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Fervo Energy

Fervo Energy IPO

$2.86B
Series E-1 Valuation, Dec 2025
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Fervo Energy IPO date and status

2017
Founded
Jan 2026
Confidentially Filed
May 2026
IPO Completed

Company details

Fervo Energy is a clean energy company that develops geothermal technology, aiming to provide carbon-free energy in previously uneconomic locations. With a mission to help clients increase their productivity and make energy scalable, the company installs fiber optic cables downhole in geothermal wells and provides insights into subsurface behavior. Fervo Energy was founded in 2017 by Timothy Latimer and is headquartered in Houston, TX.
Sector
Subsector
Founded
2017
Headquarters
Houston, TX, United States
Founders
Jack Norbeck Ph.D, Timothy Latimer
Forge Price 1
Price not available
Market Activity 2
Limited
Last Matched Price
Post-Money Valuation 3
$2.86B
Total Funding
$1.02B
Last Funding Round
Series E-1

Learn more about Fervo Energy

To invest in Fervo Energy pre-IPO

Can you invest in Fervo Energy pre-IPO?

You may invest in Fervo Energy as it is a public company listed on the NASDAQ with ticker FRVO. But if you are an accredited investor interested in buying pre-IPO shares of a private company, you can learn more about how to invest in the private market or register today to get started.

Can you sell shares of Fervo Energy before it goes public?

You can no longer sell shares of Fervo Energy on Forge as this company is no longer private. However, if you own shares of a private company, Forge may be able to help you sell them in a way that works for you and the company. Learn more or register with us today to get started.

What is the pre-IPO value of my Fervo Energy shares?

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Is Fervo Energy a publicly traded company?

Fervo Energy became a public company following its IPO on 05/13/2026 and is now traded on the NASDAQ under the ticker FRVO.

To learn more about Fervo Energy potential IPO

Will Fervo Energy go IPO?

Fervo Energy became a public company following its IPO on 05/13/2026 and is now traded on the NASDAQ under the ticker FRVO.

What is Fervo Energy’s IPO price?

The IPO price of Fervo Energy is not currently available.

When was Fervo Energy founded?

Fervo Energy was founded in 2017.

What is Fervo Energy funding to date?

Fervo Energy has raised $1.02B to date.

