Fervo Energy rockets to Nasdaq debut with 33 percent surge and 10 billion valuation

Its first trade vaulted valuation far beyond expectations

Geothermal startup Fervo Energy stunned investors in its Nasdaq debut, jumping 33.3% on the first day and valuing the company at about $10.21 billion. The move follows an IPO that raised $1.89 billion. The timing is notable as U.S. power demand rises with AI and data center buildouts, intensifying the push for new energy supply.