Fervo Energy, which is developing next-generation geothermal energy projects, raised the proposed deal size for its upcoming IPO on Monday.
The Houston, TX-based company now plans to raise $1.8 billion by offering 70 million shares at a price range of $25 to $26. The company had previously filed to offer 55.6 million shares at a price range of $21 to $24. Cornerstone investors still intend to purchase $350 million worth of shares in the offering (20% of the deal). At the midpoint of the revised range, Fervo Energy will raise 43% more in proceeds than previously anticipated.
Fervo Energy is a geothermal energy company developing enhanced geothermal systems (EGS) to generate electricity. It applies techniques such as horizontal drilling and hydraulic fracturing to access and circulate heat from underground rock formations, enabling geothermal power production in locations that lack natural permeability. The company also uses advanced monitoring technologies, including fiber optic sensing, to track subsurface conditions and optimize energy extraction. Its approach aims to expand the scalability and geographic reach of geothermal energy as a source of firm, always-available power.
Fervo Energy was founded in 2017 and booked $0 million in revenue for the 12 months ended December 31, 2025. It plans to list on the Nasdaq under the symbol FRVO. J.P. Morgan, BofA Securities, RBC Capital Markets, Barclays, Baird, BBVA, Guggenheim Securities, MUFG Securities America, Societe Generale, William Blair, Piper Sandler, Nomura Securities, and WR Securities are the joint bookrunners on the deal. It is expected to price during the week of May 11, 2026.
