal energy viable in new locations.
- Flagship project Cape Station, located in Utah, is set to start delivering power later this year with 500 megawatts currently under construction; permits are secured to quadruple that capacity.
- Investor demand drove the company's valuation to over $10 billion during its market debut, reflecting strong interest in 24/7 carbon-free electricity needed to power AI data centers.
- Geothermal energy maintains bipartisan support in Congress, with two pro-geothermal bills currently under consideration, and the Interior Department is slated to auction 197,000 acres in New Mexico next month for development.
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Fervo becomes clean energy's biggest-ever IPO with $10B valuation—powered by the earth’s heat and AI’s hunger
Houston geothermal startup Fervo scored Wall Street’s biggest clean energy IPO ever, and its stock opened 35% higher on May 13 for a market cap above $10 billion. Bill Gates-backed Fervo aims to take the nascent industry mainstream to power the AI boom in short order. The technology combines old-school geothermal science with modern oil-drilling and fracking techniques to develop reservoirs and power plants anywhere the customers want—as opposed…
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Total News Sources15
Leaning Left4Leaning Right0Center5Last UpdatedBias Distribution56% Center
Bias Distribution
- 56% of the sources are Center
56% Center
L 44%
C 56%
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