Fervo Energy

Fervo Energy (Ticker: FRVO US) develops enhanced geothermal systems that use heat from underground rock formations to generate electricity. The systems use horizontal drilling and hydraulic fracturing to reach underground rock and circulate heat, including where the rock lacks natural pathways for fluid flow. The IPO consists entirely of newly issued shares; no secondary shares are stated.

The scheduled listing date on Nasdaq was May 13, 2026. The proposed offering comprises 70,000,000 shares at an indicative price range of $25.00–26.00 per share. At the indicative range midpoint, the base offering would represent $1.79 billion in gross proceeds, excluding any unexercised over-allotment.

J.P. Morgan, Bank of America, Barclays and RBC are bookrunners.