Fervo Energy surges 33% in Nasdaq debut as AI power demand lifts FRVO valuation above $10 billion

Fervo Energy (FRVO) rose 33% in its Nasdaq debut on May 13, 2026, pushing the geothermal startup’s market value above $10 billion as investor demand for power suppliers tied to AI data centers accelerated. The Houston-based company raised $1.89 billion in an upsized IPO priced at $27 a share, after increasing the offering by 14.6 million shares and lifting the price range twice. The IPO initially valued Fervo at about $7.6 billion. Senior Vice President of Strategy Sarah Jewett said demand during the roadshow supported the larger sale. Fervo said the IPO raised $500 million more than expected, giving it added funding for its Cape Station project in Utah, scheduled to begin operations in 2026. The first phase is expected to reach 500 megawatts within about three years. Fervo is permitted for 2 gigawatts at the site and says a third-party engineer identified heat resources that could support up to 4 gigawatts. Google has agreed to buy 115 megawatts from Fervo’s Corsac Station project in Nevada.