Fervo Energy

Houston, TX · Founded 2017 · Publicly Held

Operator of a geothermal power developer company intended to leverage innovation in geoscience to accelerate the clean energy transition. Fervo Energy is based in Houston, TX and was founded in 2017. It is now publicly traded; this page covers its private-market history, where its last recorded valuation was $2.9 billion (Dec 2025). It has raised $2 billion across 11 recorded rounds; the latest was an IPO in Jan 2026.

PA Mark · $/share
$37
Sep 2026
Implied valuation
$20.2B
Total raised
$2.0B
Last round
IPO
Jan 2026

Capitalization table

12 share classes, by liquidation seniority
ClassLiq. prefIssue price
Series A▮▮
Series A-1▮▮
Series B▮▮
Series C-1▮▮
Series C-2▮▮
Series C-3▮▮
+ 6 more classes · a free account shows the full cap table
Preferences, participation and issue prices are Pro.Unlock preferences + participation

Membership and data by Private Market View

Pro
The prices on Fervo Energy
  • ·9 fund marks: filer, period, implied $/share
  • ·Direct lines for 12 people on the team
Pro · $99 a month
List $299 · founding price, locked for as long as you stay

Membership and data by Private Market View

Reading Fervo Energy's cap table

Share classes are listed senior-first: in a sale or liquidation, higher-seniority preferred stock is paid its liquidation preference before junior classes and common see proceeds. A participating class takes its preference and shares in the remainder; a non-participating class chooses one or the other.

The original issue price is what investors paid per share in that class’s round — read against current secondary prices, it shows which investors are above or below water.

Frequently asked about Fervo Energy

How many share classes does Fervo Energy have?
Fervo Energy has 12 recorded share classes, listed by liquidation seniority — Series A is the most senior.
How many shares has Fervo Energy authorized?
Across its 12 recorded classes, Fervo Energy has authorized 100,767,502+ shares.
Where does Fervo Energy's cap table come from?
Share classes are assembled from certificates of incorporation, priced-round filings, and disclosures across Fervo Energy's 11 recorded funding rounds.