Fervo Energy's shares surged in their Nasdaq debut, jumping 33% from the IPO price to open at $36. The geothermal developer, backed by Bill Gates and Google, fetched a valuation of roughly $7.7 billion, signaling strong investor appetite for clean-energy companies amid surging U.S. power demand. The stock trades under the ticker FRVO.

The Houston-based company raised $1.89 billion in its offering, pricing above its originally indicated range of $21 to $24 per share. Fervo uses technology adapted from oil-and-gas drilling to create enhanced geothermal reservoirs capable of generating electricity around the clock. It is spending over $2 billion in Utah to build what it says will be the world's largest enhanced geothermal project, expected to come online later this year.

The strong debut reflects growing investor interest in solutions to meet power-hungry data centers, electric vehicles and expanding industries. Fervo positions its technology as capable of delivering consistent, carbon-free electricity—something solar and wind cannot provide—making it a potential beneficiary of the AI-driven energy boom reshaping the U.S. power sector.