Fervo Energy Company IPO: revenue, losses and offering terms from its S-1
Fervo Energy Company priced its IPO at $27 a share on 14 May 2026 and raised $1.9 billion. Its shares trade on Nasdaq as FRVO. Revenue was $138,000 in 2025, down 31% from 2024, with a net loss of $57.8 million.
Headlines
- Revenue, 2025
- $138,000
- Down 31% on the year before
- Net loss, 2025
- $58M
- IPO price
- $27
- $1.9B raised
Fervo Energy Company IPO terms
From the final prospectus (424B4).
- Exchange
- NASDAQ
- Ticker
- FRVO
- IPO price
- $27
- Shares offered
- 70,000,000
- Raised
- $1.9B
- Registered
- $1.5B, the amount the filing fee is paid on
- Underwriters
- J.P. Morgan, BofA Securities, RBC Capital Markets and Barclays
- First filed
- 17 Apr 2026
Fervo Energy Company revenue and profit
| Period | Revenue | Operating income | Net income |
|---|---|---|---|
| 2024 | $199,000 | - | -$41M |
| 2025 | $138,000 | -$49M | -$58M |
Fervo Energy Company share structure and company facts
- Share classes and votes
- Class A: 1 vote, Class B: 40 votes
- Employees
- 199
- Headquarters
- Houston, Texas
Fervo Energy Company shares since the IPO
Latest close 26 Oct 2026
- IPO price
- $27
- Priced 14 May 2026
- First close
- $40.63
- +50% on the IPO price
- Latest close
- $7.97
- -70% on the IPO price
Fervo Energy Company's IPO filings
The registration statement, each amendment and the final prospectus, oldest first.
About the data
- Terms and financials are read from Fervo Energy Company's newest prospectus (424B4 filed 14 May 2026) by a Kadoa workflow. Check figures that matter against the filing.
- Registered is the amount the filing fee is paid on, often a placeholder before the price range is set.
- Raised is the IPO price times the shares sold, without the underwriters' option. Trading compares the first and latest close with the IPO price.