Fervo Energy shares soared on its Nasdaq debut, opening at $36 after pricing at $27 per share, valuing the geothermal producer at $10.1 billion. The company, backed by Bill Gates and Google, has positioned itself to capitalize on the Trump administration's support for geothermal technology that uses oil and gas drilling methods to tap underground heat sources.

Investors are betting on Fervo's ability to develop "next-generation" geothermal, favored by the administration for providing continuous power unlike intermittent solar and wind. The company has signed over 600MW in power purchase agreements and previously secured a $10 million investment from Energy Secretary Chris Wright when he led Liberty Energy.

Fervo relies on government grants for part of its revenue and has received $50 million since 2018. The company's first Utah project will produce power at $7,000 per kilowatt, expected to drop to $3,000 over time, with initial 100MW production planned for early 2027 as the industry works to overcome technological barriers.