Fervo Energy Jumps 33% in Nasdaq Debut After $1.89 Billion IPO
Updated
Updated · The New York Times · May 13
Fervo Energy Jumps 33% in Nasdaq Debut After $1.89 Billion IPO
11 articles · Updated · The New York Times · May 13
$36 was Fervo Energy's opening trade on Nasdaq on Wednesday, up from its $27 IPO price, and the stock closed at $36.54.
The geothermal startup raised $1.89 billion by selling 70 million shares, giving it an initial valuation of about $7.7 billion.
Investor demand exceeded expectations as Wall Street bets that advanced drilling techniques can turn geothermal from a niche resource into round-the-clock clean power in many more regions.
The strong debut gives the sector a high-profile vote of confidence as startups try to scale geothermal beyond traditional strongholds such as California and Iceland.
Beyond the IPO hype, can Fervo manage the seismic risks and high costs that have historically stalled geothermal energy's growth?
Fervo's IPO bets on powering AI's future. Can its drilling tech scale fast enough to meet the industry's massive energy demands?