Fervo Energy IPO Date, Price, Final Terms, S-1
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The Fervo Energy IPO date was May 13th, 2026. The final IPO price was $27.
The stock opened for trading at $36 per share at 1:03 pm ET. Shares closed the day at $36.54, for a first day gain of 35%.
The company filed for an IPO on April 17th, 2026. The Fervo Energy stock symbol is FRVO and now trades on the Nasdaq.
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Table of Contents
Notable Fervo Energy News
04/17/2026: Fervo Energy Files for an IPO
03/19/2026: Fervo Energy Secures $421 Million in Financing
01/22/2026: Fervo quietly files for an IPO
12/10/2025: Fervo Energy Raises $462 Million Series E
Older news…
About Fervo Energy
Fervo Energy is a geothermal energy company that uses the power of the Earth’s heat to generate clean electricity.
The company deploys drilling techniques and horizontal well technology developed in the oil and gas industry to create enhanced geothermal systems (EGS).
Cold water is pumped underground, heated by the Earth’s natural heat, and returned to the surface. The Organic Rankine Cycle technology efficiently converts this geothermal energy into electricity with zero carbon emissions or pollutants.
By applying innovations learned in oil drilling, Fervo Energy aims to scale geothermal energy cost-effectively, overcoming nagging barriers to widespread adoption.
Tim Latimer and Jack Norbeck founded the company in 2017. With energy engineering and geosciences backgrounds, the duo has raised at least $421 million in private funding.
The company aims to provide 24/7 carbon-free geothermal electricity, becoming a cornerstone of the renewable energy mix.
Fervo Energy has two active projects: Project Red in northern Nevada and Cape Station in Beaver County, Utah.
IPO Terms
The Fervo Energy IPO filing became public on April 17th, 2026, and the IPO date was May 13th.
- IPO Date: Wednesday, May 13th, 2025
- Fervo Energy Ticker Symbol: “FRVO”
- Stock Exchange: Nasdaq
- Common Stock Offered: 70,000,000 shares
- IPO Price: $27 per share.
- Initial IPO Price Range: $25-$26 per share
- Raise: Up to $1.89 billion
- Estimated Valuation: $7.5 billion
- IPO Pricing Date: May 12th
- Lead Underwriters: J.P. Morgan, BofA Securities, RBC Capital Markets, Barclays
S-1 Filing
This S-1 filing was released to the public on Friday, April 17th, 2026.
Find the latest version of the filing on the SEC website.
Pre-IPO Ownership
Fervo Energy is a venture-backed startup. Equity owners include founders, employees, venture capital firms, and private investors.
The latest confirmed funding round was a Series E in December 2025. The funding round raised $462 million.
Prominent venture capital investors include Breakthrough Energy Ventures, CPP Investments, Capricorn Investment Group, Congruent Ventures, DCVC, Grantham Foundation, Impact Science Ventures, Liberty Energy, Macquarie, and Prelude Ventures.
Public companies Helmerich & Payne (HP) and Devon Energy (DVN) also own a stake with strategic partnerships.
Funding Rounds
| Round | Date | Est. Valuation | Raise Amount | Price |
|---|---|---|---|---|
| Series E | 12/10/2025 | NA | $462.00M | NA |
| Series D3/4 | 12/19/2024 | $1.45B | $135.00M | $5.28 |
| Series D1/2 | 02/29/2024 | $623.00M | $244.00M | $2.34 |
| Series C | 08/22/2022 | $322.00M | $138.00M | $2.00 |
| Series B | 04/30/2021 | $74.00M | $28.00M | $1.15 |
| Series A | 07/03/2019 | $26.00M | $11.00M | $0.77 |
| Source: Multiple |
Pre-IPO Valuation
The Fervo Energy valuation was not released with the Series E funding round. I’ll update the value once a valuation is available. Previous reporting indicates the company aims to seek a $2-$4 billion IPO.
The Series E funding round should bring it closer to the high end of that range.
IPO Prelude
The Fervo Energy IPO date was May 13th, 2026.
