IPO pricing is expected within 1-2 days. Monitor the final IPO price and first-day trading for demand signals. The company remains pre-commercial with high capital needs — post-IPO cash runway and project milestones (Cape Station first power) will be key catalysts.
Price Chart
Executive Summary
Fervo Energy's S-1 registration for its IPO has been declared effective by the SEC as of May 12, 2026. The company can now proceed to price and list its shares, with the most recent amended prospectus targeting 70 million shares at $25-$26/share, implying gross proceeds of ~$1.75B at the midpoint. This is a pre-revenue enhanced geothermal systems developer with a $7.2B contracted PPA backlog but significant ongoing losses.
Key Facts
- SEC declared effectiveness of S-1 registration (File No. 333-295165) on May 12, 2026
- IPO is for Class A common stock; latest terms: 70M shares at $25-$26/share
- Company is pre-revenue with $57.8M net loss in 2025; first power expected late 2026
- Contracted PPAs total 658 MW with $7.2B backlog; 500 MW under construction at Cape Station
Financial Impact
Gross proceeds of ~$1.75B at the midpoint of the latest price range ($25.50/share × 70M shares); net proceeds after underwriting estimated at ~$1.67B
Risk Factors
- Pre-revenue company with no operating cash flow; relies on IPO proceeds for development
- Geothermal project execution risk — first power target is late 2026
- Significant shareholder dilution from 70M share offering
- Potential for lower pricing if market conditions shift before pricing
Documents Analyzed
This report is based on 3 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| EFFECT Filing (Primary) | 9999999995-26-001586 |
| Document: 9999999995-26-001586-index.html | 9999999995-26-001586 |
| Document: 9999999995-26-001586.txt | 9999999995-26-001586 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 12, 2026 14d ago | Institutional Cluster | $12.87 | awaiting T+20 | — | $7.97 (−38.07%) |
Oct 1, 2026 25d ago | 8-K | $14.46 | awaiting T+20 | — | $7.97 (−44.88%) |
Sep 1, 2026 7w ago | 8-K | $19.75 $13.87 | ▼ −29.77% | ▼ −30.95% | $7.97 (−59.65%) |
Aug 12, 2026 10w ago | 8-K | $20.16 $15.73 | ▼ −21.97% | ▼ −20.08% | $7.97 (−60.47%) |
Aug 12, 2026 10w ago | Press Release | $20.16 $15.73 | ▲ +21.97% | ▲ +20.08% | $7.97 (+60.47%) |
Jun 22, 2026 18w ago | 8-K | $36.36 $24.65 | ▼ −32.21% | ▼ −32.06% | $7.97 (−78.08%) |
Jun 12, 2026 19w ago | Press Release | $35.19 $27.13 | ▼ −22.90% | ▼ −24.68% | $7.97 (−77.35%) |
Jun 10, 2026 19w ago | 8-K | $34.64 $27.35 | ▼ −21.05% | ▼ −22.94% | $7.97 (−76.99%) |
May 15, 2026 23w ago | 8-K | $41.06 $35.19 | ▼ −14.30% | ▼ −16.41% | $7.97 (−80.59%) |
May 14, 2026 23w ago | 424B4 | $40.63 $35.19 | ▼ −13.39% | ▼ −12.53% | $7.97 (−80.38%) |
US Market Status
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