The IPO Buzz: Fervo Energy (FRVO) Prices IPO at $27 – $1 Above Range
Fervo Energy (FRVO) priced its IPO at $27.00 – $1.00 above the top of its recently increased price range – and sold 70 million shares – the number of shares in the prospectus for the recently upsized deal – to raise $1.89 billion on Tuesday night, May 12, 2026. At pricing, Fervo Energy had a market cap of about $7.7 billion. Fervo Energy had marketed its IPO at a price range of $25.00 to $26.00.
Shares of Fervo Energy are expected to start trading tomorrow – Wednesday, May 13, 2026 – on the NASDAQ.
J.P. Morgan, BofA Securities, RBC Capital Markets and Barclays led the joint book-running team.
Fervo Energy, based in Houston, is a geothermal energy start-up engaged in developing enhanced geothermal systems (EGS) to generate electricity.
The company uses some “fracking” techniques adapted from the shale gas industry.
“We use horizontal drilling and hydraulic fracturing to reach underground rock formations and circulate heat from them to produce geothermal power in places that do not have natural permeability,” Fervo Energy said in the prospectus.
Fervo Energy has a non-binding agreement with Google.
In the prospectus, Fervo Energy said it expects to complete construction of its initial Cape Station 500-megawatt geothermal facility in Utah by year-end, with first power anticipated in late 2026. Fervo Energy also said it has signed power purchase agreements with utilities and hyperscalers for 658 MW, according to the prospectus.
Fervo Energy is not profitable: It reported a net loss of $57.79 million on revenue of $0.14 million for the 12 months that ended Dec. 31, 2025, according to the prospectus.
Source: https://www.iposcoop.com/the-ipo-buzz-fervo-energy-frvo-prices-ipo-at-27-1-above-range/
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