Fervo Energy prices upsized IPO at $27 per share

Fervo Energy priced its initial public offering of 70 million shares of Class A common stock at $27.00 per share. The offering represents an increase from the originally proposed 55.6 million shares.

The company granted underwriters a 30-day option to purchase up to an additional 10.5 million shares. Shares are expected to begin trading on the Nasdaq on May 13, 2026, under the ticker symbol "FRVO" (NASDAQ: FRVO). The offering is expected to close on May 14, 2026, subject to customary closing conditions.

J.P. Morgan, BofA Securities, RBC Capital Markets, and Barclays served as joint lead bookrunning managers for the offering. Additional bookrunning managers included Baird, BBVA, Guggenheim Securities, MUFG, Societe Generale, William Blair, Piper Sandler, and Wolfe | Nomura Alliance.

The U.S. Securities and Exchange Commission declared the registration statement relating to these securities effective on May 12, 2026.

Houston-based Fervo Energy develops enhanced geothermal systems that combine horizontal drilling, fiber-optic sensing, and advanced reservoir engineering to generate what the company describes as 24/7 carbon-free power.

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