Geothermal developer Fervo Energy filed paperwork Monday to launch a U.S. initial public offering that could raise up to $1.33 billion. The filing signals the company’s intent to tap public markets as investors search for clean‑energy projects that can meet rising electricity needs, particularly from data centers. Investors see geothermal as a stable, dispatchable source that can complement solar and wind.

Data centers now account for a growing slice of U.S. power consumption, driving utilities and developers toward baseload solutions that emit little carbon. Geothermal plants, which draw heat from the earth to generate electricity, can run continuously without fuel‑price volatility. By positioning itself as a supplier for these intense loads, Fervo hopes to command valuations in a clean‑energy IPO pipeline.

If the offering meets its target, Fervo would join a short list of geothermal firms that have accessed public equity, providing the capital needed to scale drilling and plant construction. Successful funding could accelerate the sector’s ability to supply reliable, low‑carbon power to data hubs, while giving investors a rare exposure to an under‑represented renewable technology in the United States.