Bill Gates-Backed Fervo Energy Surges 36% in Largest Energy IPO Since 2013

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2026-05-14 04:43:02

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Fervo Energy (FRVO) debuted on Nasdaq at $36 per share, a 33% premium to its $27 IPO price, catapulting its valuation to $10.21 billion. The geothermal developer raised $1.89 billion—the largest energy IPO in over a decade—with backing from Bill Gates’ Breakthrough Energy Ventures and Devon Energy.

Despite reporting just $138,000 in revenue last year, Fervo boasts a $7.2 billion contract backlog. The company aims to slash geothermal project costs by 57% to compete with natural gas, targeting $3,000 per kilowatt.

Investors flocked to the offering, which was upsized from an initial $1.3 billion target. Renaissance Capital noted the IPO as a watershed moment for clean energy infrastructure.

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