Fervo Energy Co.·Utilities
Fervo Energy Company, a geothermal energy developer, builds, owns, and operates geothermal power facilities. The company's product incorporates horizontal drilling and distributed fiber optic sensing that increase the productivity and lifetime of geothermal wells. The company employs precision directional drilling technology to drill horizontally in geothermal reservoirs and develops a data analytics algorithm that enables the identification of existing resources and optimizes flow distribution through the reservoir for heat mining efficiency. The company was incorporated in 2017 and is based in Houston, Texas, with an additional location in Berkeley, California.
Utilities
Regulated Electric
199
2026-05-13
0.00

The overlooked technology is getting a second life with high demand from the tech sector.

Fervo Energy surged 40% on IPO debut, reflecting investor enthusiasm for its scalable geothermal energy vision. Fervo boasts $7B in contracted revenue, 658MW under PPAs, and high-profile clients like Google, but has yet to commence commercial operations. Significant risks persist: no operational track record, large capital expenditures, technical and economic uncertainties, and concentrated project exposure.

Fervo Energy Company leverages enhanced geothermal systems to supply 24/7 clean power, targeting hyperscaler AI data center demand in Nevada and Utah. FRVO's pipeline includes Project Red (3MW, NV) and Cape Station (500MW, UT), with long-term plans for 42.1GW capacity and $7.2B+ in potential revenue backlog. Post-IPO, FRVO holds ~$1.7B in net proceeds and $461.8M in pre-IPO cash, supporting rapid expansion but facing pre-revenue status and high upfront capital needs.

Houston-based geothermal startup Fervo Energy surged in its Nasdaq debut on Wednesday, underscoring investor enthusiasm for companies positioned to benefit from the artificial intelligence-driven electricity boom. Shares of Fervo, which trades under the ticker FRVO, jumped more than 30% shortly after trading began, pushing the company's valuation above $10 billion.

Fervo Energy, the geothermal energy startup, saw its market valuation surpass $10 billion in its public market debut, an increase driven by demand for AI data centers — and the energy that can power them.

Fervo Energy shares rose 33.3% in its Nasdaq debut on Wednesday, giving the geothermal energy developer a valuation of $10.21 billion.