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Geothermal Startup Fervo Energy Targets $6.5 Billion Valuation in $1.3 Billion IPO

Houston-based Fervo Energy has launched the roadshow for one of the most-watched clean-energy IPOs of the year, offering 55.5 million shares at $21 to $24 each on the Nasdaq under the ticker FRVO. The deal could raise up to $1.33 billion and value the geothermal startup at as much as $6.5 billion, fueled by AI data center demand for round-the-clock carbon-free power.