Geothermal startup Fervo Energy pops 33% in IPO debut fueled by AI data center demand

Fervo Energy raised $1.89 billion in an upsized IPO priced at $27 per share, then jumped 33% in its Nasdaq debut.

The rally lifted the geothermal startup’s valuation above $10 billion.

Investor appetite reflects growing demand for round-the-clock power from AI data centers and other electricity-hungry users.

The debut highlights renewed market interest in enhanced geothermal as a baseload energy source.