Fervo Energy pre-IPO valuation and funding rounds

Funding history chart
Funding round and deals details
Funding Date Round Amount Raised Price per Share Post-Money Valuation 3 Key Investors
12/10/2025 Series E-1 $443.98MM $8.17 $2.86B Alliancebernstein, Atacama Ventures, B Capital, Breakthrough Energy Ventures, CalSTRS, Capricorn Investment Group, Carbon Equity, Centaurus Capital, Climate First, Congruent Ventures, Cpp Investments, Dcvc, Devon Energy, Echelon, Galvanize Climate Solutions, Google, Impact Science Ventures, Jb Straubel, Kris Singh, Liberty Mutual, Marunouchi Innovation Partners, Mercuria, Mitsubishi Heavy Industries, Mitsui & Company, Sabanci Climate Ventures
Price per Share
$ xx.xx
Shares Outstanding
54,332,233
Liquidation Pref Order
1
Liquidation Pref As Multiplier
1.0x
Conversion Ratio
1.0x
Dividend Rate
0.0%
Cumulative
Non-cumulative
Participating
Non-participating
Participation Cap
--
Key Investors
Alliancebernstein, Atacama Ventures, B Capital, Breakthrough Energy Ventures, CalSTRS, Capricorn Investment Group, Carbon Equity, Centaurus Capital, Climate First, Congruent Ventures, Cpp Investments, Dcvc, Devon Energy, Echelon, Galvanize Climate Solutions, Google, Impact Science Ventures, Jb Straubel, Kris Singh, Liberty Mutual, Marunouchi Innovation Partners, Mercuria, Mitsubishi Heavy Industries, Mitsui & Company, Sabanci Climate Ventures
12/10/2025 Series E-2 $18.02MM $5.28 $2.86B Alliancebernstein, Atacama Ventures, B Capital, Breakthrough Energy Ventures, CalSTRS, Capricorn Investment Group, Carbon Equity, Centaurus Capital, Climate First, Congruent Ventures, Cpp Investments, Dcvc, Devon Energy, Echelon, Galvanize Climate Solutions, Google, Impact Science Ventures, Jb Straubel, Kris Singh, Liberty Mutual, Marunouchi Innovation Partners, Mercuria, Mitsubishi Heavy Industries, Mitsui & Company, Sabanci Climate Ventures
Price per Share
$ xx.xx
Shares Outstanding
3,411,862
Liquidation Pref Order
1
Liquidation Pref As Multiplier
1.0x
Conversion Ratio
1.0x
Dividend Rate
0.0%
Cumulative
Non-cumulative
Participating
Non-participating
Participation Cap
--
Key Investors
Alliancebernstein, Atacama Ventures, B Capital, Breakthrough Energy Ventures, CalSTRS, Capricorn Investment Group, Carbon Equity, Centaurus Capital, Climate First, Congruent Ventures, Cpp Investments, Dcvc, Devon Energy, Echelon, Galvanize Climate Solutions, Google, Impact Science Ventures, Jb Straubel, Kris Singh, Liberty Mutual, Marunouchi Innovation Partners, Mercuria, Mitsubishi Heavy Industries, Mitsui & Company, Sabanci Climate Ventures
12/19/2024 Series D-3 $134.5MM $5.28 $1.45B Breakthrough Energy Ventures, CalSTRS, Capricorn Investment Group, Congruent Ventures, Cpp Investments, Dcvc, Devon Energy, Galvanize Climate Solutions, Liberty Mutual, Mercuria, Sabanci Climate Ventures
Price per Share
$ xx.xx
Shares Outstanding
25,467,691
Liquidation Pref Order
2
Liquidation Pref As Multiplier
1.0x
Conversion Ratio
1.0x
Dividend Rate
0.0%
Cumulative
Non-cumulative
Participating
Non-participating
Participation Cap
--
Key Investors
Breakthrough Energy Ventures, CalSTRS, Capricorn Investment Group, Congruent Ventures, Cpp Investments, Dcvc, Devon Energy, Galvanize Climate Solutions, Liberty Mutual, Mercuria, Sabanci Climate Ventures
12/19/2024 Series D-4 $503,210.16 $4.49 $1.45B Breakthrough Energy Ventures, CalSTRS, Capricorn Investment Group, Congruent Ventures, Cpp Investments, Dcvc, Devon Energy, Galvanize Climate Solutions, Liberty Mutual, Mercuria, Sabanci Climate Ventures
Price per Share
$ xx.xx
Shares Outstanding
112,098
Liquidation Pref Order
2
Liquidation Pref As Multiplier
1.0x
Conversion Ratio
1.0x
Dividend Rate
0.0%
Cumulative
Non-cumulative
Participating
Non-participating
Participation Cap
--
Key Investors
Breakthrough Energy Ventures, CalSTRS, Capricorn Investment Group, Congruent Ventures, Cpp Investments, Dcvc, Devon Energy, Galvanize Climate Solutions, Liberty Mutual, Mercuria, Sabanci Climate Ventures
02/29/2024 Series D-1 $233.84MM $2.53 $623.22MM Capricorn Investment Group, Congruent Ventures, Dcvc, Elemental Excelerator, Galvanize Climate Solutions, Helmerich & Payne, Impact Science Ventures, John Arnold, Liberty Mutual, Marunouchi Innovation Partners, Mercuria, Mitsubishi Heavy Industries
Price per Share
$ xx.xx
Shares Outstanding
92,344,115
Liquidation Pref Order
2
Liquidation Pref As Multiplier
1.0x
Conversion Ratio
1.0x
Dividend Rate
0.0%
Cumulative
Non-cumulative
Participating
Non-participating
Participation Cap
--
Key Investors
Capricorn Investment Group, Congruent Ventures, Dcvc, Elemental Excelerator, Galvanize Climate Solutions, Helmerich & Payne, Impact Science Ventures, John Arnold, Liberty Mutual, Marunouchi Innovation Partners, Mercuria, Mitsubishi Heavy Industries
