Geothermal developer Fervo Energy has filed to raise up to $1.82 billion in a U.S. IPO, up from an earlier $1.33 billion target. Backed by Bill Gates, the company aims to tap public markets to fund its expansion of low‑carbon heat projects. Investors will weigh the raised ceiling against the niche nature of geothermal assets and attract strategic partners globally.

Raising the ceiling signals confidence that equity investors are warming to renewable energy infrastructure after a year of strong policy support and rising electricity prices. Fervo’s technology—drilling deep wells to extract steady steam—offers baseload generation without fuel costs, a contrast to intermittent solar and wind. A larger float could improve liquidity for early backers and broaden the sector’s exposure to Wall Street.

At a valuation that could exceed $10 billion post‑pricing, the IPO would place Fervo among the most valuable clean‑tech listings in recent history. Market participants will compare the deal size with other renewable IPOs, assessing whether the capital raise can accelerate project pipelines fast enough to meet investor return expectations. The filing underscores geothermal’s emerging role in the U.S. energy mix.