Fervo Energy upsizes IPO to target $1.82 billion at $7.4 billion valuation

Fervo Energy, a Houston-based geothermal energy developer, has significantly upsized its initial public offering, now aiming to raise up to $1.82 billion by offering 70 million shares of Class A common stock priced between $25 and $26 each. This marks a substantial increase from its initial filing earlier this year, when the company sought up to $1.3 billion at a share price range of $21 to $24, as reported by TechCrunch and Renaissance Capital. At the top of the new range, the IPO could value Fervo at around $7.4 billion fully diluted, more than doubling its earlier targeted valuation of $6.5 billion.