Fervo prices IPO above target
By Katie Fehrenbacher
Published on May 13, 2026.
Geothermal power developer Fervo Energy has successfully priced its IPO at $27 per share, raising $1.89 billion. The Houston-based company sold 70 million shares of Class A common stock, valuing it at $7.7 billion. Underwriters have the option to purchase an additional 10.5 million shares, which could generate $2.17 billion. Major shareholders include Devon Energy, Capricorn Investment Group, DCVC, and Breakthrough Energy Ventures. The company uses traditional shale drilling techniques to unlock inaccessible geothermal projects and plans to develop 3.65 GW of power plant capacity.
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