# Fervo Energy Pops 33% in Nasdaq Debut to $10 Billion Valuation, Biggest Clean Energy IPO Ever as AI Data Centers Drive Geothermal Demand

*2026-05-15 10:01 UTC · Business · 1 min read*

> Fervo Energy jumped 33% on its Nasdaq debut to a $10 billion market cap, the biggest clean energy IPO ever, as AI data center power demand drives investor appetite for geothermal.

Geothermal startup Fervo Energy surged 33% on its Nasdaq debut on May 13, lifting its market capitalization above $10 billion and making it the largest clean energy IPO in history. The Bill Gates-backed Houston company priced shares at $27 the prior evening, raising $1.89 billion at an initial valuation of $7.6 billion, then opened at $36 under the ticker FRVO.

The rally was driven by AI data center operators scrambling for round-the-clock electricity. Fervo already supplies a 115-megawatt pilot to Google in Nevada and is building Cape Station in Utah, a 500-megawatt plant permitted for up to 2 gigawatts of expansion. Senior VP of Strategy Sarah Jewett said the company is "repeating the playbook from the shale energy industry but with the answer key," pointing to a two-thirds reduction in drilling cost per foot after 14 wells.

Fervo's debut underscores how the AI boom is reshaping power markets, with hyperscalers willing to pay premiums for firm, low-carbon baseload that solar and wind cannot match.

## Sources

- [techcrunch.com](https://techcrunch.com/2026/05/13/geothermal-startup-fervo-energy-pops-33-in-ipo-debut-fueled-by-ai-data-center-demand/)
- [fortune.com](https://fortune.com/2026/05/14/fervo-clean-energy-biggest-ipo-10b-valuation-powered-earths-heat-ai-hunger/)
- [investing.com](https://www.investing.com/news/stock-market-news/fervo-energy-valued-at-1021-billion-as-shares-rise-in-nasdaq-debut-4685699)

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TechTools News · https://techtools.cz/tools/news/article/1652-fervo-energy-pops-33-in-nasdaq-debut-to-10-billion-valuation-biggest-clean
Česká verze: https://techtools.cz/tools/news/clanek/1725-akcie-fervo-energy-vyletely-na-nasdaqu-o-33-a-firma-ma-hodnotu-10-miliard