JUST IN: GEOTHERMAL ENERGY COMPANY FERVO $FRVO JUST POPPED 37% ON ITS IPO DEBUT 🇺🇸 The order book was oversubscribed 15 times. The full picture, per Bloomberg: The deal: - IPO price: $27 (above the marketed $25-26 range, which had already been raised) - Open price: $36 (+33%) - Total raised: $1.89 billion (upsized) - Order book: ~15x oversubscribed - Bookrunners: JPMorgan, Bank of America, RBC, and Barclays The valuation: - Market cap: $10.2 billion at the open - 2025 revenue: $138,000 - 2025 net loss: -$70.5 million - Contracted PPA backlog: $7.2 billion (potential) The business: - Houston-based developer of enhanced geothermal energy - Uses horizontal drilling and multi-stage hydraulic fracturing (applies fracking techniques to geothermal) - First commercial station expected to deliver power by the end of 2026 - Cape Station project in Beaver County, Utah: 500 MW capacity, one of the world's largest geothermal projects - First startup to commercialize an enhanced geothermal system The backers and customers: - Backers include Bill Gates' Breakthrough Energy Ventures and Devon Energy $DVN - Power purchase agreements with Southern California Edison, Alphabet's Google $GOOGL, and Shell $SHEL - Alphabet participated in a $462 million round in December CEO Tim Latimer to Bloomberg: "There's just a laser focus of investors right now on what are we going to do to solve the power demand imbalance we're seeing in the country right now."