Fervo Energy ups IPO target to $7.37 billion

HOUSTON, May 11, 2026 – US geothermal company Fervo Energy has raised its IPO target to 70 million shares, up from the 55.6 million shares originally announced on May 4, Reuters reported on Monday.

The company has also raised the target price of its Nasdaq listing to USD 25.00-26.00 per share, up from the originally announced USD 21.00-24.00. If the adjusted targets are confirmed, the company could raise capital for up to USD 7.37 billion.

Texas-based Fervo Energy originally announced the filing of its registration statement with the US Securities and Exchange Commission on April 17.

In 2023, Fervo completed a 30-day well test at its Project Red commercial pilot in Nevada that achieved a flow rate of 63 litres per second at high temperatures, enabling the generation of 3.5 MW of electric power.

In 2021, the company signed a corporate agreement with Google to develop geothermal power, which aimed to supply energy to Google’s Las Vegas Cloud region and reduce the use of fossil fuels to power the company’s data centre infrastructure.

J.P. Morgan, BofA Securities, RBC Capital Markets and Barclays are acting as joint lead bookrunning managers for the IPO, with Baird, BBVA, Guggenheim Securities, MUFG, Société Générale, William Blair, Piper Sandler and the Wolfe-Nomura Alliance as additional managers.

Photo courtesy of Fervo Energy

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