Geothermal energy developer Fervo Energy said on Tuesday that its initial public offering in the US has expanded to $1.89 billion, which highlights the strong interest of investors in this listing. The Houston-based company sold 70 million shares at $27 each, and the company was valued at around $7.66 billion. Earlier this week, the company raised the issue price range from $21 to $24 per share to $25 to $26. The surge in demand for data centers supporting artificial intelligence tasks, combined with the acceleration of electrification in transportation, housing, and other industries, is leading to tighter electricity supply in the US, driving up electricity prices and increasing demand for reliable energy. Fervo has developed advanced geothermal systems that generate zero-carbon electricity around the clock, providing a reliable alternative to weather-affected solar and wind energy. The company is one of three companies seeking a multi-billion dollar initial public offering this week, and the other two are artificial intelligence chip maker Cerebras Systems and Kuroishi Digital Infrastructure Trust. J.P. Morgan Chase, Bank of America Securities, Royal Bank of Canada Capital Markets, and Barclays are co-lead underwriters for this offering of Fervo Energy. The company plans to list on the NASDAQ on Wednesday under the ticker symbol “FRVO.”

Geothermal energy developer Fervo Energy said on Tuesday that its initial public offering in the US has expanded to $1.89 billion, which highlights the strong interest of investors in this listing. The Houston-based company sold 70 million shares at $27 each, and the company was valued at around $7.66 billion. Earlier this week, the company raised the issue price range from $21 to $24 per share to $25 to $26. The surge in demand for data centers supporting artificial intelligence tasks, combined with the acceleration of electrification in transportation, housing, and other industries, is leading to tighter electricity supply in the US, driving up electricity prices and increasing demand for reliable energy. Fervo has developed advanced geothermal systems that generate zero-carbon electricity around the clock, providing a reliable alternative to weather-affected solar and wind energy. The company is one of three companies seeking a multi-billion dollar initial public offering this week, and the other two are artificial intelligence chip maker Cerebras Systems and Kuroishi Digital Infrastructure Trust. J.P. Morgan Chase, Bank of America Securities, Royal Bank of Canada Capital Markets, and Barclays are co-lead underwriters for this offering of Fervo Energy. The company plans to list on the NASDAQ on Wednesday under the ticker symbol “FRVO.”