Fervo Energy, backed by Bill Gates, raises IPO target to as much as $1.82 billion

Fervo Energy, a geothermal power developer backed by Bill Gates, increases the size of its planned U.S. initial public offering. Bloomberg reports the company is now seeking to raise up to $1.82 billion, up from a prior target of about $1.33 billion. The Next Web says the update follows an SEC filing made on Monday that also revises other IPO parameters. According to TNW, Fervo increases its share count by about 26% and raises its top-of-range offering price by roughly 8%. The revised figures indicate strong demand for the company’s clean, reliable “baseload” electricity, particularly from customers such as AI data centers that are reportedly willing to pay for steady power supplies.

Both sources agree on the core change: Fervo expands its IPO fundraising target to a maximum of $1.82 billion after submitting updated terms to regulators. The reports do not provide additional details on the total number of shares, valuation, or expected timing beyond the Monday SEC filing reference.