Bill Gates's backed Fervo Energy raises IPO target to $1.82bn on $7.4bn

"Fervo Energy raised its IPO target on Monday to as much as $1.82bn, up from $1.33bn just over a week earlier, the Houston-based geothermal developer disclosed in an SEC filing. Fervo now plans to sell 70 million shares at $25 to $26 each, against the previous range of 55.56 million at $21 to $24. At the top of the new range, the listing would carry a market value of approximately $7.4bn against Fervo's outstanding share count."

"The size-and-price increase is unusually large for an IPO that has not yet priced. The combination of more shares plus a higher price band typically signals strong indications of interest during the roadshow, with the underwriters and the company concluding that the order book can absorb a larger trade at richer levels. The $1.82bn top-of-range figure would make Fervo the largest climate-tech IPO of 2026 to date and one of the largest US IPOs in the energy sector since the post-2021 cycle began."

"The investor list behind Fervo reads as a who 's-who of AI and clean-energy alignment. Bill Gates's Breakthrough Energy Ventures has been a long-term backer; Alphabet has invested directly and is also a major commercial customer; Devon Energy and Shell have positioned the geothermal company alongside their own portfolio diversification work; B Capital led the December 2025 Series E that closed at $462m."

"The composition of that investor base is part of the reason the IPO can be priced at the level it is. Each of the strategic investors brings either commercial offtake interest or industrial-policy alignment that supports the company's revenue trajectory. Fervo's flagship project, Cape Station in Beaver County, Utah, is the world's largest planned enhanced geothermal system deve"

Fervo Energy increased its planned IPO size and raised its top-of-range price in an SEC filing. The company now plans to sell 70 million shares at $25 to $26 each, up from 55.56 million shares at $21 to $24. At the top of the new range, the listing implies a market value of about $7.4 billion. The increase is unusually large for an IPO that has not yet priced, suggesting strong roadshow indications and an order book able to absorb a larger trade at higher levels. The raised target would make it the largest climate-tech IPO of 2026 to date and among the largest US energy IPOs since 2021. Strategic investors include Breakthrough Energy Ventures, Alphabet, Devon Energy, Shell, and B Capital, supporting commercial and policy-aligned revenue expectations.

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