02/29/2024 Series D-2 $10.26MM $2.15 $623.22MM Capricorn Investment Group, Congruent Ventures, Dcvc, Elemental Excelerator, Galvanize Climate Solutions, Helmerich & Payne, Impact Science Ventures, John Arnold, Liberty Mutual, Marunouchi Innovation Partners, Mercuria, Mitsubishi Heavy Industries
Price per Share
$ xx.xx
Shares Outstanding
4,766,557
Liquidation Pref Order
2
Liquidation Pref As Multiplier
1.0x
Conversion Ratio
1.0x
Dividend Rate
0.0%
Cumulative
Non-cumulative
Participating
Non-participating
Participation Cap
--
Key Investors
Capricorn Investment Group, Congruent Ventures, Dcvc, Elemental Excelerator, Galvanize Climate Solutions, Helmerich & Payne, Impact Science Ventures, John Arnold, Liberty Mutual, Marunouchi Innovation Partners, Mercuria, Mitsubishi Heavy Industries
08/22/2022 Series C-1 $110.1MM $2.53 $321.77MM 3x5 Partners, Breakthrough Energy Ventures, Capricorn Investment Group, Congruent Ventures, Cpp Investments, Dcvc, Elemental Excelerator, Grantham Foundation, Helmerich & Payne, Impact Science Ventures, Liberty Energy, Macquarie, Prelude Ventures
Price per Share
$ xx.xx
Shares Outstanding
43,481,861
Liquidation Pref Order
3
Liquidation Pref As Multiplier
1.0x
Conversion Ratio
1.0x
Dividend Rate
0.0%
Cumulative
Non-cumulative
Participating
Non-participating
Participation Cap
--
Key Investors
3x5 Partners, Breakthrough Energy Ventures, Capricorn Investment Group, Congruent Ventures, Cpp Investments, Dcvc, Elemental Excelerator, Grantham Foundation, Helmerich & Payne, Impact Science Ventures, Liberty Energy, Macquarie, Prelude Ventures
08/22/2022 Series C-2 $10.16MM $2.03 $321.77MM 3x5 Partners, Breakthrough Energy Ventures, Capricorn Investment Group, Congruent Ventures, Cpp Investments, Dcvc, Elemental Excelerator, Grantham Foundation, Helmerich & Payne, Impact Science Ventures, Liberty Energy, Macquarie, Prelude Ventures
Price per Share
$ xx.xx
Shares Outstanding
5,017,904
Liquidation Pref Order
3
Liquidation Pref As Multiplier
1.0x
Conversion Ratio
1.0x
Dividend Rate
0.0%
Cumulative
Non-cumulative
Participating
Non-participating
Participation Cap
--
Key Investors
3x5 Partners, Breakthrough Energy Ventures, Capricorn Investment Group, Congruent Ventures, Cpp Investments, Dcvc, Elemental Excelerator, Grantham Foundation, Helmerich & Payne, Impact Science Ventures, Liberty Energy, Macquarie, Prelude Ventures
08/22/2022 Series C-3 $18.02MM $1.69 $321.77MM 3x5 Partners, Breakthrough Energy Ventures, Capricorn Investment Group, Congruent Ventures, Cpp Investments, Dcvc, Elemental Excelerator, Grantham Foundation, Helmerich & Payne, Impact Science Ventures, Liberty Energy, Macquarie, Prelude Ventures
Price per Share
$ xx.xx
Shares Outstanding
10,676,143
Liquidation Pref Order
3
Liquidation Pref As Multiplier
1.0x
Conversion Ratio
1.0x
Dividend Rate
0.0%
Cumulative
Non-cumulative
Participating
Non-participating
Participation Cap
--
Key Investors
3x5 Partners, Breakthrough Energy Ventures, Capricorn Investment Group, Congruent Ventures, Cpp Investments, Dcvc, Elemental Excelerator, Grantham Foundation, Helmerich & Payne, Impact Science Ventures, Liberty Energy, Macquarie, Prelude Ventures
04/30/2021 Series B $28.34MM $1.15 $73.73MM 3x5 Partners, Breakthrough Energy Ventures, Capricorn Investment Group, Congruent Ventures, Elemental Excelerator, Helmerich & Payne
Price per Share
$ xx.xx
Shares Outstanding
24,596,454
Liquidation Pref Order
3
Liquidation Pref As Multiplier
1.0x
Conversion Ratio
1.0x
Dividend Rate
0.0%
Cumulative
Non-cumulative
Participating
Non-participating
Participation Cap
--
Key Investors
3x5 Partners, Breakthrough Energy Ventures, Capricorn Investment Group, Congruent Ventures, Elemental Excelerator, Helmerich & Payne
07/03/2019 Series A $11.25MM $0.77 $26.29MM 3x5 Partners, Breakthrough Energy Ventures, Congruent Ventures, Elemental Excelerator
Price per Share
$ xx.xx
Shares Outstanding
14,542,395
Liquidation Pref Order
3
Liquidation Pref As Multiplier
1.0x
Conversion Ratio
1.0x
Dividend Rate
0.0%
Cumulative
Non-cumulative
Participating
Non-participating
Participation Cap
--
Key Investors
3x5 Partners, Breakthrough Energy Ventures, Congruent Ventures, Elemental Excelerator
07/03/2019 Series A-1 $124,991.89 $0.05 $26.29MM 3x5 Partners, Breakthrough Energy Ventures, Congruent Ventures, Elemental Excelerator
Price per Share
$ xx.xx
Shares Outstanding
2,452,745
Liquidation Pref Order
3
Liquidation Pref As Multiplier
1.0x
Conversion Ratio
1.0x
Dividend Rate
0.0%
Cumulative
Non-cumulative
Participating
Non-participating
Participation Cap
--
Key Investors
3x5 Partners, Breakthrough Energy Ventures, Congruent Ventures, Elemental Excelerator

