Fervo Energy's IPO
Listed May 13, 2026 at $27 on Nasdaq as FRVO.
Today 70% below its $27 offer price; its first day closed +35.3%.
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What does Fervo Energy do?
“Geothermal is a highly attractive energy resource - it is clean, firm, and reliable.”
| Fact | Fervo Energy |
|---|---|
| Website | fervoenergy.com |
What is the offering?
Each figure names the filing it is from and that filing's date. The market cap is Breakaway's arithmetic from the prospectus's share count.
| Fact | Fervo Energy |
|---|---|
| Shares offered | 70,000,000 |
| Offer price | $27 a share |
| Raised at that price | $1.89 billion |
| Underwriters' discount | $113 million |
| Underwriters' option | 10,500,000 more shares |
| Underwriters | J.P. Morgan, BofA Securities, RBC Capital Markets, Barclays, Baird, and BBVA, and 6 more |
| Exchange | Nasdaq, as FRVO |
What the filing says about its money
| Fact | Fervo Energy |
|---|---|
| Net loss | $57.8 million, year to December 31, 2025 |
| Last preferred stock | Series E preferred |
What risks does Fervo Energy name first?
- “The nascent nature of our technology and the uncertainties related to its commercial viability and our limited operating history.”
- “Challenges and risks associated with nearshoring supply chain operations.”
- “Supply chain constraints affecting project completion, costs, and timelines.”
Every date of Fervo Energy's IPO
| What | Day |
|---|---|
| Registration filed | Apr 17, 2026 |
| Exchange registration filed | May 11, 2026 |
| Declared effective by the SEC | May 12, 2026 |
| Priced | May 12, 2026 |
| First trade | May 13, 2026 |
| Lock-up ends | Nov 8, 2026 |
How did its first days trade?
From its daily bars, each close against its $27 offer price.
| Day | Open | Close | From the offer |
|---|---|---|---|
| May 13 | $36 | $36.54 | +35.3% |
| May 14 | $35.88 | $40.63 | +50.5% |
| May 15 | $37.40 | $41.06 | +52.1% |
| May 18 | $41.27 | $38.60 | +43.0% |
| May 19 | $38.73 | $36.34 | +34.6% |
What is Fervo Energy's Quality Score?
The other IPOs expected
| Company | Price |
|---|---|
| $19 to $21 | |
| $15 to $17 | |
| $15 to $17 | |
| $7 | |
| $5 to $7 |
Fervo Energy IPO questions
When is Fervo Energy's IPO?
Listed May 13, 2026 at $27 on Nasdaq as FRVO.
What is Fervo Energy's IPO price?
Fervo Energy's IPO priced at $27 a share, per its final prospectus of May 14, 2026.
How many shares is Fervo Energy selling?
70,000,000 shares, and the underwriters may buy 10,500,000 more, per its final prospectus (424B4).
Who are the underwriters?
J.P. Morgan, BofA Securities, RBC Capital Markets, Barclays, Baird, BBVA, Guggenheim Securities, MUFG, Societe Generale, William Blair, Piper Sandler, and Wolfe | Nomura Alliance, as the prospectus's cover names them.
When does the lock-up end?
Fervo Energy's IPO lock-up ends Nov 8, 2026. Its final prospectus says: “.”
Does Breakaway rate Fervo Energy?
Fervo Energy has a Quality Score of -1 today. The score counts the 14 chart checks and the company's filings; a check that needs more history than a new stock has waits for it.
Can Breakaway say where Fervo Energy's price will go?
No. Breakaway does not say where a price will go. Every figure here is from the company's SEC filings, linked on each line.
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