Bill Gates’s backed Fervo Energy raises IPO target to $1.82bn on $7.4bn

The geothermal developer increased its share count by 26% and its top-of-range price by about 8% in an SEC filing on Monday. The revision points to the demand for clean baseload power that AI data-centre buyers have been ready to pay for.

Fervo Energy raised its IPO target on Monday to as much as $1.82bn, up from $1.33bn just over a week earlier, the Houston-based geothermal developer disclosed in an SEC filing.

Fervo now plans to sell 70 million shares at $25 to $26 each, against the previous range of 55.56 million at $21 to $24. At the top of the new range, the listing would carry a market value of approximately $7.4bn against Fervo’s outstanding share count.

The size-and-price increase is unusually large for an IPO that has not yet priced. The combination of more shares plus a higher price band typically signals strong ...