Fervo Energy

FRVO · Nasdaq Filing snapshot

Fervo Energy is an enhanced-geothermal-systems (EGS) developer building utility-scale geothermal power for utilities and data-center operators. It is pre-revenue: the filing states it "has not generated revenue from utility-scale geothermal power sales or PPAs," reporting only $138K (2025) and $199K (2024) of ancillary fees tied to its Project Red, against a $57.8M FY2025 net loss. Its $27.00 Nasdaq IPO raised about $1.89B gross. A dual-class structure (Class B = 40 votes/share) leaves founders Tim Latimer and Jack Norbeck with ~53% of the vote. The filing names AltaRock Energy, GreenFire Energy, Eavor, Zanskar and Mazama Energy as geothermal peers.

Listed

May 14, 2026

Raised

$1.89B

Sector

Geothermal Energy · Clean Power · Energy

Named rivals

5 in the S-1

Named in the S-1 5 named

Fervo Energy

FRVO · the filer

Eavor Technologies

named 3×

AltaRock Energy

named 1×

GreenFire Energy

named 1×

Zanskar Geothermal and Minerals

named 1×

Mazama Energy

named 1×

“

The read

A pre-revenue enhanced-geothermal developer raising ~$1.89B at $27 — reporting just $138K of ancillary fees against a $57.8M net loss. It names only five small geothermal peers, while founders keep ~53% of the vote via 40-vote Class B shares.

Want the full picture on Fervo Energy?

Request the deep Exposure Report — share-of-presence, a 90-day signal timeline, and the white space these 5 rivals leave open. We build it within 48 hours.

Request full coverage