Fervo Energy stock surged 33% on its Nasdaq debut Wednesday after the Houston-based geothermal company raised $1.89 billion in an upsized initial public offering, pushing its market valuation past $10 billion.
Shares were priced at $27 apiece — above a marketed range of $25 to $26 — with 70 million sold in total, per the company
The offering was upsized from an originally proposed 55.6 million shares to 70 million shares, with underwriters also receiving an option to purchase up to an additional 10.5 million shares. Fervo stock trades on the Nasdaq under the ticker symbol FRVO. Using the outstanding share count disclosed in its filings, Bloomberg put Fervo’s market value at $7.7 billion at the offering price.
Investor appetite was fierce enough that orders came in at a double-digit multiple of available shares, Bloomberg reported, citing people familiar with the matter. Demand was driven in part by the company’s positioning to supply power to data centers and AI facilities. Among Fervo’s offtake counterparties are Google, Southern California Edison, and Shell, its filings show.