Fervo Energy now targets up to $7.37 billion valuation in upsized IPO

Investing.com -- Fervo Energy announced on Monday it is targeting a valuation of up to $7.37 billion in its upsized initial public offering in the United States, reflecting strong investor interest in the listing.

The Houston, Texas-based geothermal company is now offering 70 million shares priced between $25 and $26 each. The company previously planned to offer 55.6 million shares priced between $21 and $24 per share.

J.P. Morgan, BofA Securities, RBC Capital Markets, and Barclays are serving as joint lead bookrunning managers for the offering. Additional underwriters include Baird, BBVA, Guggenheim Securities, MUFG, Societe Generale, William Blair, Piper Sandler, and Wolfe | Nomura Alliance.

Fervo Energy will list on the Nasdaq under the ticker symbol "FRVO."

The company develops enhanced geothermal systems that aim to provide carbon-free baseload power to the grid. Fervo uses horizontal drilling and hydraulic fracturing techniques adapted from the shale oil and gas industry to access heat from impermeable rock formations. This approach allows the company to leverage existing oilfield supply chains and expertise.

As of December 31, 2025, Fervo Energy employed 199 full-time and part-time employees.

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