Fervo Energy IPO news and media highlights

Geothermal startup Fervo Energy to raise up to $1.3B in IPO

Geothermal startup Fervo Energy said Monday it hopes to raise up to $1.3 billion in its initial public offering.

Fervo Energy and Turboden Announce New 1.7 GW Turbine Supply Framework Agreement

America LLC, subsidiary of the technology provider for power generation and heat electrification Turboden S.p.A. (a Mitsubishi Heavy Industries Group company), today announced a three‑year framework agreement with Fervo Energy, a leader in next-generation geothermal development, to supply Organic Rankine cycle (ORC) units for up to 35 GeoBlocks totaling 1,750 MW of carbon-free, dispatchable power capacity.

Fervo Energy Raises $462 Million Series E to Accelerate Geothermal Development and Meet Surging Energy Demand with Clean, Firm Power

Fervo Energy, the leader in geothermal energy development, today announced the closing of its oversubscribed $462 million Series E funding round, led by new investor B Capital, a global multi-stage investment firm. This significant financing reflects strong market confidence in Fervo’s opportunity to make geothermal energy a cornerstone of the 24/7 carbon-free power future.

Baker Hughes wins contract for Fervo’s Cape Station geothermal project

Baker Hughes has been contracted by Fervo Energy to supply equipment for five organic Rankine cycle (ORC) power plants at the Cape Station project in Utah, US.
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Updated on: May 22, 2026

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