Fervo Energy shares jumped 33.3% during their Nasdaq debut on Wednesday.
The stock opened at $36. The initial pricing was $27 per share. The geothermal developer raised $1.89 billion in the offering. Fervo upsized the deal to 70 million shares. The IPO was oversubscribed by approximately 15 times.
Investors are seeking carbon-free power sources to meet surging electricity demand from artificial intelligence data centers. Fervo’s geothermal systems provide the 24/7 clean energy required by the expanding AI industry.