Fervo Energy Raises $1.89B in IPO, Shares Jump Over 33%

Fervo Energy applies horizontal drilling and fiber-optic monitoring techniques - tools refined during the US shale boom - to geothermal energy production, allowing the company to develop resources in areas where conventional geothermal is not viable. The approach has attracted private capital and federal interest as utilities and large technology companies seek firm, carbon-free baseload power to meet growing electricity demand, including from data centers. Geothermal energy has long represented a small fraction of US electricity generation, and the next-generation segment of the industry has operated almost entirely outside public equity markets until now. Fervo's listing is widely regarded within the clean-energy sector as a significant test of whether next-generation geothermal can attract the scale of capital needed for broader commercial deployment.