Fervo Energy, a geothermal energy developer based in Houston, debuted on Nasdaq with shares increasing by 33.3%, valuing the company at $10.21 billion. The company successfully raised $1.89 billion in an upsized initial public offering by selling 70 million shares at $27 each, exceeding its initial pricing range. This listing comes at a time when the U.S. power grid is under pressure from rising electricity demand driven by artificial intelligence, data centers, electric vehicles, and domestic manufacturing. Founded in 2017, Fervo specializes in advanced geothermal systems that produce carbon-free electricity, positioning itself as a reliable alternative to intermittent renewable energy sources like solar and wind. The company is backed by notable investors, including Bill Gates' Breakthrough Energy Ventures and shale producer Devon Energy.