The startup

Fervo Energy

has reportedly filed for an

IPO

to help fund its build-out of next-generation geothermal projects.

Nearly a year after first

floating the idea

, the Houston-based Fervo submitted a confidential S-

1

filing with the U.S. Securities and Exchange Commission, Axios Pro

reported

on Thursday. The startup

has raised about $

1

.

5

billion

since

2017

as it works to build a 

500

-megawatt project in Utah — which would become the world’s largest

​

“

enhanced geothermal system

” if completed as planned in 

2028

.

Fervo didn’t immediately return Canary Media’s requests for comment. When asked in December about a potential

IPO

, the company said by email,

​

“

We have a lot of capital needs going forward to fuel our planned growth and will be tapping a lot of different opportunities to make that happen.”

Fervo is at the fore of a 

fast-growing effort

to unleash geothermal energy across the country. Geothermal represents only about

0

.

4

% of total U.S. electricity generation, largely because existing technology is constrained by geography or challenging economics.

But new techniques developed by Fervo and its competitors are breathing fresh life into the century-old industry — and attracting significant funding as electricity demand soars,

including from tech giants

. Geothermal is also the rare form of clean energy to win acceptance from the Trump administration, which

has spared

the fledgling industry from the

targeted policy attacks

and sweeping funding cuts that it’s lobbed at wind and solar energy.

Thursday’s

IPO

news comes on the heels of two other major funding announcements this week from geothermal startups

Zanskar

and

Sage Geosystems

, both of which are pursuing unique approaches to harnessing Earth’s heat for providing clean, around-the-clock power.

On Wednesday, Zanskar said it

raised $

115

million

in a Series C funding round led by Spring Lane Capital to develop its

​

“

gigawatt-scale pipeline” of projects. The Salt Lake City–based company uses

AI

and modern prospecting tools to identify naturally occurring reservoirs of hot water and steam that are hidden beneath the surface, without the visible signs — like vents and geysers — that typically help developers find hot spots.

Zanskar

recently announced the discovery

of one such geothermal system in western Nevada, which it says has the potential to produce more than

100

MW

of electricity using traditional drilling technologies, marking a key proof point for the firm.

Meanwhile, Sage Geosystems said it

closed over $

97

million

in Series B funding, in a round led by conventional geothermal giant

Ormat Technologies

and investment firm Carbon Direct Capital. The funding will support the build-out of Sage’s first commercial-scale project, to be located at one of Ormat’s existing power plants.

Sage’s approach to geothermal energy involves tapping into both heat and pressure from hot, dry rocks found deep underground. The company drills wells and fractures rocks to create artificial reservoirs that it pumps full of water. Sage then cycles the water in and out of the fracture and jettisons the liquid to the surface in order to drive turbines and produce electricity.

Fervo, for its part, also uses fracking tools to create artificial reservoirs for generating power. In

2023

, the company

hit a key milestone

when it completed the world’s first commercial pilot system to use

​

“

enhanced” drilling methods. This

3

.

5

-MW

facility in Nevada was built with support from Google, which is also working with Fervo to develop

115

MW

of geothermal energy to power the tech giant’s data centers in the state.

Now, along with the

IPO

filing, Fervo is gearing up to

mark an even bigger achievement

: completing the first

100

MW

of its

500

-MW

Cape Station project in Utah and delivering power to the grid in October.

Maria Gallucci

is a senior reporter at Canary Media. She covers emerging clean energy technologies and efforts to electrify transportation and decarbonize heavy industry.

© 2026 Canary Media