Nuclear startup X-energy priced an upsized share offering that raised $1 billion, sending its stock 25% higher in the first trading hour. At the same time geothermal player Fervo filed for an IPO, with private valuations near $3 billion according to PitchBook. Both moves signal that public markets are finally flirting with climate‑tech firms that were once deemed too capital‑intensive, including major backer Amazon.com fund.

Investors told TechCrunch late last year they expected energy‑focused startups—especially nuclear fission and enhanced geothermal—to break through first. The AI boom has inflated electricity demand, giving these companies a narrative boost that coincided with technology maturity. As a result, the IPO route, rather than a SPAC, attracted a broader investor base eager for exposure to decarbonisation infrastructure. This appetite fuels capital inflows.

The surge helps venture funds return capital; last year climate‑tech fundraising hit $6.5 billion, matching 2021 levels but spread across more, smaller funds. Infrastructure investors dominated, supplying 75% of dollars, while new funds target renewables, grid tech and storage. Consequently, companies with mature energy tech can tap deep public pools, whereas others remain reliant on private money. They will shape future valuations.