Previous reporting that came out of CERAWeek indicates the Fervo Energy IPO could come as soon as 2026.
Sources told Axios:
The company is targeting a $2 billion to $4 billion valuation
The company has demonstrated that its technology and plant design meets its intended energy generation outcomes. It has also established demand for its 24/7 carbon-free energy, partnering with Google on its initial plant in Northern Nevada.
Companies like Google and others committed to clean energy consumption goals need overnight power when wind and solar are unreliable. Southern California Edison has agreed to purchase
Despite proven technology and industry demand, Fervo Energy is still years from becoming a sustainable company. It will need to raise more private funds and scale multiple geothermal plants and surrounding infrastructure to capitalize on its technology and progress.
Now public, the company will likely operate as a utility, being paid market rates or a slight premium for its carbon-free energy. Therefore, the excitement around its positive impact on climate may outweigh its potential for investor returns.
Bookmark this page for the latest developments.
How to Buy Fervo Energy Stock
Fervo Energy is now publicly traded. Investors can buy the stock through any online broker using the symbol FRVO. Here’s a list of brokers that offer IPO access to customers:
Check out this list of best brokers for IPO investing to learn more about IPO access for retail investors.
Frequently Asked Questions (FAQs)
Is Fervo Energy Publicly Traded?
Yet. Fervo Energy became a public company on May 13th, 2026.
What is the Fervo Energy Stock Price?
What is the Fervo Energy Stock Symbol?
The Fervo Energy stock symbol is FRVO.
Fervo News Archive
11/10/2025: Geothermal set to go from niche to necessary
10/01/2025: Fervo Energy raising $300M Series E
06/11/2025: Fervo Energy Secures $206 Million In New Financing
06/04/2025:WSJ: Bill Gates Is Backing This Geothermal Company
05/29/2025: The Secret to Unlimited Energy
04/04/2025: The Hottest Thing in Clean Energy
03/13/2025: Fervo Energy may IPO as early as next year
03/13/2025: Fervo moves toward an IPO
12/19/2024: Fervo Energy Secures Additional $255 Million Funding
12/10/2024: Next-Gen Geothermal Can Unlock Clean Power
09/24/2024: Big Tech Is Rushing to Find Clean Power to Fuel AI
06/25/2024: Good news for 100% clean energy
02/29/2024: Fervo Energy Raises $244 Million
09/25/2023: Fervo Energy Breaks Ground in Utah
07/18/2023: Fervo Energy Announces Technology Breakthrough
04/18/2023: Devon Energy Invests $10 Million into Fervo Energy
08/22/2022: Fervo Energy Raises $138 Million
04/30/2021: Fervo Energy Raises $28 Million Series B
Conclusion
Retail investors get excited about extraordinary technologies and scientific breakthroughs like geothermal energy and energy storage.
Geothermal is one of the more promising clean energies because it is available 24/7, unlike solar and wind.
Previous efforts to harness the Earth’s underground heat have proved too inefficient to scale. However, Fervo Energy is leveraging existing technologies deployed in oil and gas drilling and extraction practices to improve efficiencies and lower costs to produce electricity.
Buying private stocks of companies valued at under $1 billion is difficult for ordinary investors because of the lack of share supply.
This company needs to grow over the next few years and raise more private funds before early investors, and employees look to liquidate shares, at which point retail investors may get a chance to invest.
Though pre-IPO investing platforms have opened more opportunities, private equity investing is still primarily reserved for accredited investors because of the added risk.
Fervo Energy is scaling with no profitability in sight. That decreases the potential to invest and the likelihood of share availability.
Now that Fervo Energy stock trades publicly, investing can participate in the future gains or losses of this geothermal play.
Craig Stephens founded Access IPOs in 2016 to help ordinary investors explore IPO and pre-IPO opportunities. He also manages the Access Club, a membership community for IPO and startup investors. Craig studied Finance at Michigan State University and lives in Northern Virginia. Learn more about Craig.
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