Deal Details

Fervo Completes $2.2 Billion Initial Public Offering

Energy
Technology & Services

Fervo initial public offering

Summary

Fervo Energy (“Fervo” or the “Company”) (NASDAQ: FRVO) recently announced the pricing of its upsized initial public offering of 80,500,000 shares of its Class A common stock, including 10,500,000 shares sold pursuant to the full exercise of the underwriters’ option to purchase additional shares, at a public offering price of $27.00 per share, generating gross proceeds of approximately $2.2 billion (the “Offering”).

Baird served as a bookrunner on this Offering.

Key Offering Metrics

Pricing Date - May 12, 2026
Exchange / Ticker - NASDAQ / FRVO
Initial Filing Range - $21.00 - $24.00
Revised Filing Range - $25.00 - $26.00
Offer Price - $27.00
Base Offering Size - $1.9 billion (100% primary)
Overallotment Option - $283.5 million (100% primary)
Total Offering Size - $2.2 billion
Diluted Market Cap - $8.7 billion
Enterprise Value - $6.6 billion
Execution - 7-day roadshow

About

Fervo delivers 24/7 carbon-free power through the large-scale deployment of enhanced geothermal systems. By combining the application of horizontal drilling, fiber-optic sensing and advanced reservoir engineering with an innovative approach to power systems engineering, Fervo has established a repeatable, industrial approach to building firm, utility-scale power. The Company is driving geothermal toward scalable, reliable and cost-competitive deployment, making it a foundational component of the global energy system. Fervo is headquartered in Houston, Texas.