Fervo Energy raised $1.89B in its IPO, and initial trading pushed its value over $10B. (TechCrunch)
The bet: Investors are treating next-gen geothermal like the firm clean power answer to AI load growth. Fervo’s pitch rests on 2.6 GW of advanced-stage projects, a 38-GW early project pipeline, and $7.2B in contracted PPA revenue.
Yes, but: There’s still plenty for the startup to prove as the company scales up. Fervo reported just $138K in 2025 revenue…against a roughly $70M net loss.Â