Fervo Energy IPO Prices at $27, Debuts with 33% Surge on Nasdaq

Geothermal energy company Fervo Energy successfully priced its initial public offering at $27 per share, exceeding its initial range, and raised nearly $1.9 billion at a valuation of approximately $7.7 billion. Trading began on the Nasdaq under the ticker FRVO on May 13, 2026, with shares immediately jumping 33% to over $36. Fervo specializes in advanced enhanced geothermal systems (EGS) that utilize shale drilling techniques and AI-enhanced fiber optic sensing to provide stable, carbon-free energy without weather-related intermittency. The company is currently constructing its flagship Cape Station project in Utah, which is set to become the world's largest next-generation geothermal facility. Scheduled to reach full-scale production of 500 megawatts by 2028, the project has already secured power purchase agreements with major entities like Southern California Edison and Shell. Fervo aims to reduce construction costs significantly to match gas-fired plants, eliminating fuel costs and emissions. Notable backers include Bill Gates and Devon Energy, the latter providing strategic expertise in horizontal drilling. This IPO marks a significant milestone for the renewable energy sector, highlighting growing investor interest in scalable, reliable clean energy solutions.