What is Fervo Energy's revised IPO target, and how does it compare to its previous goal?

Fervo Energy has raised its IPO target to $1.82 billion, up from a previous goal of $1.33 billion. This increase reflects a higher number of shares offered—70 million at $25 to $26 each—compared to the earlier plan of 55.56 million shares priced at $21 to $24 each.

Which major companies have signed power purchase agreements with Fervo Energy, and what is the scale of its contracted revenue backlog?

Fervo Energy has power purchase agreements with Southern California Edison Co., Alphabet Inc.’s Google, and Shell Plc; Alphabet also participated in a $462 million investment round in December. According to its SEC filing, the company has a $7.2 billion potential backlog of contracted revenue from power purchase agreements across its full portfolio.

Bill Gates-Backed Fervo Energy Boosts IPO Target to $1.8 Billion

May 11, 2026

Bill Gates-backed Fervo Energy raised its IPO target to $1.8 billion, leveraging geothermal drilling tech to meet data center power demand. The Houston-based firm plans to list on Nasdaq by May 12 with major industry backing.

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Fervo Energy Eyes $7.4 Billion Valuation in Upsized U.S. IPO

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Bill Gates-Backed Fervo Energy Boosts IPO Target to $1.8 Billion

Bill Gates-Backed Fervo Energy Boosts IPO Target to $1.8 Billion

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